H.R.5579 - Emergency Mortgage Loan Modification Act of 2008 Sponsor: Michael Castle / 110th Congress

Title
110th Congress - To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes. hidemore...
Summary
To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes. (by MAPLight.org)
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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H.R. 5579 by Kaileigh McCrea, Apr 18, 2008 (10:06pm)

Supporters of this bill hope that it will be a productive starting point to help those who are falling victim to the current housing crisis and also prevent lenders from losing money. Some however have expressed concern that this bill will open the proverbial floodgates by allowing one of the parties in a contract to change the terms and will discourage future lenders.

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bankers association by Anonymous, Nov 20, 2008 (1:52pm)

Oh, let me get this straight the same investors who cost me 10’s of thousands of dollars in my 401K 10’s of thousands of dollars in the value of my home,put hundreds of thousands out of work are worried that they may not make as much money as they were supposed to? I say we gather them all up and stone them!!! Maybe then they wouldn’t have a problem with helping people afford to put food on their table or get the healthcare they need! Lets get the names of these bankers and terrorise them the way they have done to us!!!!!Worried about their investments atleast they have money to invest. Better yet why don’t we all stop paying our credit card bills and watch them freak out. It takes 2 to tango and I don’t think they will win in the end if they are not willing to work with people.Listen up you bankers0-work with the Americans that want to pay their bills but can’t because of the mess you created with your selfishness for higher rates of return!!!

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