From OpenCongress Wiki

You do not have permission to edit pages, for the following reason:

You can view and copy the source of this page:

{{Economic Policy (U.S.)|congress=110|bill=h3609}} The '''Emergency Home Ownership and Mortgage Equity Protection Act of 2007''' (H.R.3609) was a bill in the [[110th Congress]] "to amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes." (Official title.)<ref name="OpenCongress info">OpenCongress’ info page on [http://www.opencongress.org/bill/110-h3609/show Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.R.3609)].</ref> <usbillinfo congress="110" bill="H.3609" /> {{Article summary| *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.<ref name="Govtrack">Govtrack.us’ info page on [http://www.govtrack.us/congress/bill.xpd?bill=h110-3609&amp;amp;tab=summary Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.R.3609)].</ref> *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.)<ref name="Govtrack">Govtrack.us’ info page on [http://www.govtrack.us/congress/bill.xpd?bill=h110-3609&amp;amp;tab=summary Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.R.3609)].</ref> *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.<ref name="Govtrack">Govtrack.us’ info page on [http://www.govtrack.us/congress/bill.xpd?bill=h110-3609&amp;amp;tab=summary Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.R.3609)].</ref> *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.<ref name="Govtrack">Govtrack.us’ info page on [http://www.govtrack.us/congress/bill.xpd?bill=h110-3609&amp;amp;tab=summary Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.R.3609)].</ref> *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.<ref name="Govtrack" /> *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.<ref name="Govtrack">Govtrack.us’ info page on [http://www.govtrack.us/congress/bill.xpd?bill=h110-3609&amp;amp;tab=summary Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (H.R.3609)].</ref> }} == Key votes == == Supporters == *[http://www.responsiblelending.org/ Center for Responsible Lending] *[http://www.consumer-action.org/ Consumer Action] *[http://www.civilrights.org/ Leadership Conference on Civil Rights] *[http://www.ncrc.org/ National Community Reinvestment Coalition] *[http://www.philaup.org/ Philadelphia Unemployment Project] == Opponents == *[http://www.aba.com/default.htm American Bankers Association] *[http://www.afsaonline.org/sitepages/1.cfm American Financial Services Association] *[http://www.icba.org/ Independent Community Bankers of America] *[http://www.mbaa.org/ Mortgage Bankers Association] == Articles and resources == *National Association of Consumer Advocates [http://www.naca.net/News-Events/News.aspx?item=48552 Subprime Swing: Politicians Seek Answers to US Housing Crisis] January 18, 2008. *TheStreet.com [http://www.thestreet.com/s/mortgage-bankers-fault-bankruptcy-bill/markets/marketfeatures/10398565.html?puc=googlefi Mortgage Bankers Fault Bankruptcy Bill] January 14, 2008. === See also === === References === <references />

• Template:Article summary
• Template:Economic Policy (U.S.)

Return to Emergency Home Ownership and Mortgage Equity Protection Act of 2007.