S.2636 - Foreclosure Prevention Act of 2008 Sponsor: Harry Reid / 110th Congress

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Title
110th Congress - A bill to provide needed housing reform.
Summary
A bill to provide needed housing reform. (by CRS)
Status
The bill has passed through committee and has been put on a legislative calendar.

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Interests who did want this bill to become law included these interests and specific groups:

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Contribution data provided by the Center for Responsive Politics (OpenSecrets.org)

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Controversy by Joey Nolan, Apr 2, 2008 (7:11am)

The main controversy over this bill involves Title IV. Title IV would change bankruptcy laws by giving bankruptcy judges the latitude to reduce interest rates and the amount that is owed on mortgages to at-risk homeowners faced with bankruptcy. The supporters of this bill, civil rights groups, consumer groups, anti-poverty groups and labor Unions strongly support this provision. Opponents contend that they would support s 2636 if the Title IV provision was dropped. The bill was stalled in the Senate due to the controversy over this provision. Then the bill was amended and transferred to HR 3221, formerly an energy measure, without the controversial provision (though it will be offered as an amendment).

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