Sen. Durbin was sole sponsor

• Sen. Richard Durbin, an Illinois Democrat, introduced S 3690 on November 17, 2008. It sought to amend the "Emergency Economic Stabilization Act of 2008," President George W. Bush's $700 billion economic bailout plan. Durbin felt that law didn't do enough to keep people in their homes or safeguard taxpayers' money. The bill was referred to the Judiciary Committee, where it died.
  
  

Bankruptcy Code Amended

• The bill directed federal property managers to have loans modified when the property manager does not own a mortgage but instead holds a financial interest in investments backed by residential mortgage loans.
  
  It also amended the federal bankruptcy code's Chapter 13 personal bankruptcy to allow a debtor to stay in his home while his case is pending if he doesn't have enough income to make past-due payments and keep up on current payments.
  
  

Other Requirements

• The law waived credit counseling requirements for debtors in foreclosure. It prohibited financial institutions whose "troubled assets" were bought under the federal government's bailout plan from paying increased dividends until those assets were sold. It also required such financial institutions to reduce dividends to pay for "excessive executive compensation."