Senate Majority Leadar Harry Reid introduced the Foreclosure Prevention Act of 2008. This act provides more funds for non-profit credit counseling and also allows Bankruptcy Judges to modify the terms of a mortgage contract just like they are able to with any other contract. As it stands now, the primary mortgage contract is one of the few things that a Bankruptcy Judge cannot modify.
President Bush is opposing the legislation saying that it would cut into the value of homes for people who are able to pay their mortgage.
Almost 30 senators are co-sponsoring the Foreclosure Prevention Act.
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