s 4 50225 1208923200 false 1208923200 2901 425 110 300092

4/23/2008--Introduced.<br/>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.<br/>

1208923200 2008-04-23 Fri Nov 07 18:15:52 -0600 2008 introduced 50225 'act':4 '2008':6 'modif':3 'mortgag':2 'encourag':1 59686 false short introduced 50225 'bill':2 'loan':7 'plan':11 'modif':8 'purpos':15 'mortgag':6 'workout':10 'encourag':4 'residenti':5 58531 false official introduced 50225 1208923200 Wed Apr 23 00:00:00 -0500 2008 151045 S000709 1930-02-12 13833 711 Hart Senate Office Building http://specter.senate.gov/public/index.cfm?FuseAction=Contact.ContactForm 202-228-1229 Arlen 'd':4 'pa':5 'sen':1 'arlen':2,6,8 'specter':3,7,9 M 300092 Specter Arlen_Specter Sen. Arlen Specter [D, PA] 6016 N00001604 19474 Democrat 202-224-4254 Jewish PA Arlen Specter 1.85271317829457 http://specter.senate.gov/ introduced 50225 1208923200 Wed Apr 23 00:00:00 -0500 2008 151045 action 50225 1208923200 Wed Apr 23 00:00:00 -0500 2008 151046 Sponsor introductory remarks on measure. (CR S3306-3307) action 50225 1208923200 Wed Apr 23 00:00:00 -0500 2008 151047 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.