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Tuesday, September 25, 2007

House mulls aid plan for struggling homeowners through bankruptcy law changes




September 25 2007 BusinessWeek.com
As Congress weighs remedies for a worsening mortgage crisis, a House panel plans to examine possible relief for struggling homeowners through bankruptcy law changes. At a hearing scheduled for 3 p.m. EDT Tuesday, a House Judiciary subcommittee, chaired by California Democrat Linda Sanchez, plans to debate legislation she proposed that would allow bankruptcy judges to modify the terms of some home loans. "Responsible lenders who made loans on reasonable terms have nothing to worry about in bankruptcy court, but predatory lenders will end up with the loans they should have made in the first place," Rep. Brad Miller, D-N.C., who is sponsoring the bill with Sanchez, said last week.

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