Wednesday, November 19, 2008

Senate Judiciary Committee Examines S.3690

The Senate Judiciary Committee examined the "Homeowner Assistance and Taxpayer Protection Act" S.3690 introduced yesterday by Senator Richard Durbin. The bill includes provisions that would allow owners of principal residential property to modify their mortgages in Chapter 13 bankruptcy.

Senator Durbin is reported to have stated today that it is highly unlikely that S.3690 will pass in this abbreviated lame-duck session of Congress which may be over in 48 hours. He did say though that the bill would be reintroduced next year in the new Congress as quickly as possible. Mortgage bankers are reported to staunchly oppose the bill.
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