WASHINGTON — During a House Judiciary subcommittee hearing last week, Congressman Tom Feeney (R-Fla.) offered NAFCU's comment letter on the Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.R. 3609) to be entered into the record.

The bill in its current form would provide bankruptcy judges latitude to change up mortgage terms in a Chapter 13 procedure. Lenders have expressed strong concerns with this scenario. NAFCU wrote in its comment letter, "While fully recognizing the well-intentioned efforts of H.R. 3609 to address issues related to the current sub-prime mortgage crisis, we believe that the potential impact H.R. 3609 may impose on the credit availability to consumers outweighs its benefits." Borrowers would literally be paying the price for the added uncertainty, according to NAFCU.

NAFCU Director of Legislative Affairs Brad Thaler commented that it is "possible and maybe somewhat probable that the committee will try to mark up the legislation this week." Nothing is officially scheduled yet, he said, adding that full committee Chairman John Conyers (D-Mich.) indicated that he might want add other provisions.