WASHINGTON, Feb. 27 (UPI) -- U.S. House Speaker Nancy Pelosi, D-Calif., postponed a vote Thursday on a "cramdown" bill that allows bankruptcy judges to write down mortgages.
The House is expected to take up the bill next week, The Hill reported. Housing and Urban Development Secretary Shaun Donovan is to speak to Democratic representatives Monday night on how the legislation fits in with other parts of President Barack Obama's economic plans.
Under the legislation, judges would be able to reduce principal and interest payments on mortgages for primary residences. Mortgage lenders say the bill is too broad, encouraging homeowners to go to court instead of trying to work out new terms with lenders, and some moderate Democrats also question the bill.
"We want to put it in its full context, that's all," Pelosi said.
