Jim Puzzanghera
The bill would allow bankruptcy judges to reduce principal amounts on loans for primary residences. It faces a stiffer test in the Senate.
Reporting from Washington — In an attempt to ease the foreclosure crisis, the House on Thursday approved a major change to bankruptcy law that would give judges new powers to modify home mortgages.
Carl Hulse
WASHINGTON — After a brief revolt, the House is scheduled to vote Thursday on a measure that would allow bankruptcy judges to change mortgage terms to help homeowners avoid foreclosure, granting new authority some lawmakers say is central to easing the housing crisis.
Susan Cornwell
Key U.S. House Democrats have agreed to changes in legislation letting bankruptcy judges reduce mortgage debt and hope to have a vote on the legislation on Thursday, House Financial Services Committee Chairman Barney Frank said on Tuesday.
"Changes were agreed to that I think made it better," Frank, a Massachusetts Democrat, told Reuters after emerging from negotiations on the controversial bill with other lawmakers.
Jim Kuhnhenn and Julie Hirschfeld
For key moderate Democrats in the House, giving debt-strapped homeowners the right to seek mortgage modifications in bankruptcy court had to be a last resort.
So they wrote a compromise to a housing bill that requires bankruptcy judges to consider whether banks offered homeowners reasonable loan restructuring deals before they weigh in with judicial remedies.
The new language is expected to ease the bill onto the House floor for a vote as early as Thursday.
Richard Simon
Some are skeptical it will bring lawmakers closer together. Others think it's a start. Like everything else involving the diverse group, there's disagreement.
In a story that has circulated around Capitol Hill for years, California's famously fractured delegation gathered for a rare bipartisan meeting and decided to send for pizza -- only to get into a fight over what toppings to order.
Tyche Hendricks
In her first appearance before Congress as head of Homeland Security, Secretary Janet Napolitano was lambasted by New York Republican Rep. Pete King for failing to use the word "terrorism" in her remarks. Then she was quizzed by San Jose Democrat Rep. Zoe Lofgren over a surprise immigration raid Tuesday in Bellingham, Wash.
Dana Hull
As graduation day approaches, students at the University of California-Merced want one person to be their commencement speaker: Michelle Obama.
They've formally invited the first lady via her White House staff. They are pleading their case with California's congressional delegation. Last month, they sent Obama more than 900 — yes, 900 — handwritten Valentines. Then, there's the Facebook group.
Mark Matthews
President Barack Obama promised the nation he will lead to a brighter future -- in an address meant to be both reassuring, and a call for unity. The reaction to the president's speech from Bay Area members of Congress was far different than last year.
The economy was the biggest piece of the president's address and the president's goal was to get the country moving together in the same direction.
The president began by saying weight of the economic crisis will not determine the country's destiny.
Karen E. Crummy
Three Colorado lawmakers were among 100 congressional members who secured nearly $300 million in earmarks for clients of a lobbying group while taking campaign contributions from the firm's political action committee or employees, according to Congressional Quarterly.
The earmarks - specially directed appropriations - were contained in a spending bill managed by Pennsylvania Democratic Rep. John Murtha, chairman of the Defense Appropriations Subcommittee.
Dina Bass
Microsoft Corp.'s plan to eliminate U.S. workers after lobbying for more foreigner visas is stirring resentment among lawmakers and employees.
As many as 5,000 employees are being shown the door at Microsoft, which uses more H1-B guest-worker visas than any other U.S. company. Some employees and politicians say Microsoft should get rid of foreigners first.
