Credit unions got a mixed back of goods when the House ofRepresentatives passed a housing bill yesterday by a margin of234-191.
|The measure includes a provision allowing bankruptcy judges torewrite the terms of mortgages, which credit unions have longopposed. Credit unions, banks and other financial servicesproviders persuaded Democrats to include provisions that made itless objectionable, such as requiring the homeowner to make agreater effort to reach an agreement with the mortgage holderbefore filing for bankruptcy.
|The bill also gives the credit union system five years toreplenish the NCUSIF, makes the insurance coverage of accounts upto $250,000 permanent, and increases the NCUSIF's borrowingauthority from $500 million to $6 billion. That amount hasn't beenraised since the fund came into existence in 1971.
|The Senate could take up the measure as early as next week.
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