03/05/09 1:10 PM
DEBATE - Pursuant to the provisions of H.Res. 190, the Committee of the Whole proceed with 10 minutes of debate on the Peters amendment.
Amendment offered by Mr. Peters.
03/05/09 1:10 PM
An amendment numbered 3 printed in House Report 111-21 to provide that, in the case of a debtor whose home is in foreclosure, the debtor could meet the pre-filing credit counseling requirement by receiving counseling either before filing or up to 30 days after filing.
03/05/09 1:09 PM
POSTPONED PROCEEDINGS - At the conclusion of debate on the Price (GA) amendment, the Chair put the question on adoption of the amendment and by voice vote, announced the noes had prevailed. Mr. Price (GA) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
03/05/09 12:57 PM
DEBATE - Pursuant to the provisions of H.Res. 190, the Committee of the Whole proceeded with 10 minutes of debate on the Price (GA) amendment.
Amendment offered by Mr. Price (GA).
03/05/09 12:57 PM
An amendment numbered 2 printed in House Report 111-21 to provide that if a homeowner who has had a mortgage modified in a bankruptcy proceeding sells the home at a profit, the lender can recapture the amount of principal lost in the modification.
03/05/09 12:56 PM
POSTPONED PROCEEDINGS - At the conclusion of debate on the Lofgren amendment, the Chair put the question on adoption of the amendment and by voice vote, announced the ayes had prevailed. Mr. Goodlatte demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
03/05/09 12:18 PM
DEBATE - Pursuant to the provisions of H. Res. 190, the Committee of the Whole proceeded with thirty minutes of debate on the Lofgren amendment as modified. The modification would (1) allow a court to consider, in lieu of reducing mortgage principal, lowering the interest rate to reduce the debtor's mortgage payments according to the Administration's Homeowner Affordability and Stability Plan as implemented on March 4, 2009; (2) give the mortgage holder a greater proportion of the appreciation in a home on a graduated basis if it is sold during the 5-year period that the case is pending; and (3) provide that when a debtor seeks to reduce a mortgage's principal, the court must determine whether such relief is in good faith based on whether debtor was offered a mortgage modification under the Administration's plan and the debtor was able to afford payments under such plan.
03/05/09 12:17 PM
Lofgren, Zoe amendment as modified. Pursuant to the provisions of H. Res. 205, the Lofgren amendment is modified.
03/05/09 12:16 PM
Amendment offered by Ms. Lofgren, Zoe.
03/05/09 12:16 PM
An amendment numbered 1 printed in House Report 111-21 and modified in House Report 111-23 to allow a court to consider, lowering the interest rate to reduce the debtor's mortgage payments according to the Administration's Homeowner Affordability and Stability Plan as implemented March 4, 2009; give the mortgage holder a greater proportion of the appreciation in a home on a graduated basis if it is sold during the 5-year period that the case is pending; and provide that when a debtor seeks to reduce a mortgage's principal, the court must determine wheter such relief is in good faith based on whether debtor was offered a mortgage modification under the Administration's plan and the debtor was able to afford payments under such plan.
