H.R. 2636 (112th): Neighborhood Preservation Act of 2011

Introduced:
Jul 25, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Gary Miller [R-CA42]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

(About Ads | Advertise Here)
Status

This bill was introduced on July 25, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 25, 2011
Referred to Committee Jul 25, 2011
Cosponsors
7 cosponsors (6D, 1R) (show)
Committees

House Financial Services

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

Full Title

To authorize depository institutions, depository institution holding companies, Fannie Mae, and Freddie Mac to lease foreclosed property held by such entities for up to 5 years, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Jul 25, 2011.
6 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.

7/25/2011--Introduced.
Neighborhood Preservation Act of 2011 - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which:
(1) was or is security for an extension of credit by such depository institution (or affiliate), and
(2) came under the institution's or affiliate's ownership or control through foreclosure (or a deed in lieu of foreclosure) on the extension of credit.
Directs the federal banking agencies to jointly prescribe specified safety and soundness regulations, including minimum capital requirements for such institutions or affiliates.
Permits extension of such a lease beyond five years if any federal or state law, including the Bank Holding Company Act of 1956, so permits.
Applies this Act only to leases entered into during the three-year period beginning on the date of the enactment of this Act. Declares it is the intent of Congress that:
(1) no permanent change in policy on leasing foreclosed property is being established with respect to depository institutions and depository institution holding companies, and
(2) bank leasing of foreclosed property authorized under this Act should not apply to leases entered into after such three-year period.
Authorizes a government-sponsored enterprise (the Federal National Mortgage Association [Fannie Mae] or the Federal Home Loan Mortgage Corporation [Freddie Mac]) to market for rental, before sale, any of its real estate owned properties and assets as the Federal Housing Finance Agency (FHFA) determines appropriate.
Restricts lease agreements to five years.

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:

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.)