U.S. Congress - H.R.5579 Emergency Mortgage Loan Modification Act of 2008
H.R.5579 - Emergency Mortgage Loan Modification Act of 2008
To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes. view all titles (3)
All Bill Titles
- Short: Emergency Mortgage Loan Modification Act of 2008 as introduced.
- Short: Emergency Mortgage Loan Modification Act of 2008 as reported to house.
- Official: To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes. as introduced.
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Official Summary
5/1/2008--Reported to House amended. Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.States that the servicer of such pooled loans owes a duty to the securitization vehicle toOfficial Summary
5/1/2008--Reported to House amended. Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans, in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other mitigation actions will maximize the net present value to be realized over that which would be realized through foreclosure. Declares that, absent contractual provisions to the contrary, a servicer acting in a manner consistent with such duty shall not be liable to specified persons (including any person obligated pursuant to a derivatives instrument to make specified payments) for entering into a qualified loan modification or workout plan for loss mitigation purposes. Defines "qualified loan modification or workout plan" as one that:
(1) is scheduled to remain in place until the borrower sells or refinances the property, or for at least five years from the date of adoption of the plan, whichever is sooner;
(2) does not provide for a repayment schedule that results in negative amortization at any time; and
(3) does not require the borrower to pay additional points and fees. States that, for purposes of a qualified loan modification or workout plan, negative amortization does not include capitalization of delinquent interest and arrearages. Defines "securitization vehicle" as a trust, corporation, partnership, limited liability entity, special purpose entity, or other structure that:
(1) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by a pool of assets that includes residential mortgage loans; and
(2) holds such loans.
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Recent News Coverage
House Passes Comprehensive Housing Package
To speed loan modifications and keep more families in their homes, this package includes HR 5579 to provide mortgage servicers with clarity and certainty ...
MBA Responds to Loan Mod Legislation
The Mortgage Bankers Association (MBA) believes a new house billâThe Emergency Loan Modification Act of 2007 (HR 5579)âhas the potential to be a help and a ...
WITNESS LIST: Capital Markets Subcommittee Examines Legislation to ...
"HR 5579 is one potentially important and effective response to the current problems in the mortgage marketplace. In brief, our bipartisan bill aims to help ...
Recent Blog Coverage
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