The US Senate brought the Mortgage Cram-Down legislation to the floor this past week where it failed 45 - 51. Democrats were unable to muster even a simple majority, much less the 60 votes required to avoid a filibuster. I expect that we will see this bill continue to work its way through the legislative process and appear for a vote again.
On a very positive note, the Senate has heard our members concerns regarding how the bill could negatively affect community associations. The Senate version of the bill, as amended by Senator Durbin, addressed a number of issues raised by CAI including clearly restricting judicial modification authority to mortgages and specifically excluding association liens and assessments from the modification process. These changes were the result of our members making their voices heard through letters and calls from across the country. See the most recent "Heads-Up" for more information. You can also review our letter to Senator Durbin outlining the concerns that he addressed in his amended bill.