Bankruptcy Attorney and Author, Reed Allmand: Passing Cramdown Bill in House Good First Step

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Consumer Bankruptcy attorney, Reed Allmand, expressed satisfaction with the passage of the Cramdown bill by the U.S. House of Representatives yesterday.

We are one step closer to helping our communities solve this horrible foreclosure crisis. The voluntary mortgage modification program simply isn't working… more has to be done.

Consumer Bankruptcy attorney, Reed Allmand, expressed satisfaction with the passage of the Cramdown bill by the U.S. House of Representatives yesterday.

"They got it right," says an energized Allmand. "Last month when I went up to Capitol Hill to lobby in favor of the legislation, I was impressed by how receptive and truly interested our lawmakers seemed in what I had to say. Obviously, the House feels the time to act is now."

The House passed the bankruptcy mortgage modification bill by a sizeable 234-191 vote. Now, it's on to the Senate where some experts believe the measure faces a tougher road. Allmand says, "We are one step closer to helping our communities solve this horrible foreclosure crisis. The voluntary mortgage modification program simply isn't working… more has to be done." The cautiously optimistic Allmand adds, "Let's just hope the Senate follows suit."

The bill is part of President Obama's housing rescue program. It gives bankruptcy judges the power to reduce the principal and interest rate on a home mortgage.

"If this bill is defeated in the Senate, the impact on the economy could be catastrophic in so many ways. This could be the last chance we get to turn this thing around," Allmand, based in Texas, adds.

According to the latest statistics, approximately 46,000 homes fall into foreclosure every week (6,600 per day)… and Credit Suisse now estimates that an astounding 8.1 million mortgages - or 16% -- will be in foreclosure by 2012.

W. Reed Allmand is a Board Certified Consumer Bankruptcy Attorney and partner in the law firm of Allmand & Lee. He has been practicing for nearly 8 years and has handled more than 3,000 bankruptcy filings. He is also author of the book, "The Truth about Bankruptcy." For the past several months, Allmand & Lee has filed over 200 bankruptcies per month. Allmand & Lee has offices in Dallas and Hurst. To speak with Mr. Allmand or to schedule an interview, please call (214) 265-0123 or visit us online at http://www.allmandandlee.com.

Contact: Reed Allmand, Esq. • Tel.: (214) 265-0123 • Email:

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