H.R.788 - To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes.

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  • Official: To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes. as introduced.

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Introduced
 
House
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Senate
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President
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02/02/09
 
 
 
 
 
 
 

Official Summary

Shields a servicer of pooled residential mortgages acting in compliance with certain fiduciary duties under the Truth in Lending Act from liability for entering into a loan modification or workout plan in connection with any such mortgages initiated before January 1, 2012. Specifies that su

Official Summary

Shields a servicer of pooled residential mortgages acting in compliance with certain fiduciary duties under the Truth in Lending Act from liability for entering into a loan modification or workout plan in connection with any such mortgages initiated before January 1, 2012. Specifies that such servicers shall not be liable to:
(1) any person based on that person's ownership of a residential mortgage loan or any interest in a pool of residential mortgage loans or in securities that distribute payments out of payments in loans on the pool;
(2) any person obligated pursuant to a derivatives instrument to make payments determined in reference to any such loans or interest; or
(3) any person that insures any such loans or interest under federal, state, or local law. States that such servicers shall not be:
(1) limited in loan modification ability, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or
(2) obligated to repurchase loans from or otherwise make payments to the securitization vehicle on account of a loss mitigation workout, or other loss mitigation plan for a residential mortgage or a class of them that constitute a part or all of the mortgages in the securitization vehicle. Makes a mortgage eligible under this Act only if:
(1) mortgage default has occurred or is reasonably foreseeable;
(2) the property securing the mortgage is occupied by the mortgagor; and
(3) the servicer reasonably and in good faith believes that recovery of outstanding principal under the particular modification or workout plan or other loss mitigation action will exceed, on a net present value basis, the anticipated recovery to be realized through foreclosure.

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