WASHINGTON — The Emergency Home Ownership and Mortgage Equity Protection Act (H.R. 3609) is in limbo after House Judiciary Committee is rethinking a mark up of the bill today.
According to NAFCU Director of Legislative Affairs Brad Thaler, "nothing's been decided yet" regarding the future of the legislation. The bill would allow bankruptcy judges to restructure mortgage terms in Chapter 13 bankruptcy filings.
He said the committee has not technically pulled the bill but they may hold off on a mark up, scheduled for today, until a full committee hearing takes place. So far one has only been held at the subcommittee level.
Recommended For You
In a letter to House Judiciary Chairman John Conyers (D-Mich.) and Ranking Member Lamar Smith (R-Texas), NAFCU President/CEO Fred Becker wrote, "While recognizing the intent of H.R. 3609 is to remedy abusive sub-prime loans, our in-depth analysis of the bill indicates that it would cover all mortgages and home equity loans, including those made by credit unions. We believe that such broad-based coverage of all mortgages and home equity loans…will create greater uncertainty in the mortgage market and likely lead to higher costs to credit union members."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
