Bill would allow bankruptcy judges to modify mortgages
Congress has passed a measure that would allow bankruptcy judges to change the terms of mortgages to help strapped homeowners avoid foreclosure. Supporters say it will keep people in their homes while the banking industry says it will prompt lenders to raise rates across the board. University of Iowa Law Professor Katie Porter, a specialist on bankruptcy and mortgages, and her father Daniel Porter, vice president of Kerndt Brothers Savings Bank in Lansing, Iowa, join The Takeaway with an analysis.
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