The House Judiciary Committee on Dec. 12 completed its markup of the Emergency Home Ownership and Mortgage Equity Protection Act of 2007. Introduced by Rep. Brad Miller (D-N.C.), the measure would allow bankruptcy judges to reduce the value of a home loan, extend the terms of the loan, lower the interest rate, delay the effective date of an adjustable rate increase, and make other similar changes to a mortgage for homeowners going through Chapter 13 bankruptcy proceedings.

Photo by Richard Borge