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The cram-down provision was part of a bill that credit unions mostly like because it contains provisions giving them five years to replenish the NCUSIF, made permanent deposit insurance coverage up to $250,000 per account, and increased the NCUSIF's borrowing authority from $500 million to $6 billion.
Because a homeowner would have to exhaust the other options, the administration said it hopes that the cram-down provision wouldn't be used often.
But the price of that--agreeing to a measure allowing bankruptcy judges to rewrite the terms of mortgages (the cram-down provision) is something CU lobbyists have long said is unacceptable.
It's a little awkward for us since we don't have a position on the cram-down bill.
The cram-down measure was being voted on as a separate amendment because backers of the stabilization effort felt it would kill the final bill if it were included; the cram-down provision is not expected to have the votes to pass the Senate.
This particular instance was regarding the proposed Senate cram-down legislation with the addition of key corporate stabilization provisions and deposit insurance extension.
It strikes me that credit union management teams and boards who cried out that the legislation would have resulted in a rise in bankruptcies just to get a cram-down must have a really despicable opinion of their own members.
From what I understand, CUNA negotiated in good faith and joined with some of the nation's biggest banks in agreeing to support a set of cram-down principles.
Still, enormous problems can surface for CUs on any number of fronts in a quirky Congress with shifting coalitions, she said, pointing to the industry's efforts to hold a tough stance on cram-down mortgage legislation, the Community Reinvestment Act and member business lending.
Efforts to include the cram-down proposal during further congressional action were also thwarted.
You got the Stabilization Fund through and prevented cram-down legislation and kept interchange out of the credit card bill.
The Bondholders' Committee has rejected Envirodyne's cram-down plan of reorganization filed on June 2, 1993 since, among other reasons, the Bondholders' Committee believes that Envirodyne's plan would not permit Envirodyne to emerge from Chapter 11 in the near future and would result in significant litigation and potential erosion of values for all constituencies.
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