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February 21, 2008

Senate Getting Close on Legislation to Help Homeowners

This is a message from Henry Sommer, President of the National Association of Bankruptcy Attorneys (NACBA). 

We just learned today that Senate Bill 2636 (Harry Reid, D, NV), which contains a provision that would allow for the modification of home mortgage loans in bankruptcy, will be up for a vote by the full Senate next week.

We urgently need every NACBA member to contact their two Senators IMMEDIATELY to urge support of S. 2636, and specifically Title IV of the legislation, which is the loan modification in bankruptcy provision.  Please be specific in supporting Title IV ...it is the most controversial provision in the bill and if there isn't enough support for it it will be stripped out.

Please ask your fellow attorneys, family members, and clients to do the same.  We have been told that this is our best - and perhaps only chance - to get the bankruptcy remedy through the Senate this year.  So, the time to act is now.

The legislation obviously faces formidable opposition from the mortgage bankers and their allies. Now is the time that we must demonstrate show strong constituent support for the legislation. 

We are asking that EVERY NACBA MEMBER, no later than 5:00 p.m. EST on Monday, February 25th,  do the following:

Send a fax in support of the legislation to your two Senators at both their Washington and local offices.  HERE IS A SAMPLE LETTER
Call your Senators - both in their DC office and in their local district office - to urge their support. HERE ARE SOME TALKING POINTS            Reach out to other bankruptcy attorneys in your area to ask them to place calls and send letters as well.
Let families, friends and clients know about the legislation and encourage them to make their voices heard with their senators.
For Washington, DC and in-state contact information for your senator, click here.
We must act now. This is our only opportunity to see this legislation become a reality. Please contribute to this effort.

If you have any questions or concerns, please contact Maureen Thompson, NACBA's legislative director. Her email address is mthompson@hastingsgroup.com and her phone number is (703) 276-3251.

Henry Sommer

February 21, 2008 in Legislation | Permalink


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Thinking for mortgages is not at all a bad idea but unless it is suggested with experts. While buying anything like a home we think a lot likewise while buying mortgages even it is home mortgage we should be careful so that our valuable money might not get wasted.

Posted by: pollock | Feb 27, 2008 10:34:51 PM

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