WASHINGTON — A number of mortgage-related issues affecting credit unions are expected to have the attention of members of Congress this week.
The Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915) is slated for a full House vote on the House minority whip's schedule for tomorrow. The Rules Committee is expected to set limits on amendments. CUNA Vice President of Legislative Affairs Ryan Donovan said Congressman Paul Kanjorski's (D-Pa.) Escrow, Appraisal and Mortgage Servicing Improvement Act (H.R. 3837), which has sometimes been paired with H.R. 3915, might be offered as an amendment.
Additionally, on Wednesday, a mark up could be scheduled in the House Judiciary Committee on H.R. 3609, Emergency Home Ownership and Mortgage Equity Protection Act of 2007. NAFCU has come out in opposition to the bill as written, which would allow bankruptcy judges to restructure mortgage terms in Chapter 13 proceedings, but is working with Congressman Brad Sherman (D-Calif.) on an amendment to exempt prime mortgages–defined as those within 3% of the Treasury rate–from that provision.
CUNA is following the bankruptcy legislation but has not yet formulated a policy.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
