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S.2636 Foreclosure Prevention Act of 2008., 110th Congress

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Official Bill Info

  • Latest Action: Feb 14, 2008 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577.

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    I know the most recent action for this bill is as follows: "Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577." on Feb 14, 2008

Bill Statistics on OpenCongress

  • 36% of users support S.2636

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    36% of users on OpenCongress.org, a free, non-partisan resource, support S.2636.
  • S.2636 has been viewed 36,698 times

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    S.2636 has been viewed 36,698 times on OpenCongress.org, a free, non-partisan resource.
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    OpenCongress Bill Summary

    • This is one of the leading Democratic proposal for addressing the housing crisis. It's main provision would allow bankruptcy judges to renegotiate the terms of home mortgages. This bill would also increase the number of tax-exempt mortgage revenue bonds available for refinancing subprime mortgages, provide community development money for fixing up foreclosed homes, tax breaks for businesses, and more. A new, bipartisan version of this bill has been drafted and considered by the Senate as an amendment to H.R.3221.

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      Here's a summary from OpenCongress.org: This is one of the leading Democratic proposal for addressing the housing crisis. It's main provision would allow bankruptcy judges to renegotiate the terms of home mortgages. This bill would also increase the number of tax-exempt mortgage revenue bonds available for refinancing subprime mortgages, provide community development money for fixing up foreclosed homes, tax breaks for businesses, and more. A new, bipartisan version of this bill has been drafted and considered by the Senate as an amendment to H.R.3221.

    Most-commented sections of the bill text

    Highest Rated User Comments

    • On July 25, 2008, by Anonymous - I know a person here in Las Vegas who bought a house 5 years ago for 153,000 dollars. Over the next few years their house went up in value and refinanced TWICE to pull equity out to buy toys, a new 40k truck, swimming pool, etc. etc. Now after the spending spree they owe 270,000 dollars on the home and is currently valued around 220,000. She is now in trouble because her 2 year subprime arm is going to reset in 6 months and cannot afford the current payments let alone the reset. She is hoping WE will bail her out of the existing mortgage and write down some of her principle so they can stay in their home!! There are A LOT of people here in Vegas that are in that boat. WONT YOU HELP THEM OUT?

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      As noted by Anonymous, a user on OpenCongress.org, on July 25, 2008, "I know a person here in Las Vegas who bought a house 5 years ago for 153,000 dollars. Over the next few years their house went up in value and refinanced TWICE to pull equity out to buy toys, a new 40k truck, swimming pool, etc. etc. Now after the spending spree they owe 270,000 dollars on the home and is currently valued around 220,000. She is now in trouble because her 2 year subprime arm is going to reset in 6 months and cannot afford the current payments let alone the reset. She is hoping WE will bail her out of the existing mortgage and write down some of her principle so they can stay in their home!! There are A LOT of people here in Vegas that are in that boat. WONT YOU HELP THEM OUT? "
    • On April 19, 2008, by Anonymous - This is nothing more than a bailout for builders and bankers, while the typical tax payer and homeowner foot the bill. If you're trying to sell your home the old fashioned way right now Congress just kicked out $7,000 dollars worth of your teeth. BS!

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      As noted by Anonymous, a user on OpenCongress.org, on April 19, 2008, "This is nothing more than a bailout for builders and bankers, while the typical tax payer and homeowner foot the bill. If you're trying to sell your home the old fashioned way right now Congress just kicked out $7,000 dollars worth of your teeth. BS!"
    • On July 23, 2008, by Anonymous - I would like to know if people with sub prime mortages who have recently had to file bankruptcy in order to keep their homes will get to take advantage of the rescue bill, some people got behind in their payments and had to file bankruptcy in order to keep their homes

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      As noted by Anonymous, a user on OpenCongress.org, on July 23, 2008, "I would like to know if people with sub prime mortages who have recently had to file bankruptcy in order to keep their homes will get to take advantage of the rescue bill, some people got behind in their payments and had to file bankruptcy in order to keep their homes"

