WASHINGTON – Senate Majority Whip Richard Durbin said today that a vote on a measure to allow bankruptcy judges to rewrite the terms of mortgages "could come as early as next week." But he declined to predict the outcome and if there are enough votes to defeat a likely GOP filibuster.
In a brief interview following a news conference with other members of his party's leadership, he declined to unveil the provisions of the measure, which would likely be an amendment to a broader housing bill.
"There will be some differences from the House version, but we are keeping the spirit of the House measure," said the Illinois Democrat.
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The housing bill is also likely to contain provisions to create a temporary stabilization fund for corporate credit unions and to increase the NCUA's borrowing authority from the Treasury Department.
A source close to the Democratic leadership told Credit Union Times that a proposal to limit the bankruptcy amendment to subprime and non-traditional mortgages-which both CUNA and NAFCU have supported-is a "nonstarter."
CUNA Vice President of Legislative Affairs Ryan Donovan said "any measure that would be acceptable to credit unions would be one that has little impact on credit unions."
Durbin said the letter sent by NAFCU yesterday opposing a potential compromise had "no impact on the negotiations because they haven't been an active participant."
NAFCU Senior Counsel and Director of Regulatory Affairs Carrie Hunt said her organization "has been a part of the discussion until our board decided that we couldn't support what they are asking us to support."
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