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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/06/09
 
 
 
 
 
 
 

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.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

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 eac

Official Summary

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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