Saturday, January 24, 2009

Judiciary Committee set to Markup H.R. 200 Bankruptcy Mortgage Modification Bill

The House Judiciary Committee reports that it will markup H.R. 200 the"Helping Families Save their Homes in Bankruptcy Act of 2009" on Tuesday, January 27, 2009. H.R. 200 was introduced on January 6, 2009 and would amend federal bankruptcy law to allow modification of mortgages on a person's principal residence. Presently, modification of a mortgage on a person's principal residence is only allowed for a junior mortgage that is wholly unsecured (ie. "underwater"). In a markup session, committee members may make opening statements and offer amendments to sections of the proposed bill. H.R.225 and S.61 are related bills.
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