Reps. Brad Miller and Linda Sanchez will be hosting a live blog session at TPM Cafe at 11am to discuss their bill to give bankruptcy relief to certain mortgage holders. If you have any interest in this issue or have had any experience dealing with bankruptcy or the mortgage mess make sure and stop by so that your voice can be heard.
Miller and Sanchez recently introduced a bill (HR 3609) to give relief to certain mortgage holders. Elizabeth Warren at TPM Cafe is kicking off the discussion there with this blog post explaining the bill:
Congressman Miller's bill would give some homeowners caught in upside-down loans the chance to write down the loan to the value of the home and put the homeowner in a long-term, fixed mortgage. The bill is designed to reduce the number of foreclosures, not by putting them off with a temporary rate freeze, but by moving some families into long-term mortgages they can afford. It wouldn't help everyone, and it wouldn't prevent the real estate market from falling further, but it would help end the crisis by moving people toward permanent solutions--whether that means a new mortgage or moving out of a house that is simply unaffordable.
There will also be a number of experts posting in the comments and posting their own blog posts throughout the day. These include Bob Lawless, law blogger at CreditSlips; Georgetown law professor, Adam Levitin; TPM Cafe's Elizabeth Warren; and Daily Kos' very own bonddad.