Reid sponsors S.2636, which among other things, would change the bankruptcy code to allow judges to modify mortgages of debtors. This title could help more than 600,000 financially-troubled families keep their homes by allowing them to modify their mortgages in bankruptcy. It eliminates a provision of the bankruptcy law that prohibits modifications to mortgage loans on the debtor’s principal residence for homeowners who meet strict income and expense criteria.
S.2636 Title: A bill to provide needed housing reform. Sponsor: Sen Reid, Harry [NV] (introduced 2/13/2008) Cosponsors (25) Latest Major Action: 2/14/2008 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577.