h 68 49632 1205208000 false 1209653520 3 5579 19081 110 400070

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.<br/>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 &quot;qualified loan modification or workout plan&quot; 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 &quot;securitization vehicle&quot; 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.<br/>

1209653520 2008-05-01 Fri Nov 07 05:32:04 -0600 2008 introduced 49632 'act':5 '2008':7 'loan':3 'emerg':1 'modif':4 'mortgag':2 58230 false short reported to house 49632 'act':5 '2008':7 'loan':3 'emerg':1 'modif':4 'mortgag':2 60806 false short introduced 49632 'debt':7 'loan':17 'part':11 'remov':2 'holder':13 'impedi':4 'purpos':21 'troubl':6 'mortgag':16 'residenti':15 'restructur':8 57764 false official calendar 49632 1209653520 Thu May 01 11:52:00 -0500 2008 152132 Placed on the Union Calendar, Calendar No. 382. C000243 1939-07-02 2398 1233 Longworth House Office Building http://www.house.gov/formcastle/IMA/zipauth.html 0 202-225-2291 Michael 'r':4 '-0':6 'de':5 'rep':1 'castl':3,8,10 'michael':2,7,9 M 400070 Castle Michael_N._Castle N. Rep. Michael Castle [R, DE-0] 598 N00009775 7271 Republican 202-225-4165 Roman Catholic DE Michael Castle 1.42857142857143 http://www.castle.house.gov/ mncastle K000008 1937-04-02 5881 2188 Rayburn House Office Building http://kanjorski.house.gov/index.php?option=com_content&task=view&id=2&Itemid= 11 202-225-0764 Paul 'd':4 'pa':5 '-11':6 'rep':1 'paul':2,7,9 'kanjorski':3,8,10 M 400210 Kanjorski Paul_E._Kanjorski E. Rep. Paul Kanjorski [D, PA-11] 2442 N00001509 6517 Democrat 202-225-6511 Roman Catholic PA Paul Kanjorski 3.77777777777778 http://kanjorski.house.gov/ S000344 1954-10-24 3417 2242 Rayburn House Office Building http://www.house.gov/sherman/contact/ 27 202-225-5879 Brad 'd':4 'ca':5 '-27':6 'rep':1 'brad':2,7,9 'sherman':3,8,10 M 400371 Sherman Brad_Sherman J. Rep. Brad Sherman [D, CA-27] 1154 N00006897 7047 Democrat 202-225-5911 Jewish CA Brad Sherman 1.77777777777778 http://bradsherman.house.gov/ calendar 49632 1209653520 Thu May 01 11:52:00 -0500 2008 152132 Placed on the Union Calendar, Calendar No. 382. action 49632 1209653460 Thu May 01 11:51:00 -0500 2008 152131 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-615. calendar 49632 1208923200 Wed Apr 23 00:00:00 -0500 2008 152130 Ordered to be Reported (Amended) by Voice Vote. action 49632 1208923200 Wed Apr 23 00:00:00 -0500 2008 152129 Committee Consideration and Mark-up Session Held. action 49632 1208232000 Tue Apr 15 00:00:00 -0500 2008 150999 Subcommittee Hearings Held. action 49632 1208232000 Tue Apr 15 00:00:00 -0500 2008 150998 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. action 49632 1205208000 Tue Mar 11 00:00:00 -0500 2008 147310 Referred to the House Committee on Financial Services. introduced 49632 1205208000 Tue Mar 11 00:00:00 -0500 2008 147309