NC’s Miller proposes mortgage restructuring bill

RALEIGH — North Carolina Rep. Brad Miller is reintroducing a measure that would allow mortgages to be restructured during bankruptcy hearings.

The Democratic lawmaker whose district stretches from Raleigh to Greensboro introduced a similar measure in Congress last year. Miller said the nation is not going to stabilize the economy until officials stop the collapse of home values.

Miller and Illinois Sen. Dick Durbin say their bills would help prevent foreclosures by renegotiating the terms of loans during bankruptcy proceedings.

Miller and Durbin announced their effort at a press conference in Washington. Durbin spent much of the time answering questions about the indictment of his home state governor, Rod Blagojevich, and who would fill the other Illinois senate seat.

(Copyright 2008 by The Associated Press. All Rights Reserved.)