One of the more creative plans put forth by legislators as an effort to alleviate pain in the housing market and stop the rising tide of foreclosures has been to alter the bankruptcy code. This would allow bankruptcy court judges to reduce the principal balance on mortgage loans, bringing the amount the homeowners owe more in line with the current market value of the property.
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Pros and Cons of Altering the Bankruptcy Code to Help Judges Fight Foreclosures
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