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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 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.