NACBA President Henry Sommer testified before the Senate Judiciary Committee on Wednesday, December 5th in support of S. 2136, the "Helping Families Save Their Homes Act," introduced earlier this year by Senator Richard Durbin (D, IL).   Other witnesses at the hearing included economist Mark Zandi, Chief Economist for Moody's Economy.com, Inc., Ms. Nettie McGee, a Chicago homeowner who would be helped by the legislation, Illinois Bankruptcy Judge Jacqueline Cox, Alabama Bankruptcy Judge Thomas Bennett, ABI Resident Scholar Mark Scarberry, and Drexel University professor Joseph Mason.

 

NACBA has played a key role in advising Senator Durbin's staff on the substance of the bill, which would amend the bankruptcy laws to allow for the modification of a home mortgage in Chapter 13.  NACBA has been joined in its efforts to help families save their homes from foreclosure by the National Consumer Law Center, the Consumer Federation of America and the Center for Responsible Lending.  A number of other organizations, including AARP, the Leadership Conference on Civil Rights, AFL-CIO, and the National Women's Law Center, also are supporting the legislation.