As soon as U.S. Rep. Brad Miller was sworn in for his fourth term in Congress this week, he reintroduced his measure to protect struggling homeowners from foreclosure.
Miller's bankruptcy bill, called The Emergency Homeownership and Equity Protection Act, allows bankruptcy judges to alter the terms of mortgages for those homeowners facing foreclosure who are in subprime mortgages.
The mortgage industry has tried to work on voluntary changes to subprime mortgages where homeowners face foreclosure, but Miller says that hasn’t worked.
"The reforms made by my bill are not only about sound public policy, but also basic fairness," Miller said in a statement. "Voluntary modifications from the mortgage industry are not working and they are not even touching the foreclosure problem."
Miller, a Raleigh Democrat, introduced the measure last Congress, but it faced strong opposition from the banking and mortgage industry and didn’t pass.
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Blind ignorance greets the weekend
What administration just got through running the printing presses and expanding the federal balance sheets?
If you don't like Milton Friendman-esque monetary policy as a solution, why aren't you blaming the Fed and GOP-appointed Bernanke?
Because you don't know what you're talking about.
Are you genuinely concerned about hyper-inflation when we finally exit this recession (whether in months or years) even though the Fed has supposedly flooded the economy with liquidity?
Or do you just want to try to say Democrats are at fault no matter what?