US HB527 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Democrat 15-0)
Status: Introduced on January 14 2009 - 25% progression, died in committee
Action: 2009-01-14 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 14 2009 - 25% progression, died in committee
Action: 2009-01-14 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Home Retention and Economic Stabilization Act of 2009 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brought by any creditor, servicer, or holder of an eligible deferred-foreclosure mortgage, during a specified deferment period. Declares invalid any foreclosure action or proceeding regarding a deferred-foreclosure mortgage if the creditor or servicer fails to notify the consumer: (1) at least 30 days before instituting the action or proceeding; and (2) at least once during each subsequent 30-day period until the foreclosure becomes final. Prescribes procedures governing: (1) initiating foreclosure deferment; (2) payment notices during the deferment period; and (3) the manner of consumer payment during the deferment period. Amortizes over the life of the mortgage the difference between the amount of monthly payment due under the eligible deferred-foreclosure mortgage and the deferment payment amount. Prohibits a creditor or servicer from imposing any late fee or other fee or charge during the deferment period. Requires the creditor or servicer to provide the consumer with separate, written notification, distinct from all other correspondence, regarding: (1) any interest rate increase with respect to a sub-prime mortgage; (2) any minimum monthly payment increase with respect to a negative amortization mortgage; (3) clear and conspicuous disclosure of the good faith estimate of the monthly payment applicable after the adjustment or reset date; and (4) a list of alternatives available to consumers prior to the date of adjustment or increase. Authorizes appropriations for the Neighborhood Reinvestment Corporation to implement foreclosure mitigation activities, which may include use for costs of providing additional counselors, translators, and other staffers and costs of providing additional computers and improving databases and overall operations to better assist mortgagor families.
Title
Home Retention and Economic Stabilization Act of 2009
Sponsors
Rep. Shelley Berkley [D-NV] | Rep. Timothy Bishop [D-NY] | Rep. Dennis Cardoza [D-CA] | Rep. Kathy Castor [D-FL] |
Rep. Chaka Fattah [D-PA] | Rep. Maurice Hinchey [D-NY] | Rep. Michael Honda [D-CA] | Rep. Eddie Johnson [D-TX] |
Rep. Doris Matsui [D-CA] | Rep. Tim Ryan [D-OH] | Rep. Janice Schakowsky [D-IL] | Rep. Albio Sires [D-NJ] |
Rep. Louise Slaughter [D-NY] | Rep. Betty Sutton [D-OH] | Rep. Mike Thompson [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2009-01-14 | Referred to the House Committee on Financial Services. |
Same As/Similar To
SB241 (Same As) 2009-01-14 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Civil actions and liability
Housing and community development
Housing and community development funding
Housing finance and home ownership
Neighborhood Reinvestment Corporation
Housing and community development
Housing and community development funding
Housing finance and home ownership
Neighborhood Reinvestment Corporation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/house-bill/527/all-info |
Text | https://www.congress.gov/111/bills/hr527/BILLS-111hr527ih.pdf |