Tom Wurdack

By Silla Brush - 12/14/09 07:35 PM ET

Controversial legislation that would give judges new power to rewrite home mortgages is on life support.

Leading House and Senate Democrats have fought for more than a year in favor of a policy they argue is critical to stemming foreclosures, keeping people in their homes and boosting the housing market. On Friday, the House dealt it a stunning blow when the measure — attached to a broad financial overhaul bill — failed, 188-241.

The vote was the latest indication that the legislation, which the financial industry calls “cramdown,” does not have the support to make it through Congress anytime soon. The House passed similar legislation in March by a nearly opposite margin, but the Senate effort failed by 15 votes.

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Mortgage Applications at lowest level since November 2008. Read full story here.

As president of Midwest Mortgage Solutions of Missouri LLC, I want to welcome you to www.tomwurdack.com.

Over the next few months, I hope to address a variety of aspects with regards to the mortgage loan process and how to prepare yourself in order to get the best rate at the lowest cost in the marketplace. Rates today are at historic lows however, the issue is qualifying during the so-called credit crunch. The way to get the best rate is to be prepared and be informed. Have a good understanding of the process and if you do not understand something have it explained to you. Do not be afraid to ask questions.

Finally, if you have any questions, ask them here. There is no such thing as a dumb question. Maybe a dumb answer but not a dumb question. Please come back often.