08/09/2009 05:12 am ET Updated May 25, 2011

Treasury Skips "Cramdown" Hearing

Hoping to bring "cramdown" legislation back onto Congress' radar, a House Judiciary subpanel met this afternoon to re-examine whether bankruptcy judges should be empowered to alter mortgage loans in order to prevent foreclosures.

Witnesses included the obligatory consumer advocates, a conservative think-tanker and a university professor. But the Treasury Department, although asked to send a representative of its own, declined to do so.

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