U.S. Rep Marion Berry, D-Gillett, at one time the target of television ads criticizing him for voting against a bill to help homeowners avoid mortgage foreclosure, voted for a revised version of the bill today.

In a news release, Berry said he voted for a new version of the Helping Families Save Their Homes Act that he considered an improvement over previous efforts.

“This bill did not contain the misguided ‘cramdown’ provision included in previous bills, which would have granted a broad new authority for bankruptcy judges to unilaterally modify the terms of mortgages, which would have raised the costs of borrowing for all.” Berry said in the release. “Instead, this bill takes positive steps to stabilize the housing market, expand housing opportunities  and assist those at risk of losing their homes.

“The bill reforms the Hope for Homeowners Program, which helps at-risk borrowers refinance their mortgages, and it urges lenders to work with borrowers to develop reasonable repayment terms instead of resorting to foreclosure,” Berry continued. “The bill also provides an increase in the Federal Deposit Insurance Corporation’s guarantee of bank accounts, up to $250,000, which will further protect depositors, particularly small businesses.”

Senate Bill 896, which previously passed in the Senate, passed in the House today in a 367-54 vote. All four of Arkansas’ U.S. House members voted for the bill.

The liberal groups Brave New Films and BlogPAC launched an ad campaign last month criticizing Berry for breaking with his party to vote against an earlier version of the measure.

Tags: Marion Berry

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