U.S. Congress - S.241 Home Retention and Economic Stabilization Act of 2009
S.241 - Home Retention and Economic Stabilization Act of 2009
A bill to amend the Truth in Lending Act to permit deferrals on certain home mortgage foreclosures for a limited period to allow homeowners to take remedial action, to require home mortgage servicers to provide advance notice of any upcoming reset of the mortgage interest rate, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to amend the Truth in Lending Act to permit deferrals on certain home mortgage foreclosures for a limited period to allow homeowners to take remedial action, to require home mortgage servicers to provide advance notice of any upcoming reset of the mortgage interest rate, and for other purposes. as introduced.
- Short: Home Retention and Economic Stabilization Act of 2009 as introduced.
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Official Summary
1/14/2009--Introduced.Home Retention and Economic Stabilization Act of 2009 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brouOfficial Summary
1/14/2009--Introduced.Home Retention and Economic Stabilization Act of 2009 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brought by any creditor, servicer, or holder of an eligible deferred-foreclosure mortgage, during a specified deferment period. Declares invalid any foreclosure action or proceeding regarding a deferred-foreclosure mortgage if the creditor or servicer fails to notify the consumer:(1) at least 30 days before instituting the action or proceeding; and
(2) at least once during each subsequent 30-day period until the foreclosure becomes final. Prescribes procedures governing:
(1) initiating foreclosure deferment;
(2) payment notices during the deferment period; and
(3) the manner of consumer payment during the deferment period. Amortizes over the life of the mortgage the difference between the amount of monthly payment due under the eligible deferred-foreclosure mortgage and the deferment payment amount. Prohibits a creditor or servicer from imposing any late fee or other fee or charge during the deferment period. Requires the creditor or servicer to provide the consumer with separate, written notification, distinct from all other correspondence, regarding:
(1) any interest rate increase with respect to a sub-prime mortgage;
(2) any minimum monthly payment increase with respect to a negative amortization mortgage;
(3) clear and conspicuous disclosure of the good faith estimate of the monthly payment applicable after the adjustment or reset date; and
(4) a list of alternatives available to consumers prior to the date of adjustment or increase. Authorizes appropriations for the Neighborhood Reinvestment Corporation to implement foreclosure mitigation activities, which may include use for costs of providing additional counselors, translators, and other staffers and costs of providing additional computers and improving databases and overall operations to better assist mortgagor families.
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Recent Blog Coverage
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S.241: Non-Federal Employee Whistleblower ... - OpenCongress
Under S. 241, “best practice” whistleblower rights that were originally passed in the stimulus bill—such as “no loopholes” free speech protection—would become permanent for all government contractors. ... Source: Forseti ... A bill in the U.S.
Gott 9.0 – ein Zwischenruf zum neuen Buch von Tiki Küstenmacher ...
Anschaulich erzählt sind Abschnitte im Buch wie „Das Sakrament des Augenblicks“ (S. 241 ff). Da geht es um Achtsamkeit, um Wachsamkeit für das Leben im Jetzt. Da geht es um die Wiederentdeckung einer lebendigen Spiritualität. ...
Schon mal von Strukturvorteilen gehört? | p-p-plus
Dr. Heinrich Wottawa, Leiter der Arbeitseinheit Methodenlehre, Diagnostik und Evaluation an der Fakultät für Psychologie der Universität Bochum in «Psychologische Theorien für Unternehmen» (S. 241). Graffito-Ausschnitt ...
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