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By: Elizabeth Williamson and Ruth Simon, Wall Street Journal, January 9, 2009

A Senate bill aimed at giving strapped homeowners more leverage in renegotiating their mortgages cleared a hurdle Thursday when Citigroup Inc. dropped its opposition.

The legislation, which is being advanced by top Senate Democrats, would let judges set new repayment terms for mortgage holders in bankruptcy court. Lawmakers say the measure is aimed at jump-starting broader efforts to renegotiate millions of underwater mortgages now weighing down the housing market.

For entire article, go to: http://online.wsj.com/article/SB123144562914865337.html

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Plan to Cut Foreclosure Rate Clears Key Hurdle

Official Carleton H. Sheets^® Website