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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
March 16, 2001
#01-23 |
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E-mail:
[email protected] |
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ACB SUPPORTS SENATE BANKRUPTCY BILL
Statement by Robert R. Davis, managing director of government relations, America’s Community Bankers, on the bankruptcy reform bill passed by the Senate:
“America’s Community Bankers supports the bankruptcy reform measure passed by the Senate and will work with House and Senate conferees to achieve final enactment. Both bills will benefit consumers and community lenders who are now stuck with paying the bill when the wealthy walk away from their debts. At the same time, the bills provide appropriate protections for those who truly need a fresh start.
“Community banks have a long history of working with borrowers who find themselves in dire financial straits. This legislation reinforces the ability of lenders and borrowers to work cooperatively in resolving financial difficulties before bankruptcy protection is sought, as well as during the bankruptcy process.
“The legislation will also hold down the cost of home mortgage loans by once-and-for-all prohibiting federal district courts from reducing the value of secured mortgage loans in bankruptcy proceedings, so-called ‘cramdowns.'”
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
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