The United States House of Representatives is scheduled to vote, today, on House Bill 1106, which incorporates the bankruptcy "cram down" provisions of Senate Bill 61.  It is expected to pass.  The Senate is expected to attach its version to an appropriations bill to be voted on, March 7, 2009.  If identical to House Bill 1106, would expect President to sign ASAP.  Differences would need to be ironed out in a conference committee prior to going to the President for signature.
    Expected impact to be significant.  As written it will apply to all pending bankruptcy cases.  Chapter 13 could be modified to "cram down" residential home mortgages.  Chapter 7 cases would be converted to chapter 13 to obtain this benefit.  Hugh backlog expected just from pending cases.  New case filings also expected to take dramatic increase.