U.S. Congress - S.2801 Mortgage Enhancement and Modification Act of 2008
S.2801 - Mortgage Enhancement and Modification Act of 2008
A bill to help families avoid foreclosure and stay in their homes by encouraging reasonable and responsible modifications for unworkable and impractical mortgage loans, and to help preserve the rights of investors by reaffirming the basic obligations of their investment agents to achieve the most beneficial outcomes for their clients and for other purposes. view all titles (3)
All Bill Titles
- Popular: Mortgage Enhancement and Modification Act of 2008 as introduced.
- Official: A bill to help families avoid foreclosure and stay in their homes by encouraging reasonable and responsible modifications for unworkable and impractical mortgage loans, and to help preserve the rights of investors by reaffirming the basic obligations of their investment agents to achieve the most beneficial outcomes for their clients and for other purposes. as introduced.
- Short: Mortgage Enhancement and Modification Act of 2008 as introduced.
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Committees
Official Summary
4/2/2008--Introduced.Mortgage Enhancement and Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that a servicer of such pooled loans owes a duty to the securitization vehicle to maximize, or notOfficial Summary
4/2/2008--Introduced.Mortgage Enhancement and Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that a servicer of such pooled loans owes a duty to the securitization vehicle to maximize, or not negatively affect, the recovery of total proceeds from such loans 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:
(1) makes reasonable, documented efforts to implement a modification or workout plan for a loan in or facing payment default; or
(2) engages in other loss mitigation efforts, if the former efforts fail or the plan would be infeasible, in the reasonable belief that such efforts will maximize the net present value to be realized over that which would be realized through foreclosure. Declares, furthermore, that a servicer shall be deemed to be acting on behalf of the securitization vehicle in the best interest of all investors and beneficial interest holders if the servicer makes efforts to:
(1) contact proactively borrowers approaching a calendar date in which a predetermined or contractually established rate of interest shall increase or fluctuate in accordance with specified indicators or within a predetermined range; and
(2) determine the borrower's ability to make payments following a reset of interest rates, whether the borrower is in danger of default or disclosure, and whether a loan modification or other mitigation effort is appropriate. Declares that, absent specific contractual provisions to the contrary, a servicer acting in a manner consistent with such duty shall not be liable to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes.
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Recent Blog Coverage
S.2801: Fostering Success in Education Act - U.S. Congress ...
S.2801 - Fostering Success in Education Act. A bill to provide children in foster care with school stability and equal access to educational opportunities. view all titles (2) ..... OpenCongress is a free and open-source project of the Participatory Politi
H.R.643: Care for Life Act of 2009 - U.S. Congress - OpenCongress
introduces S. 2801, called “The Food Supplement Amendment of 1973,” also called the Proxmire Amendment or the Vitamin Bill (which on the House side was H.R. 643, or the Hosmer Bill). This legislation is designed to ...
Juristen und Juristenmärkte der Zukunft - jurabilis - juristisches ...
Ãber die "Juristenmärkte der Zukunft" spricht der Beck-Verlag (abgedruckt in NJW 38/2008, S. 2801) mit Mitarbeitern des Unternehmens "Legal People". Als Juristenmärkte der Zukunft sehen diese Frankfurt und München. ...
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