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Reversing course, 4th Circuit OKs some mortgage cramdowns

RICHMOND -- Overruling 22 years of precedent, the en banc 4th U.S. Circuit Court of Appeals has ruled that Chapter 13 debtors may divide some undersecured home mortgage loans into secured and unsecured claims and “cram down” the unsecured portion of such loans. The decision, Hurlburt v. Black, reverses a 1997 opinion, Witt v. United Cos. ...

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