Proposed Legislation Would Give Bankruptcy Courts More Power to Modify Residential Mortgages
January 7, 2009
On January 5, 2009, Senator Dick Durbin (D, IL) introduced S. 61, the “Helping Families Save Their Homes in Bankruptcy Act.”
This legislation would enable bankruptcy courts to modify mortgages on primary residences at risk of foreclosure.
Here are links to the legislation (S. 61 ), Senator Durbin’s remarks upon introduction (Durbin’s Talking Points – S. 61), and a section-by-section summary of the legislation (Section-by-Section Analysis).
Representative John Conyers (D, MI), chairman of the House Judiciary Committee, has introduced identical legislation, HR 200, in the House (HR 200 ).
[This post was excerpted from an email alert from the National Association of Consumer Advocates.]
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