Senate vote on housing bill may be this week
WASHINGTON, DC - April 28, 2009 - (RealEstateRama) — Though the Senate is expected to act on one of two housing bills this week, it’s not clear which one will be considered.
Last week, Sens. Dick Durbin (D-Ill.), Christopher Dodd (D-Conn.) and Charles Schumer (D-N.Y.) introduced two bills–S.895 and S.896. Both are similar to H.R. 1106–Helping Families Save Their Homes Act–which has been passed by the House. However, S. 896 does not contain judicial mortgage modification language, otherwise known as cramdown.
The Credit Union National Association (CUNA) strongly opposed H.R. 1106 when it was passed by the House of Representatives in March. CUNA expects that the judicial mortgage modification provisions that are ultimately considered by the Senate will be significantly more limited than those passed by the House.
A Senate bill also could include language that would allow credit unions to spread out assessment costs over seven years in association with the National Credit Union Administration’s (NCUA) corporate credit union stabilization fund.
The added language also could increase NCUA borrowing authority and implement a permanent increase to $250,000 for federal share and deposit insurance for credit unions.
Related posts:
- Cramdown unlikely in Senate housing bill
WASHIINGTON, DC - April 30, 2009 - (RealEstateRama) — A Senate housing bill, expected to be voted today, appears to be advancing with important language for credit unions, and without the contentious mortgage bankruptcy provisions it once featured....
- Vote on mortgage bankruptcy bill delayed
WASHINGTON - March 02, 2009 - (RealEstateRama) — The U.S. House of Representatives postponed its scheduled consideration of H.R. 1106 Thursday and pushed back substantive debate and a vote until probably next week...
- Senate rejects ‘cramdown’ amendment
WASHINGTON, DC - April 30, 2009 - (RealEstateRama) — Today as the Senate moves toward final action on S. 896, the Helping Families Save Their Homes Act, it voted down by a six-vote margin an amendment that would have allowed judicial mortgage modifications....
- Changes to ‘cramdown’ bill insufficient, says CUNA
WASHINGTON - March 05, 2009 - (RealEstateRama) — The U.S. House of Representatives is expected to complete consideration of H.R. 1106 today, and the Credit Union National Association (CUNA) said that even with modifications made earlier this week, the bill's mortgage cramdown language will be too broad...
- Senate ‘cramdown’ bill delayed
WASHINGTON - March 17, 2009 - (RealEstateRama) — Senate Majority Leader Harry Reid (D-Nev.) announced last night that the Senate will not consider its mortgage bankruptcy bill before the Spring District Work Period begins April 6...
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[…] of this is outweighed by the defeat of the Helping Families Save Their Homes Act, which was voted down in the Senate despite its passage in the House. “The legislation, […]
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