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News Now

Washington
Mortgage bankruptcy bill might get action says CUNA
WASHINGTON (12/11/07)--The House Judiciary Committee may mark up an amended version of its Emergency Home Ownership and Mortgage Equity Protection Act (H.R. 3609), which seeks to revise sections of the U.S. Bankruptcy Code and give judges power to modify certain terms in existing mortgages. The committee suspended consideration of the bill almost a month ago amid criticism by some in the financial services industry who opposed the idea of being forced by the courts to change loan terms. Ryan Donovan. Credit Union National Association (CUNA) vice president of legislative affairs, said Monday that the committee may vote on the bill Wednesday. He said CUNA has been meeting with both majority and minority staff seeking changes to the bill. As outlined in a CUNA letter sent in November, credit unions are seeking limits in the bill on what terms may be rewritten by bankruptcy court judges. Also, CUNA has recommended setting a timeframe on mortgages that would be eligible for alterations to reduce risks to financial institutions going forward into mortgage markets. “At this point we don’t know what compromises might be offered in a new version of the bill, but we have been very active in working for changes and will closely monitor progress of the bill,” Donovan said. H.R. 3609 was introduced by Rep. Brad Miller (D-N.C.) and 37 co-sponsors.


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