Rep. Lofgren Releases Statement on Mortgage Bankruptcy Agreement
Citigroup Agrees to Compromise on Mortgage Bankruptcy Law Change
Representative Zoe Lofgren (D-CA) today released the following statement in response to Citigroup's agreement to accept a change to bankruptcy law allowing judges to modify existing mortgage agreements during bankruptcy proceedings.
"This compromise agreement will go a long way in helping many American families stay in their homes during these difficult economic times," noted Rep. Zoe Lofgren. "After spending considerable time and effort working with my colleagues in the House to secure these changes in the law, I'm delighted that we are one step closer to making it a reality. These modifications to bankruptcy law will be a major and welcomed addition to the upcoming stimulus package. Tens of thousands of working Americans will benefit from these changes, and in the long run so will our economy."