Pass HR 3609, let bankruptcy judges modify unfair loans
Friday, February 1st, 2008PUP Director John Dodds, accompanied by several homeowners facing
foreclosure, testified before the United States House Judiciary Committee on Tuesday
January 29. PUP called for stream lined loan modifications of subprime loans
and passage of HR 3609 to temporarily allow bankruptcy judges to modify
subprime loans to make them affordable and thus prevent foreclosure. Also
testifying were former HUD Secretary Jack Kemp, Wade Henderson of the Leadership
Conference on Civil Rights, Mark Zandi of Moody’s Economy.com, the Mortgage
Bankers Association and the Hope Now Alliance.