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NAFCU wrote a key senator today saying it opposes the current version of a measure to let bankruptcy judges rewrite the terms of mortgages because it doesn’t deal with the impact on Private Mortgage Insurance contracts and on work-out plans for subordinate liens.

“Without this information, the NAFCU Board of Directors does not believe that they can fully and fairly evaluate how this legislation will impact credit unions. Consequently and very unfortunately, at this juncture, we cannot ‘support and defend,’ as your staff has requested of us,” NAFCU President Fred Becker wrote Sen. Richard Durbin (D-Illinois).

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