The banking industry is skeptical of lawmakers' efforts to allow bankruptcy courts to modify terms of residential mortgages, but some companies may join Citigroup (C Quote) in supporting a bill in an effort to help shape it.
Late Thursday, Senate Democrats announced a deal with Citigroup to support a bill that could alleviate housing foreclosures for consumers facing bankruptcy. Roughly 8.1 million homeowners, about 16% of all homeowners, are at risk of foreclosure, Sen. Richard Durbin (D., Ill.), Sen. Christopher Dodd (D., Conn.) and Sen. Charles Schumer (D., N.Y.), said in announcing Citi's support for the bill on Thursday.
Sen. Durbin had re-introduced the bill to the Senate on Tuesday. House Democrats also introduced a similar bill. ...
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