U.S. Congress - H.R.3609 Emergency Home Ownership and Mortgage Equity Protection Act of 2007
H.R.3609 - Emergency Home Ownership and Mortgage Equity Protection Act of 2007
To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes. as introduced.
- Short: Emergency Home Ownership and Mortgage Equity Protection Act of 2007 as introduced.
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- Past Seven Days: 52
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Official Summary
9/20/2007--Introduced.Emergency Home Ownership and Mortgage Equity Protection Act of 2007 - Amends federal bankruptcy law governing a chapter 13 debtor (adjustment of debts of an individual with regular income) to prohibit the holder of a claim in bankruptcy which is secured by debtor&aposOfficial Summary
9/20/2007--Introduced.Emergency Home Ownership and Mortgage Equity Protection Act of 2007 - Amends federal bankruptcy law governing a chapter 13 debtor (adjustment of debts of an individual with regular income) to prohibit the holder of a claim in bankruptcy which is secured by debtor's principal residence from adding fees, costs, or charges while the case is pending, unless such claimholder gives timely notice to both debtor and the bankruptcy trustee. Revises requirements for the discretionary features of a chapter 13 debtor's plan. Removes the prohibition against modification of the rights of a holder of a claim secured only by an interest in real property that is the debtor's principal residence. (Thus allows a plan to modify such rights.) Authorizes a chapter 13 bankruptcy plan to provide for payment of allowed claims secured by the debtor's principal residence over a period that exceeds a specified time frame. Eliminates the pre-petition credit counseling requirement for a chapter 13 debtor facing foreclosure if the debtor submits a certification to the court that the holder of a claim secured by the debtor's principal residence has initiated foreclosure on that residence. Adds to conditions for court confirmation of a plan in bankruptcy that the holder of an allowed claim secured by the debtor's principal residence shall retain the lien securing such claim until the claim is paid. Excludes from final discharge of a debtor from all debts any allowed claim secured by the debtor's principal residence before such claim is paid.
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Recent News Coverage
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Bankruptcy cram downs rolled into foreclosure relief bill
Democrats claimed to have forged a bipartisan compromise in a House version of the bill, HR 3609, that was approved by the House Judiciary Committee Dec. ...
Editorial: Half measures failing to solve mortgage crisis
Congress should pass HR 3609, which would extend such relief to holders of subprime and non-traditional mortgages in imminent danger of foreclosure. ...
Democrats Slam Subprime ‘Project Lifeline’ as Too Little, Too Late
Borrowers’ advocates say the Durbin-backed measure and a companion House bill ( HR 3609 ) could help hundreds of thousands of struggling borrowers stay in ...
Recent Blog Coverage
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Real Estate Blog - HVCC Final Draft
... house bill 3609 (1), house bill hr 3609 (1), housing market stabilizer (1), housing wire (1), how did we get into this mortgage mess and how do we get out (1), hr 3221 (1), hr 3609 (1), httpwwwmlimplodecom (1), humor (2), hvcc (5) ...
Real Estate Blog - FDIC, OCC Bracing for Bank Failures
... home valuation code of conduct (2), house bill 3609 (1), house bill hr 3609 (1), housing market stabilizer (1), housing wire (1), how did we get into this mortgage mess and how do we get out (1), hr 3221 (1), hr 3609 (1) ...
Calculated Risk: Just Say Yes To Cram Downs
But I think my favorite part of the MBA lament is this: "HR 3609 would cast doubt on the value of the asset against which the mortgage loan is secured." Translation: lenders mark to model, but if you let them, BK judges will mark to ...
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