H.R. 1477 (112th): Preserving Homes and Communities Act of 2011

Introduced:
Apr 12, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Elijah Cummings
Representative for Maryland's 7th congressional district
Party
Democrat
Text
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Last Updated
Apr 12, 2011
Length
24 pages
Related Bills
S. 489 (identical)

Referred to Committee
Last Action: Mar 03, 2011

 
Status

This bill was introduced on April 12, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 12, 2011
Referred to Committee Apr 12, 2011
 
Full Title

To require certain mortgagees to evaluate loans for modifications, to establish a grant program for State and local government mediation programs, and for other purposes.

Summary

No summaries available.

Cosponsors
51 cosponsors (51D) (show)
Committees

House Financial Services

Financial Institutions and Consumer Credit

Housing and Insurance

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

 
Primary Source

THOMAS.gov (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. Data comes via the congress project.

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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.


4/12/2011--Introduced.
Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure, otherwise authorized under state law, against a covered mortgagor unless the mortgagee:
(1) has used its best efforts to determine whether the mortgagor is eligible for a qualified loan modification, and to offer one if this is the case; and
(2) has made certain documentation available to an ineligible mortgagor regarding a loan modification calculation or net present value calculation, the loan origination, any pooling and servicing agreement, the mortgagor's payment history, as well as specific alternatives to foreclosure, including qualified loan modifications, workout agreements, and short sales.
Requires a covered mortgagee to use its best efforts to suspend any foreclosure proceeding initiated before enactment of this Act, and to toll any deadlines limiting the mortgagor's rights. Prohibits any sale of the property under the mortgage or the entry of judgment against the mortgagor.
Requires the mortgagee to reevaluate an eligible mortgagee's application for a qualified loan modification and, if the mortgagor is eligible, offer one.
Requires the Secretary of the Treasury, the Secretary of Housing and Urban Development (HUD), and the Director of the Bureau of Consumer Financial Protection (CFPB) to ensure that any home loan modification protocol includes a dispute resolution procedure.
Declares any sale of property in violation of this Act void. Makes failure to comply with this Act a bar to foreclosure under state law.
Prohibits loan modification fees and sets forth rules governing foreclosure-related fees.
Directs the Secretary of HUD to: (1) establish a program to make competitive grants to state and local governments to establish mediation programs that assist mortgagors facing foreclosure, and (2) develop and implement a plan to monitor conditions and trends in home ownership and the mortgage industry and the effectiveness of public and private efforts to reduce mortgage defaults and foreclosures.
Directs the Secretary of the Treasury, out of funds received or to be received from the sale of warrants under the Emergency Economic Stabilization Act of 2008, to transfer and credit $1 billion to the Housing Trust Fund established under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

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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