U.S. Congress - S.2901 Encouraging Mortgage Modifications Act of 2008
S.2901 - Encouraging Mortgage Modifications Act of 2008
A bill to encourage residential mortgage loan modifications and workout plans, and for other purposes. view all titles (2)
All Bill Titles
- Short: Encouraging Mortgage Modifications Act of 2008 as introduced.
- Official: A bill to encourage residential mortgage loan modifications and workout plans, and for other purposes. as introduced.
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Official Summary
4/23/2008--Introduced.Encouraging Mortgage Modifications Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to set forth duties of mortgage servicers regarding certain loan modifications or workout plans that affect pooled qualified residential mortgages. Specifies amonOfficial Summary
4/23/2008--Introduced.Encouraging Mortgage Modifications Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to set forth duties of mortgage servicers regarding certain loan modifications or workout plans that affect pooled qualified residential mortgages. Specifies among such duties the duty to:
(1) determine if the net present value of the payments on the modified loan is likely to be greater than the anticipated net recovery that would result from foreclosure to all investors and parties having a direct or indirect interest in the pooled loans or securitization vehicle; and
(2) act in the best interests of all such investors and parties, if the servicer agrees to or implements a qualified loan modification or workout plan for a qualified residential mortgage, or takes other reasonable loss mitigation actions, including accepting partial payments or short sale of the property, if such efforts are unsuccessful or infeasible. Shields from liability a servicer who enters into a qualified loan modification or workout plan if the servicer acts in a manner consistent with such duties.
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Recent Blog Coverage
S.2901: Acquisition Workforce Improvement Act of 2009 - U.S. ...
S.2901 - Acquisition Workforce Improvement Act of 2009. A bill to improve the acquisition workforce through the establishment of an acquisition management fellows program, and for other purposes. view all titles (2) .... OpenCongress is a free and open-sou
S.2901: Acquisition Workforce Improvement Act of 2009 - U.S. ...
S.2901 - Acquisition Workforce Improvement Act of 2009. A bill to improve the acquisition workforce through the establishment of an acquisition management fellows program, and for other purposes. view all titles (2) .... OpenCongress is a free and open-sou
Ready for Re-Regulation?
S. 2901 or the TRUCC Act, would mandate full transparency of all fuel surcharges billed to our customers. Bob Voltmann, TIA's president said, "(T)his legislation is not necessary and would turn the clock back on 28 years of deregulation ...
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