S. 967 (112th): Regulation of Mortgage Servicing Act of 2011

Introduced:
May 12, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Jeff Merkley
Junior Senator from Oregon
Party
Democrat
Text
Read Text »
Last Updated
May 12, 2011
Length
11 pages
Related Bills
H.R. 3789 (Related)
Regulation of Mortgage Servicing Act of 2012

Referred to Committee
Last Action: Jan 18, 2012

H.R. 3595 (Related)
Mandatory Foreclosure Mediation Act

Referred to Committee
Last Action: Dec 07, 2011

 
Status

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

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

A bill to establish clear regulatory standards for mortgage servicers, and for other purposes.

Summary

No summaries available.

Cosponsors
17 cosponsors (15D, 1R, 1I) (show)
Committees

Senate Banking, Housing, and Urban Affairs

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

S. stands for Senate 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.


5/12/2011--Introduced.
Regulation of Mortgage Servicing Act of 2011 - Requires a mortgage servicer to assign one case manager to each borrower that seeks a mortgage loan modification or an alternative to foreclosure.
Requires the case manager to: (1) manage the communication between the servicer and the borrower, and (2) make decisions about the borrower's eligibility for a loan modification or an alternative to foreclosure.
Prohibits a servicer from initiating a foreclosure action against a borrower unless the servicer has performed specified tasks related to offering the borrower, if eligible, a loan modification or an alternative to foreclosure.
Requires a servicer to suspend a foreclosure action initiated before the enactment of this Act until such tasks have been performed.
Prohibits a servicer, during the suspension period, from: (1) sending the borrower a notice of foreclosure, (2) conducting or scheduling a sale of the real property securing the mortgage, or (3) causing final judgment to be entered against the borrower.
Prescribes requirements a servicer must meet in order to be deemed to have made a reasonable effort to obtain necessary information to determine a borrower's eligibility for a loan modification or an alternative to foreclosure.
Requires a servicer, before notifying a borrower of his or her ineligibility for a loan modification or an alternative to foreclosure, to obtain the services of an independent reviewer to review the borrower's file and determine whether or not the borrower is eligible.
Makes a violation of this Act a bar to a foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation.

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 S. 967 (112th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus