Emergency Home Ownership and Mortgage Equity Protection Act of 2007

To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes.

9/20/2007--Introduced.
Emergency Home Ownership and Mortgage Equity Protection Act of 2007 - Amends federal bankruptcy law governing a chapter 13 debtor (adjustment of debts of an individual with regular income) to prohibit the holder of a claim in bankruptcy which is secured by debtor's principal residence from adding fees, costs, or charges while the case is pending, unless such claimholder gives timely notice to both debtor and the bankruptcy trustee. Revises requirements for the discretionary features of a chapter 13 debtor's plan. Removes the prohibition against modification of the rights of a holder of a claim secured only by an interest in real property that is the debtor's principal residence. (Thus allows a plan to modify such rights.) Authorizes a chapter 13 bankruptcy plan to provide for payment of allowed claims secured by the debtor's principal residence over a period that exceeds a specified time frame. Eliminates the pre-petition credit counseling requirement for a chapter 13 debtor facing foreclosure if the debtor submits a certification to the court that the holder of a claim secured by the debtor's principal residence has initiated foreclosure on that residence. Adds to conditions for court confirmation of a plan in bankruptcy that the holder of an allowed claim secured by the debtor's principal residence shall retain the lien securing such claim until the claim is paid. Excludes from final discharge of a debtor from all debts any allowed claim secured by the debtor's principal residence before such claim is paid.


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Sponsor

• Rep. R. Miller [D, NC-13]
• and 87 Co-Sponsors
  • Rep. Gary Ackerman [D, NY-5]
  • Thomas Allen
  • Rep. Joe Baca [D, CA-43]
  • Rep. Howard Berman [D, CA-28]
  • Rep. Earl Blumenauer [D, OR-3]
  • Rep. Madeleine Bordallo [D, GU-0]
  • Rep. Robert Brady [D, PA-1]
  • Rep. Corrine Brown [D, FL-3]
  • Rep. George Butterfield [D, NC-1]
  • Steven Chabot
  • Rep. Donna Christensen [D, VI-0]
  • Rep. Yvette Clarke [D, NY-11]
  • Rep. William Clay [D, MO-1]
  • Rep. Emanuel Cleaver [D, MO-5]
  • Rep. Steve Cohen [D, TN-9]
  • Rep. John Conyers [D, MI-14]
  • Rep. Joe Courtney [D, CT-2]
  • Rep. Elijah Cummings [D, MD-7]
  • Rep. Artur Davis [D, AL-7]
  • Rep. Danny Davis [D, IL-7]
  • Rep. William Delahunt [D, MA-10]
  • Rep. Rosa DeLauro [D, CT-3]
  • Rep. John Dingell [D, MI-15]
  • Rep. Lloyd Doggett [D, TX-25]
  • Rep. Keith Ellison [D, MN-5]
  • Rep. Chaka Fattah [D, PA-2]
  • Rep. Bob Filner [D, CA-51]
  • Rep. Barney Frank [D, MA-4]
  • Rep. Al Green [D, TX-9]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Luis Gutiérrez [D, IL-4]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Alcee Hastings [D, FL-23]
  • Rep. Maurice Hinchey [D, NY-22]
  • Rep. Michael Honda [D, CA-15]
  • Rep. Jesse Jackson [D, IL-2]
  • Rep. Sheila Jackson-Lee [D, TX-18]
  • Rep. Henry Johnson [D, GA-4]
  • Rep. Eddie Johnson [D, TX-30]
  • Stephanie Jones
  • Rep. Marcy Kaptur [D, OH-9]
  • Rep. Carolyn Kilpatrick [D, MI-13]
  • Rep. Ronald Kind [D, WI-3]
  • Rep. Dennis Kucinich [D, OH-10]
  • Rep. Barbara Lee [D, CA-9]
  • Rep. John Lewis [D, GA-5]
  • Rep. David Loebsack [D, IA-2]
  • Rep. Zoe Lofgren [D, CA-16]
  • Rep. Nita Lowey [D, NY-18]
  • Rep. Carolyn Maloney [D, NY-14]
  • Rep. Edward Markey [D, MA-7]
  • Rep. Betty McCollum [D, MN-4]
  • Rep. James McDermott [D, WA-7]
  • Rep. James McGovern [D, MA-3]
  • Rep. Kendrick Meek [D, FL-17]
  • Rep. Gregory Meeks [D, NY-6]
  • Rep. George Miller [D, CA-7]
  • Rep. Jerrold Nadler [D, NY-8]
  • Rep. Grace Napolitano [D, CA-38]
  • Rep. John Olver [D, MA-1]
  • Rep. Donald Payne [D, NJ-10]
  • Rep. Lucille Roybal-Allard [D, CA-34]
  • Rep. Timothy Ryan [D, OH-17]
  • Rep. Loretta Sanchez [D, CA-47]
  • Rep. Linda Sánchez [D, CA-39]
  • Rep. John Sarbanes [D, MD-3]
  • Rep. Janice Schakowsky [D, IL-9]
  • Rep. Allyson Schwartz [D, PA-13]
  • Rep. Robert Scott [D, VA-3]
  • Rep. José Serrano [D, NY-16]
  • Christopher Shays
  • Rep. Carol Shea-Porter [D, NH-1]
  • Rep. Brad Sherman [D, CA-27]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. Louise Slaughter [D, NY-28]
  • Rep. Hilda Solis [D, CA-32]
  • Rep. Fortney Stark [D, CA-13]
  • Rep. Betty Sutton [D, OH-13]
  • Rep. Bennie Thompson [D, MS-2]
  • Rep. Edolphus Towns [D, NY-10]
  • Rep. Michael Turner [R, OH-3]
  • Rep. Christopher Van Hollen [D, MD-8]
  • Rep. Debbie Wasserman Schultz [D, FL-20]
  • Rep. Maxine Waters [D, CA-35]
  • Rep. Melvin Watt [D, NC-12]
  • Rep. Lynn Woolsey [D, CA-6]
  • Albert Wynn
  close

