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10/9/2007--Introduced.<br/>Home Owners Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a (mortgage) claim secured by an interest in real property initiated before September 26, 2007, that is the debtor's principal residence. Allows the principal amount of such a mortgage loan to be lowered to the fair market value, if less than such amount, of the real property securing the loan at the time of the submission of the debtor's plan for the payment of debts. Permits waiver of otherwise applicable early repayment or prepayment penalties. Permits, also, prohibition of, delay in, or voiding of any adjustments to the rate of interest in the case of an adjustable rate mortgage.<br/>Permits the bankruptcy court, in the case of a chapter 13 debtor (individual with regular income), to consider certain interest, late fees, or other fees to be a voidable transfer if the court finds there was a substantial failure to disclose material terms regarding such interest or fees related to a mortgage claim.<br/>Authorizes delay of the prerequisite that debtor obtain counseling from an approved credit counseling agency before filing the petition in bankruptcy, if the debtor submits to the court a certification that the holder of a claim secured by the debtor's principal residence has initiated foreclosure on that residence.<br/>Directs the Comptroller General to study and report to Congress on the impact of allowing bankruptcy judges to restructure principal residence mortgages on the secondary market for mortgages.<br/>

1193976000 2007-11-02 Fri Nov 07 02:03:45 -0600 2008 introduced 46607 'act':7,11 'home':1,10 'save':6 'owner':2 'equiti':5 'mortgag':3 54519 false short introduced 46607 'act':2 'home':1 53517 false short introduced 46607 'act':7 'home':1 'save':6 'owner':2 'equiti':5 'mortgag':3 59275 false short introduced 46607 'loan':13 'take':6 'court':4 'action':8 'author':2 'purpos':19 'certain':7 'mortgag':12 'respect':10 'bankruptci':3,15 52707 false official action 46607 1193976000 Fri Nov 02 00:00:00 -0500 2007 143343 Referred to the Subcommittee on Commercial and Administrative Law. C000266 1953-01-22 Steven 'steve':5 'chabot':2,4,7 'steven':1,3,6 M 400071 Chabot Steve_Chabot J. Steven Chabot Steve N00003689 5171 Republican Catholic Steven Chabot action 46607 1193976000 Fri Nov 02 00:00:00 -0500 2007 143343 Referred to the Subcommittee on Commercial and Administrative Law. introduced 46607 1191902400 Tue Oct 09 00:00:00 -0500 2007 131893 action 46607 1191902400 Tue Oct 09 00:00:00 -0500 2007 131894 Referred to the House Committee on the Judiciary.