December 14, 2007
More on HR 3609
Professors Bob Lawless and Elizabeth Warren are underwhelmed by HR 3609. See their commentary in Credit Slips. The bill is short and sweet. The 1322(b)(2) limitation on modifying loans secured by a residence is stricken. A modifcation may extend beyond the life of the plan. Persons who have a foreclosure pending do not have get credit counseling before they file.
The criticism is that the full House will not consider the bill until Jan or Feb, 08 at best and the Senate appears to be less likely to go along with it anyway. Lawless and Warren think that the White House will veto it anyway so this is a bunch of window dressing in an election year.
December 14, 2007 | Permalink
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It does appear that this bill will not go very far without the provisions of this simple bill undergoing time span limits and a host of other loopholes.
The Blue-dog Democrats. (Republicans running as Democrats in Democratic stroghold districts) and their stalling and in general the lack of significant support will hamper this legislation and the Senate version with similar qualities by Senator Durbin.
You are right that this bill would probably have some Administrator with not much hope of a claim to intelligence veto the bill. Though the bill is simplistic and effectual, some dreamed up indirect reason for veto surely would be tried if passed by the Senate and House successfully.
Posted by: Jim | Jan 2, 2008 1:05:20 PM