U.S. Reps. Brad Miller of Raleigh and Linda Sanchez of California have submitted legislation they hope will curb home bankruptcies and protect borrowers with sub-prime home loans on their principal residences.
The bill would allow bankruptcy courts to modify the terms of a home loan, Barb Barrett reports.
It also would prevent lending companies from adding fees or other debts to a borrower while a bankruptcy case is pending in court, unless the borrower is given "timely notice" of the fee.
The bill, called the Emergency Home Ownership and Mortgage Equity Protection Act of 2007, will be the subject of a news conference by Miller on Thursday on Capitol Hill. Among the sponsors is Democratic Rep. Mel Watt of Charlotte.
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Re: Miller hopes to help homeowners
If THOSE 3 are involved, Id have to vote against it instantly...Mel Watt is a CROOK!