Monday, February 23, 2009

Report that Congress to Vote on Bankruptcy Mortgage Bill this Week

House Speaker Nancy Pelosi stated today that she expects H.R. 200, "The Helping Families Save Their Homes in Bankruptcy Act", to reach the floor of the House of Representatives this week on Thursday. Reportedly it will be packaged with other bills already approved by the House Financial Services Committee relating to FDIC insurance, Hope for Homeowners, and other issues. Apparently, the Senate will vote on its version of the bankruptcy bill, S. 61, after the House's action.

The Helping Families Save Their Homes in Bankruptcy Act would allow bankruptcy judges to modify mortgages on principal residences by reduction of the principal to market value, modification of interest rate, and extension of term of payments.
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