House Strikes Bipartisan Deal To Stall Foreclosures

Law360, New York (December 11, 2007, 12:00 AM EST) -- Proponents of two warring mortgage reform bills have reconciled to propose legislation that would let bankruptcy judges modify homeowners' mortgages to mitigate an expected spate of foreclosures.

The newly compromised bill HR 3609 – in its previous incarnation called the “Emergency Home Ownership and Mortgage Equity Protection Act of 2007” – incorporates some proposals made by Rep. Steve Chabot (R-Ohio) into a homeowner protection bill initially proposed by Rep. Brad Miller (D-N.C.) and Rep. Linda Sanchez (D-Calif.).

As originally penned and put forth in September, the...
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