S. 2969 (111th): Homeowners’ Relief and Neighborhood Stabilization Act of 2010

Introduced:
Jan 28, 2010 (111th Congress, 2009–2010)
Sponsor:
Sen. Robert “Bob” Casey Jr. [D-PA]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

(About Ads | Advertise Here)
Status

This bill was introduced on January 28, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 28, 2010
Referred to Committee Jan 28, 2010
Cosponsors
none
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to provide additional emergency mortgage assistance to struggling homeowners, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Jan 28, 2010.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/28/2010--Introduced.
Homeowners' Relief and Neighborhood Stabilization Act of 2010 - Directs the Secretary of the Treasury to transfer to the Secretary of Housing and Urban Development (HUD) $3 billion from Troubled Asset Relief Program (TARP) funds under the Emergency Economic Stabilization Act of 2008 (EESA), to be credited to the Emergency Homeowners' Relief Fund for use for emergency mortgage assistance.
Allows mortgage assistance if the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to medical conditions.
Caps the aggregate amount of emergency mortgage assistance provided to a homeowner at $50,000.
Revises conditions and terms of repayment of such assistance to state that:
(1) the rate of interest on any loan or advance of credit insured shall be fixed for the life of the loan or advance of credit and shall not exceed the rate of interest generally charged for mortgages on single-family housing insured by the HUD Secretary;
(2) interest shall not be charged on interest which is deferred on a loan or advance of credit; and
(3) an eligible homeowner who receives a grant or an advance of credit may repay the loan in full, without penalty at any time before the loan becomes due and payable.
Repeals the limitation on mortgage insurance granted by the Secretary to any financial institution to 40% of the total amount of loans and advances the institution makes.
Directs the HUD Secretary to allow funds to be administered by a state with an existing program that provides substantially similar assistance to homeowners.
Amends the Emergency Housing Act of 1975 to reauthorize the Emergency Mortgage Relief Program through FY2011. Directs the Secretary of the Treasury to transfer to HUD $1 billion for assistance to states and local governments for redevelopment of abandoned and foreclosed homes.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 123 Stat. 217