Dallas Bankruptcy Attorney Reed Allmand: Defeat of 'Cramdown' Bill in Senate 'Extremely Disappointing'

One of the leading voices in consumer bankruptcy, Attorney Reed Allmand, expressed disappointment in the defeat of the so-called "Cramdown" bill in the Senate by a 56-51 vote.

This is definitely a big setback

major U.S. banks broke off talks on a compromise

After all the support we drummed up… and the lobbying we did… and the persuasive arguments we offered, unfortunately, we came up short. It's a real shame. And who loses? It's the American public and the hard-working American homeowner. The 'Cramdown' bill could have made a huge impact on the quality of their lives and the lives of their families.

The bill would have also been a spark plug for the economy

It would have dramatically decreased foreclosures and helped stabilize an ailing housing market.

Helping Families Save Their Homes Act

(PRWEB) May 5, 2009 -- One of the leading voices in consumer bankruptcy, Attorney Reed Allmand, expressed disappointment in the defeat of the so-called "Cramdown" bill in the Senate by a 56-51 vote.

"This is definitely a big setback," Allmand reflects. "It's extremely disappointing."

After the bill passed in the House by a sizeable 234-191 vote two months ago, consumer advocates were cautiously optimistic the Senate would follow suit. However, once "major U.S. banks broke off talks on a compromise" (according to Bloomberg), defeat of the bill seemed likely, as a number of moderate Democrats decided to oppose it. Consequently, the Senate failed to reach the 60-vote threshold.

Allmand says, "After all the support we drummed up… and the lobbying we did… and the persuasive arguments we offered, unfortunately, we came up short. It's a real shame. And who loses? It's the American public and the hard-working American homeowner. The 'Cramdown' bill could have made a huge impact on the quality of their lives and the lives of their families."

"The bill would have also been a spark plug for the economy," Allmand adds. "It would have dramatically decreased foreclosures and helped stabilize an ailing housing market."

Named, the "Helping Families Save Their Homes Act," the bill would have given bankruptcy judges the power to reduce the principal and interest rate on a home mortgage.

W. Reed Allmand is a Board Certified Consumer Bankruptcy Attorney, Certified by the Texas Board of Legal Specialization, and partner in the law firm of Allmand & Lee (offices in Dallas and Hurst). He has been practicing for nearly 9 years and has handled more than 3,000 bankruptcy filings. He is also the author of "The Truth about Bankruptcy" which is available at www.TheTruthAboutBankruptcy.com. To speak with Mr. Allmand or to schedule an interview, please call (214) 265-0123.

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