H.R. 5601 (111th): Gulf Coast Homeowners Relief Act of 2010

111th Congress, 2009–2010. Text as of Jun 24, 2010 (Introduced).

Status & Summary | PDF | Source: GPO

I

111th CONGRESS

2d Session

H. R. 5601

IN THE HOUSE OF REPRESENTATIVES

June 24, 2010

(for himself and Mr. Miller of Florida) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To provide relief to homeowners with mortgages insured by the FHA who are economically affected as a result of the discharge of oil in the Gulf of Mexico caused by the explosion on and sinking of the mobile offshore drilling unit Deepwater Horizon, and for other purposes.

1.

Short title

This Act may be cited as the Gulf Coast Homeowners Relief Act of 2010.

2.

Special forbearance for FHA mortgagors

The provisions of Mortgagee Letter 2002–17 of the Secretary of Housing and Urban Development (regarding Special Forbearance: Program Changes and Updates) relating to Type I Special Forbearance shall apply, until the conclusion of fiscal year 2011 and may not be revoked, annulled, repealed, or rescinded during such period, with respect to mortgagees of mortgages that are insured under title II of the National Housing Act, are secured by one- to four-family dwellings, and have mortgagors who, as a result of the explosion on and sinking of the mobile offshore drilling unit Deepwater Horizon, the discharge of oil in the Gulf of Mexico caused by such explosion and sinking, or the effects of such discharge on the economy in the areas affected by such discharge, have suffered a loss of income or an increase in living expenses.

3.

Short- and long-term plans to assist affected homeowners

(a)

Short-term plan

Not later than the expiration of the 15-day period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall develop and submit to the Congress a list of programs and resources administered by the Secretary that will be made immediately available to assist homeowners of one- to four-family dwelling, and communities that have suffered negative economic consequences as a result of the explosion on and sinking of the mobile offshore drilling unit Deepwater Horizon or the discharge of oil in the Gulf of Mexico caused by such explosion and sinking.

(b)

Long-term plan

Not later than the expiration of the 45-day period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall develop and submit to the Congress a long-term plan to assist homeowners of one- to four-family dwellings, and communities, that have suffered negative economic consequences as a result of the explosion on and sinking of the mobile offshore drilling unit Deepwater Horizon or the discharge of oil in the Gulf of Mexico caused by such explosion and sinking. Such plan shall identify available programs and resources administered by the Secretary under which such assistance will be provided, any actions the Secretary will take to provide such assistance, any recommendations for legislative changes necessary to carry out such plan, and any recommendations for streamlining existing programs to facilitate more targeted or expedited assistance to homeowners and communities so affected.