From The Startup (hopefully growing) Department Of Good News From Congress...

Who is this Brad Miller character, and what is he doing introducing subprime legislation that helps the homeowner rather than the note-holder?

http://atrios.blogspot.com/2007_09_16_archive.html#6938143832216453485

"Congressman Brad Miller along with various cosponsors has introduced "The Emergency Home Ownership and Mortgage Equity Protection Act of 2007."

Key provisions:

* Allows bankruptcy judges to modify terms of primary residence mortgages, something already allowed for investment properties and vacation homes.
* Extends window over which debts must be paid under Ch. 13 Bankruptcy past the current 3-5 years for primary residences, something already allowed for farms.
* Cancels the ridiculous requirement that those who seek bankruptcy protection must first obtain credit counseling. This is generally a stupid and pointless hurdle, and especially so if one is facing a rather fast foreclosure process.


The first one is the key thing, and will potentially allow bankruptcy judges to redo absurd loan terms and help people stay in their homes."


(Arm-breaking time-out: I suggested precisely this a few months ago on DU :) )

... and there's of course no guarantee of its ultimate success, but hey - babysteps.