Committees

• House Judiciary
• 1 more
  • House Judiciary
  close

Amendments

This bill has no amendments.

Amendments to H.R.3609

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
September 20, 2007

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All Bill Actions

• Added to calendar on Dec 12, 2007: Ordered to be Reported (Amended) by the Yeas and Nays: 17 - 15..
• Dec 12, 2007: Committee Consideration and Mark-up Session Held.
• Oct 04, 2007: Forwarded by Subcommittee to Full Committee by the Yeas and Nays: 5 - 4 .
• Oct 04, 2007: Subcommittee Consideration and Mark-up Session Held.
• Oct 03, 2007: Referred to the Subcommittee on Commercial and Administrative Law.
• Sep 20, 2007: Referred to the House Committee on the Judiciary.
• Introduced on Sep 20, 2007.

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Related Issue Areas:

• Trusts and trustees
• Social services
• Mortgages
• Liens
• 13 more
• Housing
• Government paperwork
• Government information
• Foreclosure
• Finance
• Fees
• Debtor and creditor
• Counseling
• Collection of accounts
• Claims
• Bankruptcy courts
• Bankruptcy
• Law

Data from the Congressional Research Service

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In the News

February 25, 2008 Bankruptcy cram downs rolled into foreclosure relief bill

Democrats claimed to have forged a bipartisan compromise in a House version of the bill, HR 3609, that was approved by the House Judiciary Committee Dec. ...

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Source: Inman.com (subscription), CA

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February 15, 2008 Editorial: Half measures failing to solve mortgage crisis

Congress should pass HR 3609, which would extend such relief to holders of subprime and non-traditional mortgages in imminent danger of foreclosure. ...

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Source: San Jose Mercury News,  USA

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February 13, 2008 Democrats Slam Subprime ‘Project Lifeline’ as Too Little, Too Late

Borrowers’ advocates say the Durbin-backed measure and a companion House bill ( HR 3609 ) could help hundreds of thousands of struggling borrowers stay in ...

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Source: CQPolitics.com, DC

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Blog Coverage

December 24, 2008 Real Estate Blog - HVCC Final Draft

... house bill 3609 (1), house bill hr 3609 (1), housing market stabilizer (1), housing wire (1), how did we get into this mortgage mess and how do we get out (1), hr 3221 (1), hr 3609 (1), httpwwwmlimplodecom (1), humor (2), hvcc (5) ...

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Source: Michael's Blog

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December 21, 2008 Real Estate Blog - FDIC, OCC Bracing for Bank Failures

... home valuation code of conduct (2), house bill 3609 (1), house bill hr 3609 (1), housing market stabilizer (1), housing wire (1), how did we get into this mortgage mess and how do we get out (1), hr 3221 (1), hr 3609 (1) ...

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Source: Michael's Blog

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December 18, 2008 Calculated Risk: Just Say Yes To Cram Downs

But I think my favorite part of the MBA lament is this: "HR 3609 would cast doubt on the value of the asset against which the mortgage loan is secured." Translation: lenders mark to model, but if you let them, BK judges will mark to ...

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Source: Calculated Risk

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