US Congress House Bill 4848 (Prior Session Legislation)

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June 1 2012 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Pending: House Subcommittee on Insurance, Housing and Community Opportunity Committee
Text: Latest bill text (Introduced) [PDF]

Save Our Neighborhoods Act of 2012 - Authorizes a mortgagor of a property subject to a federally related mortgage loan to file a motion before a court in the jurisdiction in which the property is located for an order to: (1) stay any foreclosure proceedings brought against the property; (2) remain in effect for up to three years; (3) prohibit the assessment or collection of any late fees regarding payments on such loan; (4) toll the statute of limitations for any other applicable laws pertaining to such loan; (5) require the mortgagor to make payments in an appropriate amount to the mortgagee at appropriate times; and (6) require the mortgagee to apply such payments first to any taxes owed on the property, and then to property insurance obligations, interest due, and the mortgage principal due. Requires the court, if an order terminates before the mortgagor and mortgagee have submitted an agreement to the court, to enter an order: (1) ordering an appraisal by an approved licensed appraiser to determine the property's fair market value; (2) adjusting the principal amount to the property's fair market value if that value is less than the principal remaining on the mortgage loan; (3) ordering reasonable interest on the principal so adjusted, based on the average prime offer rate for mortgages; and (4) ordering payments set at a reasonable interest rate on the principal remaining on the mortgage loan, based on the average prime offer rate for mortgages on that date, if the fair market value is greater than the remaining principal. Requires: (1) the court, on the date such motion is filed, to stay any foreclosure proceedings that have been brought against the property; (2) the mortgagor and mortgagee to meet after the mortgagor files the motion; and (3) the mortgagee to provide the mortgagor with a list of approved local housing counseling agencies. Requires the foreclosure stay order to terminate if the mortgagor and mortgagee execute a consensually modified mortgage agreement within 60 days after the grant of the stay. Authorizes the Director of the Consumer Financial Protection Bureau of the Federal Reserve System to make rules or issue guidance to carry out this Act.

Save Our Neighborhoods Act of 2012

Rep Clarke, Hansen	Rep Carson, Andre	Rep Clarke, Yvette D.	Rep Cleaver, Emanuel
Rep Conyers, John, Jr.	Rep Ellison, Keith	Rep Grijalva, Raul M.	Rep Jackson, Jesse L., Jr.
Rep Kaptur, Marcy	Rep Kucinich, Dennis J.	Rep Lewis, John	Rep Miller, George
Rep Waters, Maxine

Date	Chamber	Action
2012-06-01	House	Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
2012-06-01	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2012-05-18	House	Referred to the Subcommittee on Courts, Commercial and Administrative Law.
2012-04-26	House	Referred to House Financial Services
2012-04-26	House	Referred to House Judiciary
2012-04-26	House	Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HN04848:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112hr4848ih/pdf/BILLS-112hr4848ih.pdf