WASHINGTON — A number of mortgage-related issues affectingcredit unions are expected to have the attention of members ofCongress this week.
|The Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R.3915) is slated for a full House vote on the House minority whip'sschedule for tomorrow. The Rules Committee is expected to setlimits on amendments. CUNA Vice President of Legislative AffairsRyan Donovan said Congressman Paul Kanjorski's (D-Pa.) Escrow,Appraisal and Mortgage Servicing Improvement Act (H.R. 3837), whichhas sometimes been paired with H.R. 3915, might be offered as anamendment.
|Additionally, on Wednesday, a mark up could be scheduled in theHouse Judiciary Committee on H.R. 3609, Emergency Home Ownershipand Mortgage Equity Protection Act of 2007. NAFCU has come out inopposition to the bill as written, which would allow bankruptcyjudges to restructure mortgage terms in Chapter 13 proceedings, butis working with Congressman Brad Sherman (D-Calif.) on an amendmentto exempt prime mortgages–defined as those within 3% of theTreasury rate–from that provision.
|CUNA is following the bankruptcy legislation but has not yetformulated a policy.
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