U.S. Congress - S.489 Preserving Homes and Communities Act of 2011
S.489 - Preserving Homes and Communities Act of 2011
A bill to require certain mortgagees to evaluate loans for modifications, to establish a grant program for State and local government mediation programs, and for other purposes. view all titles (2)
All Bill Titles
- Short: Preserving Homes and Communities Act of 2011 as introduced.
- Official: A bill to require certain mortgagees to evaluate loans for modifications, to establish a grant program for State and local government mediation programs, and for other purposes. as introduced.
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Official Summary
3/3/2011--Introduced.Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure against a covered mortgagor that is otherwise authorized under state law unless the covered mortgagee has: (1) used its best effoOfficial Summary
3/3/2011--Introduced.Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure against a covered mortgagor that is otherwise authorized under state law unless the covered mortgagee has:(1) used its best efforts to determine whether the mortgagor is eligible for a qualified loan modification, and to offer one if the mortgagor is eligible; and
(2) made available to an ineligible mortgagor certain documentation of a loan modification calculation or net present value calculation, the loan origination, any pooling and servicing agreement, the mortgagor's payment history, and the specific alternatives to foreclosure considered by the mortgagee, including qualified loan modifications, workout agreements, and short sales. Requires a covered mortgagee to use its best efforts to suspend any foreclosure proceeding initiated before enactment of this Act, and to toll any deadlines limiting the mortgagor's rights. Prohibits any sale of the property under the mortgage or the entry of judgment against the mortgagor. Requires the mortgagee to reevaluate an eligible mortgagee's application for a qualified loan modification and offer one. Requires the Secretary of the Treasury, the Secretary of Housing and Urban Development (HUD), and the Bureau of Consumer Financial Protection (CFPB) Director to ensure that any home loan modification protocol includes a dispute resolution procedure to resolve any application disputes. Declares any sale of property in violation of this Act void. Makes failure to comply with this Act a bar to foreclosure under state law. Prohibits loan modification fees and sets forth rules governing foreclosure-related fees. Directs the Secretary of HUD to:
(1) establish a grant program to make competitive grants to state and local governments to establish mediation programs that assist mortgagors facing foreclosure, and
(2) develop and implement a plan to monitor conditions and trends in home ownership and the mortgage industry and the effectiveness of public and private efforts to reduce mortgage defaults and foreclosures. Directs the Secretary of the Treasury, out of funds received or to be received from the sale of warrants under the Emergency Economic Stabilization Act of 2008, to transfer and credit $1 billion to the Housing Trust Fund established under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
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Funding the National Housing Trust Fund | On the Home Front
The second possible source is a bill in both the House and Senate that would provide $1 billion in one-time funding from proceeds from the sale of TARP warrants. These bills- S. 489, sponsored by Sen. Reed (D-RI), and H.R. ...
National Alliance to End Homelessness: Library: Advocacy Update ...
The Senate bill is S. 489, and the House bill is H.R. 1477. Contact your Senators and Representatives and ask them to co-sponsor these bills. For more information on these bills and current co-sponsors, ... -
National Alliance to End Homelessness: Library: Advocacy Update ...
The Senate bill is S. 489, and the House bill is H.R. 1477. Contact your Senators and Representatives and ask them to co-sponsor these bills. For more information on these bills and current co-sponsors, ... -
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