WASHINGTON — The House Judiciary Committee decided to hold off on completing the mark up of The Emergency Home Ownership and Mortgage Equity Protection Act (H.R. 3609).
The mark up has been pushed back until next week, lobbyists have said of the bill that would allow bankruptcy judges to restructure the terms of a mortgage in a Chapter 13 proceeding. NAFCU and other lobbyists for lending institutions have opposed the bill, saying it would hike the cost of mortgages. CUNA has not developed an official position on the bill yet.
CUNA and NAFCU lobbied hard for a decade for the bankruptcy reform bill that moved more filers into Chapter 13 workout agreements.
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NAFCU wrote the committee on the eve of the mark up, "We believe that such broad based coverage of all mortgages and home equity loans by the Emergency Home Ownership and Mortgage Equity Protection Act of 2007 will create greater uncertainty in the mortgage market and likely lead to higher costs to credit union members."
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