U.S. Congress - S.73 Systematic Foreclosure Prevention and Mortgage Modification Act
S.73 - Systematic Foreclosure Prevention and Mortgage Modification Act
A bill to establish a systematic mortgage modification program at the Federal Deposit Insurance Corporation, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to establish a systematic mortgage modification program at the Federal Deposit Insurance Corporation, and for other purposes. as introduced.
- Short: Systematic Foreclosure Prevention and Mortgage Modification Act as introduced.
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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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