H.R. 3566 (112th): Fairness in Foreclosures Act of 2011

Introduced:
Dec 06, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Edolphus “Ed” Towns
Representative for New York's 10th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Dec 06, 2011
Length
9 pages
 
Status

This bill was introduced on December 6, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 06, 2011
Referred to Committee Dec 06, 2011
 
Full Title

To ensure uniformity and fairness in deficiency judgments arising from foreclosures on mortgages for single family homes.

Summary

No summaries available.

Cosponsors
2 cosponsors (2D) (show)
Committees

House Judiciary

Courts, Intellectual Property, and the Internet

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.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

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.


12/6/2011--Introduced.
Fairness in Foreclosures Act of 2011 - Declares that no action for a deficiency judgment arising from an obligation under a residential mortgage may be brought except in accordance with this Act.
Declares that no such deficiency judgment may be issued unless the court has determined that the foreclosure sale for the property securing repayment was conducted in accordance with specified requirements.
Specifies a formula for determining the total amount a plaintiff may recover in such a deficiency judgment.
Declares that no action for a deficiency judgment may be brought if the (nonrecourse) mortgage terms prohibit recovery after: (1) the residential property securing repayment of such obligation is sold at foreclosure sale, or (2) the mortgage is foreclosed in the manner provided under the law of the state in which the property is located.
Declares that if the mortgagor is a member of a low-income family: (1) no action may be brought for a deficiency judgment; and (2) a deficiency in recovery, from a foreclosure sale, of the full amount of the mortgage obligation may not be reported to any consumer reporting agency or disclosed to any person other than the mortgagor or the mortgagor's personal representative, unless such disclosure is otherwise required by law.

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.

Use the comment space below for discussion of the merits of H.R. 3566 (112th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus