H.R. 906 (111th): Housing Disaster Area Foreclosure Prevention Act of 2009

Introduced:
Feb 04, 2009 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Ellen Tauscher
Representative for California's 10th congressional district
Party
Democrat
Text
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Last Updated
Feb 04, 2009
Length
18 pages
 
Status

This bill was introduced on February 4, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 04, 2009
Referred to Committee Feb 04, 2009
 
Full Title

To provide incentives for affordable housing.

Summary

No summaries available.

Cosponsors
8 cosponsors (8D) (show)
Committees

House Financial Services

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


2/4/2009--Introduced.
Housing Disaster Area Foreclosure Prevention Act of 2009 - Directs the Secretary of the Treasury (Secretary) to take necessary steps to support the mortgage revenue bond market, including the use of certain funds made available under the Emergency Economic Stabilization Act of 2008 (EESA) to purchase mortgage revenue bonds at an interest rate that makes housing programs carried out with the proceeds of such bonds economically feasible.
Instructs the Secretary to implement a program to use specified TARP amounts to reduce the outstanding debt, in connection with their refinancing, on mortgages on certain owner-occupied residential property having an appraised value less than the outstanding mortgage obligation (qualifying existing underwater mortgages).
Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) each to implement a program to purchase (buy down) and securitize qualified refinancing mortgages and qualified new mortgages on single-family housing in accordance with policies and procedures established by the Director of the Federal Housing Finance Agency (FHFA).
Instructs the Secretary of Housing and Urban Development (HUD) to take action to increase access by state housing finance agencies to mortgage insurance in order to make it available for mortgages financed by bonds issued by such agencies.
Amends the Internal Revenue Code to set forth housing tax incentives including: (1) a temporary increase in the volume cap for housing bonds issued for areas most affected by the foreclosure crisis; and (2) an extension of time for using such increased volume cap for housing bonds.
Revises special rules for refinancing with the proceeds of a mortgage revenue bond issue of mortgages on a residence which was originally financed through a qualified subprime loan. Eliminates the restriction of a qualified subprime loan to one with an adjustable rate. Extends such special rules an additional year.
Repeals the application to certain housing refunding bonds of the alternative minimum tax (AMT) on the otherwise tax-exempt interest on specified private activity bonds.
Revises mortgage revenue bond requirements to include residences in high foreclosure areas in the meaning of targeted area residences.

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

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