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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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
01/06/09
 
 
 
 
 
 
 

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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