House Passes Bill That Will Provide Mortgage Relief to Struggling Homeowners
March 5, 2009 - Posted by The Leadership Conference
Millions of struggling homeowners facing foreclosure are now one step closer to having the opportunity to save their homes through bankruptcy proceedings, after the House of Representatives passed a mortgage relief bill (234-191) today.
A provision in the Helping Families Save Their Homes Act gives bankruptcy judges the authority to rework home mortgages on family homes to an affordable value. Currently, bankruptcy judges are permitted to modify mortgages on second homes and most other debts, but not mortgages on primary homes.
Though foreclosures slowed a bit in January 2009, there were foreclosure filings on more than two million properties in 2008, a 81 percent increase over the previous year.
The Act will also make permanent an increase in the limit of Federal Deposit Insurance Corporation (FDIC) insurance on deposits in FDIC banks to $250,000. The limit was temporarily raised from $100,000 in last year'
Related Posts
Civil Rights Coalition: Appointment of Cordray Is the ‘Right Choice’ for Financial Consumers - 1/4/12
Senate Obstructionists Block Obama Nominees for Financial Protection Agency, DC Circuit Court - 12/9/11
- Categories:
