From BuyAndSellColorado.com
Mortgage-Relief Legislation Advances In Congress
By BuyandSellColorado.com
Mortgage-Relief Legislation Advances In Congress, an article from RealEstateJournal.com, reports that a piece of housing legislation that would give bankruptcy-court judges more flexibility to alter the terms of certain mortgages has been agreed upon by several House Judiciary Committee members. Rep. Brad Miller, one of the creators of the bill, said the full House of Representatives won't vote on it until next year. Under the agreement, this bankruptcy-law change would expire seven years after the bill is enacted, and would give bankruptcy judges only the authority to alter the terms of subprime and nontraditional mortgage products originated between 2000 and 2007. Another bill in the works is one that would let the Housing and Urban Development Department's Federal Housing Administration help more struggling borrowers.
http://www.realestatejournal.com/buysell/mortgages/20071213-efrati.html
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