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WASHINGTON — As many in the mortgage lending community challenged the Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.R. 3609), CUNA’s voice was noticeably quiet as the group worked out its position on the sensitive issue.

CUNA had been a strong advocate of the overall bankruptcy reform legislation that went into effect just a couple of years ago. However, CUNA President/CEO Dan Mica’s Nov. 14 letter to members of the House Judiciary Committee read, “While we have considerable concerns with any legislation that would open the Bankruptcy Code to amendment so soon after major revisions were enacted, we understand the need to be responsive to the current crisis in the subprime mortgage market. We urge the Committee to be surgical in its effort to address the current crisis through amendments to the code.”

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