WASHINGTON (4/28/09)--Though the Senate is expected to act on one of two housing bills this week, it’s not clear which one will be considered. Last week, Sens. Dick Durbin (D-Ill.), Christopher Dodd (D-Conn.) and Charles Schumer (D-N.Y.) introduced two bills--S.895 and S.896. Both are similar to H.R. 1106--Helping Families Save Their Homes Act--which has been passed by the House. However, S. 896 does not contain judicial mortgage modification language, otherwise known as cramdown. The Credit Union National Association (CUNA) strongly opposed H.R. 1106 when it was passed by the House of Representatives in March. CUNA expects that the judicial mortgage modification provisions that are ultimately considered by the Senate will be significantly more limited than those passed by the House. A Senate bill also could include language that would allow credit unions to spread out assessment costs over seven years in association with the National Credit Union Administration’s (NCUA) corporate credit union stabilization fund. The added language also could increase NCUA borrowing authority and implement a permanent increase to $250,000 for federal share and deposit insurance for credit unions.