NEW AMENDMENT PROPOSED FOR MORTGAGE CRAM DOWN BILL
VOTE TO BE TAKEN BY THE HOUSE BEGINNING WEDNESDAY, DECEMBER 9
a report published by Victoria Ring, 713Training.Com
The following information was brought to my attention by Corvi Urling, a financial professional who attended our teleconference on Dec 8, 2009:
H.R. 4173, the Wall Street Reform and Consumer Protection Act will be considered by the full House of Representatives beginning this Wednesday, December 9th.
This bill will allow an Amendment to be added to the original House Bill enabling bankruptcy judges the power to grant loan modifications (aka mortgage cram downs and strip downs) in an effort to help unemployment consumers stay in their homes. The effect the country is experiencing due to the rapid rate of foreclosures is causing the immediate necessity to pass this Bill.
EXCERPT FROM ARTICLE PUBLISHED BY THE AMERICAN BANKRUPTCY INSTITUTE
House Judiciary Chairman John Conyers (D-Mich.) has submitted an amendment to the financial overhaul package that would allow a bankruptcy judge to modify the terms of a home mortgage, including reducing the principal, CongressDaily reported today. Fifty-four amendments were filed two hours before deadline submission yesterday, and the House Rules Committee will meet today to consider the parameters for floor debate and again Wednesday before issuing its rule. Debate on the legislation could start as early as Wednesday.
LINKS FOR MORE INFORMATION:
Newsfeed from December 8, 2009
http://www.cnbc.com/id/29529573
Link to ABI Article (you need to login to read the entire article)
http://www.abiworld.org/ Click ONLINE RESOURCES then BANKRUPTCY HEADLINES
Newsfeed from April 30, 2009
http://www.foxnews.com/politics/2009/03/05/house-passes-mortgage-bankruptcy/
SAMPLE LETTER (OR EMAIL) TO YOUR REPRESENTATIVE:
I am writing to urge Rep. __________ to support the amendment to H.R. 4173 being offered by Reps. Conyers, Turner, Lofgren, Marshall and others that will help stabilize the housing market by helping families avoid foreclosure.
The foreclosure crisis continues to worsen and is preventing the economy from beginning its recovery. In 2009 alone there have been more than four million foreclosures, and it has been forecasted that unless something is done, there will be 14 million more over the next few years.
The Obama Administration’s Making Home Affordable plan has failed because it provides a carrot, but no stick. The stick was always intended to be judicial loan modifications.
Obviously, the banks and servicers are not going to modify loans voluntarily. We need judges to be able to modify the mortgages on primary residences for homeowners in bankruptcy.
If you voted yes on HR 1106 this past spring, this new amendment is identical to H.R. 1106. If you voted no on HR 1106: Please consider that in the intervening months, the foreclosure crisis has gotten much worse. If our economy is to recover, we need the housing market to stabilize before any recovery can take hold. Thank you.
Sincerely,
Your name here
HOW TO FIND YOUR HOUSE REPRESENTATIVE:
https://writerep.house.gov/writerep/welcome.shtml
KEEP UP TO DATE AS NEWS IS HAPPENING:
http://www.blogs.abi.org/
This is a link to the Bankruptcy Blog Exchange. It is a free American Bankruptcy Institute service that tracks 31 bankruptcy-related blogs. A post today examines a New York Times article on why most mortgage modifications fail. The House is again considering mortgage cramdown in chapter 13. Be sure to check the site several times each day; any time a contributing blog posts a new story, a link to the story will appear on the top.
TRAINING TOOL TO HELP YOU:
http://www.713training.com/shop/cart.php?m=product_detail&p=112
