U.S. Congress - H.R.37 Systematic Foreclosure Prevention and Mortgage Modification Act
H.R.37 - Systematic Foreclosure Prevention and Mortgage Modification Act
To establish a systematic mortgage modification program at the Federal Deposit Insurance Corporation, and for other purposes. view all titles (2)
All Bill Titles
- Short: Systematic Foreclosure Prevention and Mortgage Modification Act as introduced.
- Official: To establish a systematic mortgage modification program at the Federal Deposit Insurance Corporation, and for other purposes. as introduced.
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Committees
OpenCongress Summary
Introduced for the second time by Rep. Maxine Walters [D, CA-35], the chairwoman of the Subcommittee on Housing and Community Opportunity, this bill attempts to reduce the number of foreclosures by establishing a systematic approach to modifying trouble mortgages. It would require mortgage servicers to review all loans and, in return, provide $1000 for each subsequently needed modification and require that the government share up to 50% of any loss of a modified loan that consequentially redefaulted. See S.73 for the Senate equivalent of the bill.Official Summary
1/6/2009--Introduced.Systematic Foreclosure Prevention and Mortgage Modification Act - Directs the Chairperson of the Federal Deposit Insurance Corporation (FDIC) to establish a systematic foreclosure prevention and mortgage modification program by: (1) paying mortgage servicers $1,000 toOfficial Summary
1/6/2009--Introduced.Systematic Foreclosure Prevention and Mortgage Modification Act - Directs the Chairperson of the Federal Deposit Insurance Corporation (FDIC) to establish a systematic foreclosure prevention and mortgage modification program by:(1) paying mortgage servicers $1,000 to cover expenses for each loan modified according to specified standards; and
(2) sharing up to 50% of any losses incurred if a modified loan should subsequently re-default.
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