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Supporters of a proposed new bankruptcy law to allow bankruptcy judges to restructure some risky home mortgages on
the verge of foreclosure made a renewed pitch for H.R. 3609 at a hearing
yesterday before the House Judiciary Commercial and Administrative Law
Subcommittee, CongressDaily reported today.
Movement on the bill has been stymied by lobbyists from mortgage
lenders, who contend the bill could increase loans by as much as 2
percent because banks would be unsure whether they could generate
sufficient profits if loans could be later rescinded. The full House
Judiciary Committee approved the bill by a 17-15 vote Dec. 12, but
Judiciary Chairman John Conyers (D-Mich.) took the rare step of
scheduling another hearing on the bill to bolster support. Bill sponsor
Rep. Brad Miller (D-N.C.) sponsor of the bill, conceded that supporters
do not have a hard count on the bill because most members have not
focused on it, but he said they are focusing their efforts on a
member-by-member basis and lobbying leadership to set a floor
date.
Supporters of Mortgage Modification Bill Testify to Congress |
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