Citigroup Agrees to Compromise on Mortgage Bankruptcy Law Change

Washington, D.C. -Representative Zoe Lofgren (D-CA) today released the following statement in response to Citigroup's agreement to accept a change to bankruptcy law allowing judges to modify existing mortgage agreements during bankruptcy proceedings.

"This compromise agreement will go a long way in helping many American families stay in their homes during these difficult economic times," noted Rep. Zoe Lofgren. "After spending considerable time and effort working with my colleagues in the House to secure these changes in the law, I'm delighted that we are one step closer to making it a reality. These modifications to bankruptcy law will be a major and welcomed addition to the upcoming stimulus package. Tens of thousands of working Americans will benefit from these changes, and in the long run so will our economy."

Congresswoman Zoe Lofgren is serving her eighth term in Congress representing most of the City of San Jose and Santa Clara County.  She serves as Chair of the House Judiciary Subcommittee on Immigration, Citizenship, Refugees, Border Security, and International Law. She also Chairs the House Administration Subcommittee on Elections and serves on the House Homeland Security Committee.  Congresswoman Lofgren is Chair of the California Democratic Congressional Delegation consisting of 34 Democratic members of the U.S. House of Representatives from California.