TPMCafe is hosting a live blogging discussion today from 11-12 ET about HR 3609, the proposed bankruptcy amendment that would cleanup some of the subprime mortgage mess.

Organized by OpenLeft's Matt Stoller and The Sunlight Foundation, participants will include amendment co-sponsors Reps. Brad Miller (D-NC) and Linda Sanchez (D-CA), TPMCafe regular Elizabeth Warren, a Harvard law professor; Bob Lawless, a law professor at the University of Illinois who blogs at creditslips, Adam Levitin, a law professor at Georgetown; and Hale Stewart, a Houston lawyer who blogs at DailyKos and at his own blog, The Bonddad Blog.

Elizabeth Warren previews the discussion:

Congressman Miller's bill would give some homeowners caught in upside-down loans the chance to write down the loan to the value of the home and put the homeowner in a long-term, fixed mortgage. The bill is designed to reduce the number of foreclosures, not by putting them off with a temporary rate freeze, but by moving some families into long-term mortgages they can afford.

Stop by the Cafe between 11-12 ET and join in the discussion.