Foreclosure Prevention Act of 2008.

A bill to provide needed housing reform.

2/13/2008--Introduced.
Foreclosure Prevention Act of 2008 - Amends the Internal Revenue Code to:
(1) authorize use of the proceeds of a qualified mortgage bond issue to refinance a mortgage on a residence originally financed through a qualified subprime loan;
(2)</b> raise the ceiling and volume cap imposed upon certain state housing bonds; and
(3) exclude from the meaning of tax preference item private activity bonds, for purposes of the alternative minimum tax, qualified mortgage bonds or veterans' mortgage bonds issued after enactment of this Act and before January 1, 2011. Makes FY2008 appropriations for:
(1) emergency needs of states and local governmental units to redevelop certain abandoned and foreclosed homes; and
(2) the Neighborhood Reinvestment Corporation for foreclosure mitigation activities, including grants for housing counseling. Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy plan for individuals with regular income to:
(1) modify an allowed secured claim secured by the debtor's principal residence if the debtor's income is insufficient to retain possession of the residence by curing a default and maintaining payments while the case is pending;
(2) provide for payment of such claim for a period of up to 30 years;
(3) set conditions for the addition of certain fees, costs, or charges to secured debt; and
(4) waive any prepayment penalty on a claim secured by a debtor's principal residence. Waives the counseling requirement upon certification that a debtor's principal residence is scheduled for a foreclosure sale. Permits the debtor, in lieu of the trustee, to proceed as the real party in interest in certain state or federal actions respecting a claim or defense. Authorizes the bankruptcy court, in core proceedings involving an individual debtor with primarily consumer debts, to conduct the proceeding and enter orders and judgments in lieu of arbitration. Creates a principal residence homestead exemption for debtors over 55 years of age. Directs the bankruptcy court to disallow claims or interests subject to any remedy for damages or rescission due to noncompliance with state or federal consumer protection law, notwithstanding a prior foreclosure judgment. Mortgage Disclosure Improvement Act of 2008 - Amends the Truth in Lending Act to set forth additional disclosure requirements governing any extensions of credit (not only mortgages) secured by the dwelling of a consumer. Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a flat damages amount of $5,000, adjusted annually for inflation. Amends the Internal Revenue Code to:
(1) set forth carryback rules for net operating losses for specified taxable years; and
(2) suspend through taxable year 2008 the 90% of alternative minimum taxable income limit for certain adjustments to the alternative (minimum) tax net operating loss deduction.


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Sponsor

• Sen. Harry Reid [D, NV]
• and 25 Co-Sponsors
  • Sen. Barbara Boxer [D, CA]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Benjamin Cardin [D, MD]
  • Sen. Robert Casey [D, PA]
  • Sen. Hillary Clinton [D, NY]
  • Sen. Christopher Dodd [D, CT]
  • Sen. Richard Durbin [D, IL]
  • Sen. Dianne Feinstein [D, CA]
  • Sen. Thomas Harkin [D, IA]
  • Sen. Edward Kennedy [D, MA]
  • Sen. John Kerry [D, MA]
  • Sen. Amy Klobuchar [D, MN]
  • Sen. Frank Lautenberg [D, NJ]
  • Sen. Joseph Lieberman [I, CT]
  • Sen. Robert Menéndez [D, NJ]
  • Sen. Barbara Mikulski [D, MD]
  • Sen. Patty Murray [D, WA]
  • Sen. Bill Nelson [D, FL]
  • Barack Obama
  • Sen. John Reed [D, RI]
  • Sen. John Rockefeller [D, WV]
  • Sen. Ken Salazar [D, CO]
  • Sen. Charles Schumer [D, NY]
  • Sen. Jim Webb [D, VA]
  • Sen. Sheldon Whitehouse [D, RI]
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Amendments

This bill has no amendments.

Amendments to S.2636

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
February 13, 2008

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All Bill Actions

• Added to calendar on Feb 14, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577..
• Introduced on Feb 13, 2008.
• Feb 13, 2008: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

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Related Bills:

• H.R.3221
• S.2153
• H.R.4019
• S.2136

Related Issue Areas:

• Housing
• Affordable housing
• Appropriations
• Bankruptcy
• 36 more
• Bonds
• Budgets
• Community development
• Community development banking
• Consumer credit
• Consumer education
• Consumer protection
• Consumers
• Counseling
• Damages
• Debtor and creditor
• Federal aid to housing
• Fees
• Finance
• Foreclosure
• Income tax
• Infrastructure
• Land banking
• Law
• Liability (Law)
• Loan defaults
• Losses
• Low-income housing
• Minimum tax
• Moderate income housing
• Mortgage interest rates
• Mortgages
• Natural resources
• Neighborhood Reinvestment Corporation
• Public lands
• Real estate appraisal
• Residential rehabilitation
• Social services
• Tax deductions
• Taxation
• Welfare

Data from the Congressional Research Service

Users tracking S.2636 (57) are also tracking:

People	Bills	Issues
Barack Obama [8] Sen. Hillary Clinton [D, NY] [6] Sen. Richard Durbin [D, IL] [5] Sen. John McCain [R, AZ] [5] Sen. Barbara Boxer [D, CA] [4]	S.2544 Emergency Unemployment Compensation Exten... [21] H.R.5140 Recovery Rebates and Economic Stimulus fo... [14] H.R.5749 Emergency Extended Unemployment Compensat... [11] H.R.3221 Housing and Economic Recovery Act of 2008... [11] S.2338 FHA Modernization Act of 2007 [8]	Congressional investigations [1] International banking [1] Food and Drug Administration (FDA) [1] Financial services [1] Housing [1]

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In the News

May 06, 2008 The Foreclosure Tax Credit: Blessing or Curse?

In early 2008 the bill was amended by S. 2636 to become The Foreclosure Prevention Act of 2008, sponsored by Sen. Christopher Dodd (D-CT). ...

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Source: NuWire Investor, WA

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April 22, 2008 Changing Housing Law

has introduced a sweeping bill (S. 2636) that includes billions of dollars in direct federal funding, bankruptcy law changes, and expanded taxexempt bond ...

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Source: Affordable Housing Finance, CA

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April 08, 2008 Senate Payout Plan for Builders Lobby

“Thank you for your support of housing and for including the Net Operating Losses and tax-exempt provision in S. 2636,” Stanton wrote. ...

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Source: Town Hall, DC

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Blog Coverage

December 24, 2008 Restless Builders Turn To Sweet Material During Holiday Downtimes ...

... Foreclosure Bill S.2636 May Offer Help to Predator and Prey · Forward Looking Estimates Emerge for Pay and Projects · Fuel Saving Strategies · Future is Mystery For Finance Types · Globally, Building Values Continue Dropping

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Source: Construction Informer

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December 23, 2008 Bridges Over Earthquakes | Construction Informer

... Discovering Where Your Business Fits in a Changing Economy · Economic Rollercoaster Fails To Cause Nausea · Financial Markets Continue to Perplex · FMI Predicts 2008 Construction Trends · Foreclosure Bill S.2636 May Offer He

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Source: Construction Informer

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December 22, 2008 Monday Morning Mumblings for December 22, 2008 | Construction Informer

... Economic Rollercoaster Fails To Cause Nausea · Financial Markets Continue to Perplex · FMI Predicts 2008 Construction Trends · Foreclosure Bill S.2636 May Offer Help to Predator and Prey · Forward Looking Estimates Emerge fo

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Source: Construction Informer

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