Home Owners' Mortgage and Equity Savings Act

A bill to authorize bankruptcy courts to take certain actions with respect to mortgage loans in bankruptcy, and for other purposes.

10/3/2007--Introduced.
Home Owners' Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a mortgage agreed to in writing by a debtor meeting specified requirements and the holder of a 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. 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. 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. 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.


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Sponsor

• Sen. Arlen Specter [D, PA]
• and 2 Co-Sponsors
  • Norm Coleman
  • Sen. Olympia Snowe [R, ME]
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Committees

• Senate Judiciary

Amendments

This bill has no amendments.

Amendments to S.2133

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
October 03, 2007

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All Bill Actions

• Apr 03, 2008: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.
• Mar 06, 2008: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.
• Feb 14, 2008: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.
• Oct 04, 2007: Sponsor introductory remarks on measure. (CR S12763-12764)
• Oct 03, 2007: Read twice and referred to the Committee on the Judiciary.
• Oct 03, 2007: Sponsor introductory remarks on measure. (CR S12533-12535)
• Introduced on Oct 03, 2007.

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Related Bills:

• H.R.3778

Related Issue Areas:

• Housing
• Bankruptcy
• Bankruptcy courts
• Congress
• 11 more
• Congressional investigations
• Congressional reporting requirements
• Counseling
• Debtor and creditor
• Finance
• Foreclosure
• Law
• Mortgage interest rates
• Mortgages
• Real estate appraisal
• Social services

Data from the Congressional Research Service

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Blog Coverage

December 03, 2008 Specter Speaks on Mortgage Crisis | Pennsylvania RealEstateRama

Mr. President, while I have the floor, I want to say a few words about S. 2133, the Homeowners’ Mortgage and Equity Savings Act, which I introduced yesterday. This legislation addresses the very severe problem of the many homeowners who ...

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Source: Pennsylvania RealEstateRama

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October 21, 2008 Arlen Specter: If only we were grading by the pound

Had we followed regular order with an opportunity to propose amendments, consideration could have been given to my proposal, S.2133, which would have authorized the bankruptcy courts to restructure interest and scheduling of payments. ...

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Source: Dorie Morgan's Rising Up

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March 31, 2008 ACSBlog: The Blog of the American Constitution Society ...

Senate Committee on Judiciary business meeting to consider S. 2136, to address the treatment of primary mortgages in bankruptcy, S. 2133, to authorize bankruptcy courts to take certain actions with respect to mortgage loans in ...

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Source: ACSBlog: The Blog of the American Constitution...

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