Subcommittee Approves Sub-Prime Mortgage Relief Bill
October 4, 2007
WASHINGTON -- By a vote of 5 to 4, the House Judiciary Subcommittee on Commercial and Administrative Law (CAL), today (Thursday) favorably reported H.R. 3609, “The Emergency Home Ownership and Mortgage Protection Act Of 2007.” No amendments were adopted.
The legislation, introduced by CAL Subcommittee Chairwoman Linda Sánchez (D-CA) and Brad Miller (D-NC) last month, will help keep 600,000 homeowners affected by the sub-prime lending crisis from losing their homes through foreclosure by allowing bankruptcy judges to restructure home mortgage debt as they can currently do for mortgages on investment properties, vacation homes, and family farms.
“I am very pleased that the subcommittee was able to take action today to help address the growing mortgage meltdown,” said Sánchez. “With even more sub-prime loans scheduled to reset to higher interest rates in the next 18 months, Congress must act now to prevent the current wave of foreclosures from turning into a tsunami.”
H.R. 3609 now goes to the full Judiciary Committee for consideration.
The legislation, introduced by CAL Subcommittee Chairwoman Linda Sánchez (D-CA) and Brad Miller (D-NC) last month, will help keep 600,000 homeowners affected by the sub-prime lending crisis from losing their homes through foreclosure by allowing bankruptcy judges to restructure home mortgage debt as they can currently do for mortgages on investment properties, vacation homes, and family farms.
“I am very pleased that the subcommittee was able to take action today to help address the growing mortgage meltdown,” said Sánchez. “With even more sub-prime loans scheduled to reset to higher interest rates in the next 18 months, Congress must act now to prevent the current wave of foreclosures from turning into a tsunami.”
H.R. 3609 now goes to the full Judiciary Committee for consideration.