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Over the last several months the Commercial Law League of America has been advocating in Congress for the modification of residential mortgages in bankruptcy (expressly prohibited under current law).  As such, the CLLA is the first major creditor-based organization in the nation to support “cramdown” — a position that lenders are now beginning to adopt, as reported last week in the Wall Street Journal.  Cooper lawyer, Peter Califano, the Legislative Chair of the CLLA’s Bankruptcy Section has been the spearhead of the effort to garnish CLLA support and working with representatives in Congress to implement this important policy.  It is believed that cramdown will greatly help relieve the foreclosure crisis, without the need of TARP funds.  A national bankruptcy publication, Bankruptcy Court Decisions (December 23, 2008), recently reported this development.

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