The Clearing House (TCH) joined ABA and LSTA in a brief supporting Bank of America’s petition to the U.S. Supreme Court that it review the decision of the lower court that held that a second lien on real property where the mortgagor is “underwater” can be stripped off, rendering the lien void. The brief argues that the lower court’s decision is inconsistent with the text of the Bankruptcy Code and the Supreme Court’s prior decisions that a security interest passes through bankruptcy unaffected.
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