Durbin Puts Mortgage Foreclosures Under National Spotlight
|December 5, 2007|
WASHINGTON (AP) - Bankruptcy judges would be allowed to come to the aid of homeowners facing mortgage foreclosure under a proposal pushed by Illinois Sen. Dick Durbin.
Durbin is planning to put his bill in the spotlight today at a Senate Judiciary Committee hearing that will include testimony from Nettie McGee, a 73-year-old Chicago woman threatened by foreclosure.
Under the plan, a bankruptcy judge could change the mortgage of a primary residence, including lowering an adjustable interest rate to a lower, fixed rate. Already, the judges can do that with loans for cars and a host of other debts.
Durbin estimates his bill could help an estimated 600,000 of about 2.2 million families in the U.S. at risk of losing their homes because of rising adjustable mortgage rates.
Copyright 2007 The Associated Press