Who is this Brad Miller character, and what is he doing introducing subprime legislation that helps the homeowner rather than the note-holder?
http://atrios.blogspot.com/2007_09_16_archive.html#6938143832216453485"Congressman Brad Miller along with various cosponsors has introduced "The Emergency Home Ownership and Mortgage Equity Protection Act of 2007."
Key provisions:
* Allows bankruptcy judges to modify terms of primary residence mortgages, something already allowed for investment properties and vacation homes.
* Extends window over which debts must be paid under Ch. 13 Bankruptcy past the current 3-5 years for primary residences, something already allowed for farms.
* Cancels the ridiculous requirement that those who seek bankruptcy protection must first obtain credit counseling. This is generally a stupid and pointless hurdle, and especially so if one is facing a rather fast foreclosure process.
The first one is the key thing, and will potentially allow bankruptcy judges to redo absurd loan terms and help people stay in their homes."
(Arm-breaking time-out: I suggested precisely this a few months ago on DU :) )