    Highly Rated Blog Articles

    • Restless Builders Turn To Sweet Material During Holiday Downtimes ... - December 23, 2008 by Construction Informer - ... Foreclosure Bill S.2636 May Offer Help to Predator and Prey · Forward Looking Estimates Emerge for Pay and Projects · Fuel Saving Strategies · Future is Mystery For Finance Types · Globally, Building Values Continue Dropping

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      As noted by Construction Informer on December 23, 2008, "... Foreclosure Bill S.2636 May Offer Help to Predator and Prey · Forward Looking Estimates Emerge for Pay and Projects · Fuel Saving Strategies · Future is Mystery For Finance Types · Globally, Building Values Continue Dropping" (http://constructioninformer.com/2008/12/24/restless-builders-turn-to-sweet-material-during-holiday-downtimes/)
    • Bridges Over Earthquakes | Construction Informer - December 22, 2008 by Construction Informer - ... Discovering Where Your Business Fits in a Changing Economy · Economic Rollercoaster Fails To Cause Nausea · Financial Markets Continue to Perplex · FMI Predicts 2008 Construction Trends · Foreclosure Bill S.2636 May Offer He

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      As noted by Construction Informer on December 22, 2008, "... Discovering Where Your Business Fits in a Changing Economy · Economic Rollercoaster Fails To Cause Nausea · Financial Markets Continue to Perplex · FMI Predicts 2008 Construction Trends · Foreclosure Bill S.2636 May Offer He" (http://constructioninformer.com/2008/12/23/bridges-over-earthquakes/)
    • Monday Morning Mumblings for December 22, 2008 | Construction Informer - December 21, 2008 by Construction Informer - ... Economic Rollercoaster Fails To Cause Nausea · Financial Markets Continue to Perplex · FMI Predicts 2008 Construction Trends · Foreclosure Bill S.2636 May Offer Help to Predator and Prey · Forward Looking Estimates Emerge fo

      Clicking this will add the following text:

      As noted by Construction Informer on December 21, 2008, "... Economic Rollercoaster Fails To Cause Nausea · Financial Markets Continue to Perplex · FMI Predicts 2008 Construction Trends · Foreclosure Bill S.2636 May Offer Help to Predator and Prey · Forward Looking Estimates Emerge fo" (http://constructioninformer.com/2008/12/22/monday-morning-mumblings-for-december-22-2008/)

    Highly Rated News Articles

    • The Foreclosure Tax Credit: Blessing or Curse? - May 05, 2008 by NuWire Investor, WA - In early 2008 the bill was amended by S. 2636 to become The Foreclosure Prevention Act of 2008, sponsored by Sen. Christopher Dodd (D-CT). ...

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      As noted by NuWire Investor, WA on May 05, 2008, "In early 2008 the bill was amended by S. 2636 to become The Foreclosure Prevention Act of 2008, sponsored by Sen. Christopher Dodd (D-CT). ..." (http://www.nuwireinvestor.com/articles/the-foreclosure-tax-credit-blessing-or-curse-51553.aspx)
    • Changing Housing Law - April 21, 2008 by Affordable Housing Finance, CA - has introduced a sweeping bill (S. 2636) that includes billions of dollars in direct federal funding, bankruptcy law changes, and expanded taxexempt bond ...

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      As noted by Affordable Housing Finance, CA on April 21, 2008, "has introduced a sweeping bill (S. 2636) that includes billions of dollars in direct federal funding, bankruptcy law changes, and expanded taxexempt bond ..." (http://www.housingfinance.com/ahf/articles/2008/apr/HOUSINGPOLICY0408.htm)
    • Senate Payout Plan for Builders Lobby - April 07, 2008 by Town Hall, DC - “Thank you for your support of housing and for including the Net Operating Losses and tax-exempt provision in S. 2636,” Stanton wrote. ...

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      As noted by Town Hall, DC on April 07, 2008, "“Thank you for your support of housing and for including the Net Operating Losses and tax-exempt provision in S. 2636,” Stanton wrote. ..." (http://www.townhall.com/Columnists/AmandaCarpenter/2008/04/08/senate_payout_plan_for_builders_lobby)
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