Durbin Statement on Mortgage Bankruptcy Proposal

[WASHINGTON, D.C.] – Assistant Senate Majority Leader Dick Durbin (D-IL) made the following statement regarding his proposal to allow millions of at-risk homeowners prevent foreclosures by modifying the terms of their mortgages in bankruptcy proceedings. That proposal was voted down, 45-51.


“While I’m disappointed with the outcome of today’s vote, I’ll continue to bring this issue to the floor until the senate decides to put the interests of homeowners above the interest of bankers.”


“When I first proposed this legislation two years ago, nearly 2 million homeowners were at risk of losing their homes. Today, that number has skyrocketed to over 8 million homes, with nearly 1 in 6 mortgages in America on the verge of foreclosure.”


“We’ve given the bankers who got us into this crisis every opportunity to responsibly address this crisis and they have failed. Until they do, I’ll keep working to give homeowners every legal means to save their homes.”