< Back to H.R. 836 (112th Congress, 2011–2013)

Text of the Emergency Mortgage Relief Program Termination Act

This bill was introduced in a previous session of Congress and was passed by the House on March 11, 2011 but was never passed by the Senate. The text of the bill below is as of Mar 7, 2011 (Reported by House Committee).

This is not the latest text of this bill.

Source: GPO

IB

Union Calendar No. 14

112th CONGRESS

1st Session

H. R. 836

[Report No. 112–26]

IN THE HOUSE OF REPRESENTATIVES

February 28, 2011

(for himself, Mr. Bachus, and Mrs. Biggert) introduced the following bill; which was referred to the Committee on Financial Services

March 7, 2011

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic


A BILL

To rescind the unobligated funding for the Emergency Mortgage Relief Program and to terminate the program.


1.

Short title

This Act may be cited as the Emergency Mortgage Relief Program Termination Act.

2.

Rescission of funding for Emergency Mortgage Relief Program

Effective on the date of the enactment of this Act, there are rescinded and permanently canceled all unobligated balances remaining available as of such date of enactment of the amounts made available by section 1496(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 2207; 12 U.S.C. 2706 note).

3.

Termination of Emergency Mortgage Relief Program

(a)

Repeal

Title I of the Emergency Housing Act of 1975 (12 U.S.C. 2701 et seq.), as amended by section 1496(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is hereby repealed.

(b)

Treatment of remaining funds

Notwithstanding the repeal under subsection (a) of this section, any amounts made available under the provision specified in section 2 of this Act and obligated before the date of the enactment of this Act shall continue to be governed by the provisions of law specified in subsection (a) of this section, as in effect immediately before such repeal.

(c)

Termination

Upon the completion of outlays to liquidate all amounts referred to in subsection (b) of this section and the completion of all activities with respect to such amounts under the provisions of law specified in subsection (a) of this section, the Secretary of Housing and Urban Development shall terminate the Emergency Mortgage Relief Program authorized under the provisions specified in subsection (a).

1.

Short title

This Act may be cited as the Emergency Mortgage Relief Program Termination Act.

2.

Rescission of funding for Emergency Mortgage Relief Program

Effective on the date of the enactment of this Act, there are rescinded and permanently canceled all unobligated balances remaining available as of such date of enactment of the amounts made available by section 1496(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 2207; 12 U.S.C. 2706 note).

3.

Termination of Emergency Mortgage Relief Program

(a)

Repeal

Title I of the Emergency Housing Act of 1975 (12 U.S.C. 2701 et seq.), as amended by section 1496(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is hereby repealed.

(b)

Treatment of remaining funds

Notwithstanding the repeal under subsection (a) of this section, any amounts made available under the provision specified in section 2 of this Act and obligated before the date of the enactment of this Act shall continue to be governed by the provisions of law specified in subsection (a) of this section, as in effect immediately before such repeal.

(c)

Termination

Upon the completion of outlays to liquidate all amounts referred to in subsection (b) of this section and the completion of all activities with respect to such amounts under the provisions of law specified in subsection (a) of this section, the Secretary of Housing and Urban Development shall terminate the Emergency Mortgage Relief Program authorized under the provisions specified in subsection (a).

(d)

Study of use of program by members of the Armed Forces, veterans, and Gold Star recipients

(1)

Study

The Secretary of Housing and Urban Development shall conduct a study to determine the extent of usage of the Emergency Mortgage Relief Program authorized under the provisions specified in subsection (a) by, and the impact of such program on, covered homeowners.

(2)

Report

Not later than the expiration of the 90-day period beginning on the date of the enactment of this Act, the Secretary shall submit to the Congress a report setting forth the results of the study under paragraph (1) and identifying best practices, with respect to covered homeowners, that could be applied to the Emergency Mortgage Relief Program.

(3)

Covered homeowner

For purposes of this subsection, the term covered homeowner means a homeowner who is—

(A)

a member of the Armed Forces of the United States on active duty or the spouse or parent of such a member;

(B)

a veteran, as such term is defined in section 101 of title 38, United States Code; or

(C)

eligible to receive a Gold Star lapel pin under section 1126 of title 10, United States Code, as a widow, parent, or next of kin of a member of the Armed Forces person who died in a manner described in subsection (a) of such section.

March 7, 2011

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed