Official Bill Info

• Latest Action: Jul 23, 2009 Referred to the Subcommittee on Commercial and Administrative Law.

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• Committee Assignment: House Financial Services

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  This bill has been assigned to the House Financial Services committee.
• Committee Assignment: House Judiciary

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  This bill has been assigned to the House Judiciary committee.
• Committee Assignment: House Veterans' Affairs

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  This bill has been assigned to the House Veterans' Affairs committee.
• Committee Assignment: Senate Banking, Housing, and Urban Affairs

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  This bill has been assigned to the Senate Banking, Housing, and Urban Affairs committee.
• Committee Assignment: House Judiciary - Commercial and Administrative Law

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  This bill has been assigned to the House Judiciary - Commercial and Administrative Law committee.
This bill's most-recent vote occurred on March 05, 2009, with a roll call of 234 ayes, 191 nays, and 7 not voting.
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This bill's most-recent vote occurred on March 05, 2009, with a roll call of 234 ayes, 191 nays, and 7 not voting.

Bill Statistics on OpenCongress

Contribution Data

OpenCongress Bill Summary

• This bill, a major part of President Obama's foreclosure prevention plan, would allow bankruptcy judges to modify mortgages on primary residences, provide legal protection to mortgage servicers who work out loan modifications, make several changes to the Hope for Homeowners program, reform the FDIC insurance fund, and more. A detailed summary can be found at the House Financial Services Committee's website.

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  Here's a summary from OpenCongress.org: This bill, a major part of President Obama's foreclosure prevention plan, would allow bankruptcy judges to modify mortgages on primary residences, provide legal protection to mortgage servicers who work out loan modifications, make several changes to the Hope for Homeowners program, reform the FDIC insurance fund, and more. A detailed summary can be found at the House Financial Services Committee's website.

Supporting Organizations

• National Consumer Law Center

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  I know that the organization National Consumer Law Center supports H.R.1106
• Americans for Fairness in Lending

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  I know that the organization Americans for Fairness in Lending supports H.R.1106

Opposing Organizations

• Mortgage Bankers Association

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  I know that the organization Mortgage Bankers Association opposes H.R.1106
• American Bankers Association

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  I know that the organization American Bankers Association opposes H.R.1106
• American Financial Services Association

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  I know that the organization American Financial Services Association opposes H.R.1106
• American Insurance Association

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  I know that the organization American Insurance Association opposes H.R.1106
• American Securitization Forum

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  I know that the organization American Securitization Forum opposes H.R.1106
• Club for Growth

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  I know that the organization Club for Growth opposes H.R.1106
• The Heritage Foundation

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  I know that the organization The Heritage Foundation opposes H.R.1106
• Consumer Bankers Association

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  I know that the organization Consumer Bankers Association opposes H.R.1106
• Independent Community Bankers of America

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  I know that the organization Independent Community Bankers of America opposes H.R.1106
• Securities Industry and Financial Markets Association

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  I know that the organization Securities Industry and Financial Markets Association opposes H.R.1106
• Freedomworks

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  I know that the organization Freedomworks opposes H.R.1106
• The Financial Services Roundtable

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  I know that the organization The Financial Services Roundtable opposes H.R.1106
• U.S. Chamber of Commerce

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  I know that the organization U.S. Chamber of Commerce opposes H.R.1106

Most-commented sections of the bill text

• ‘(C) permits the debtor to continue to make payments under the modification agreement notwithstanding the filing of a case under this title, as if such case had not been filed.’. (1 comments, Link )

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  specifically, this section of the legislation: "‘(C) permits the debtor to continue to make payments under the modification agreement notwithstanding the filing of a case under this title, as if such case had not been filed.’.",
• ‘(A) reduces the debtor’s payment (including principal and interest, and payments for real estate taxes, hazard insurance, mortgage insurance premium, homeowners’ association dues, ground rent, and special assessments) on a loan secured by a senior security interest in the principal residence of the debtor, to a percentage of the debtor’s income in accordance with such guidelines, without any period of negative amortization or under which the aggregate amount of the regular periodic payments would not fully amortize the outstanding principal amount of such loan; (1 comments, Link )

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  specifically, this section of the legislation: "‘(A) reduces the debtor’s payment (including principal and interest, and payments for real estate taxes, hazard insurance, mortgage insurance premium, homeowners’ association dues, ground rent, and special assessments) on a loan secured by a senior security interest in the principal residence of the debtor, to a percentage of the debtor’s income in accordance with such guidelines, without any period of negative amortization or under which the aggregate amount of the regular periodic payments would not fully amortize the outstanding principal amount of such loan;",
• ‘(B) requires no fees or charges to be paid by the debtor in order to obtain such modification; and (1 comments, Link )

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  specifically, this section of the legislation: "‘(B) requires no fees or charges to be paid by the debtor in order to obtain such modification; and",
• ‘(g) A claim may be reduced under subsection (b)(11)(A) only on the condition that if the debtor sells the principal residence securing such claim, before completing all payments under the plan (or, if applicable, before receiving a discharge under section 1328(b)) and receives net proceeds from the sale of such residence, then the debtor agrees to pay to such holder not later than 15 days after receiving such proceeds-- (1 comments, Link )

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  specifically, this section of the legislation: "‘(g) A claim may be reduced under subsection (b)(11)(A) only on the condition that if the debtor sells the principal residence securing such claim, before completing all payments under the plan (or, if applicable, before receiving a discharge under section 1328(b)) and receives net proceeds from the sale of such residence, then the debtor agrees to pay to such holder not later than 15 days after receiving such proceeds--",
• (2) by adding at the end the following: (1 comments, Link )

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  specifically, this section of the legislation: "(2) by adding at the end the following:",

Highest Rated User Comments

• On February 28, 2009, by fordfse - As much as I feel for the people who are loosing their homes and a large percent of them to an ARM which the bank got them into. A large percent of these people had no business getting that loan and the banks had no business qualifying them for the loan. The banks need to be stuck with these homes on their books or renegotiate the terms with the current owners. This is called Capitalism. The government created a large amount of this situation due to Fannie Mae & Freddie Mac fiasco. And now the government is attempting to get us out of it? Give me a break. Who is now going to be responsible for the difference in the principal when the Judge adjusts the principal and interest? This is not Capitalism; this is socialism and big government.

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  As noted by fordfse, a user on OpenCongress.org, on February 28, 2009, "As much as I feel for the people who are loosing their homes and a large percent of them to an ARM which the bank got them into. A large percent of these people had no business getting that loan and the banks had no business qualifying them for the loan. The banks need to be stuck with these homes on their books or renegotiate the terms with the current owners. This is called Capitalism. The government created a large amount of this situation due to Fannie Mae & Freddie Mac fiasco. And now the government is attempting to get us out of it? Give me a break. Who is now going to be responsible for the difference in the principal when the Judge adjusts the principal and interest? This is not Capitalism; this is socialism and big government."
• On March 01, 2009, by csledbetter - The housing market is a zero-sum game. The true value of a house has never changed. Greed and government manipulation chased the market up, and reality is settling it down again. When the market was rising, some bought the most expensive house they could afford, extending their credit to the breaking point. They were *betting* on the fact that house prices would continue to go up. Greed, not need, was the motive. Since the market has turned, it is overwhelmingly these people who are in trouble, not those who acted responsibly when deciding whether to sign a mortgage agreement. Why do my tax dollars have to go to pay for their gamble? I would rather help my own daughter buy a house than bail out one of these gamblers. This bill benefits only the very worst consumers in our country--the ones that cannot afford what they buy, and commit to promises they can't keep. It hurts the most responsible consumers in our country and their families. Is that what the Congress is supposed to do?

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  As noted by csledbetter, a user on OpenCongress.org, on March 01, 2009, "The housing market is a zero-sum game. The true value of a house has never changed. Greed and government manipulation chased the market up, and reality is settling it down again. When the market was rising, some bought the most expensive house they could afford, extending their credit to the breaking point. They were *betting* on the fact that house prices would continue to go up. Greed, not need, was the motive. Since the market has turned, it is overwhelmingly these people who are in trouble, not those who acted responsibly when deciding whether to sign a mortgage agreement. Why do my tax dollars have to go to pay for their gamble? I would rather help my own daughter buy a house than bail out one of these gamblers. This bill benefits only the very worst consumers in our country--the ones that cannot afford what they buy, and commit to promises they can't keep. It hurts the most responsible consumers in our country and their families. Is that what the Congress is supposed to do?"
• On March 06, 2009, by jfreeman - This is ridiculous on so many levels. Not everyone who is in mortgage trouble right now is a blue collar worker - many were speculators convinced the house would rise in value so they could sell before the adjusted rates kicked in. You are creating a false dichotomy between banks and workers. Banks are not evil. They serve a legitimate purpose - connecting savers with borrowers. Otherwise, they wouldn't exist. The people who give their money so that workers can buy homes do not deserve to be burned. It is their money - not yours!

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  As noted by jfreeman, a user on OpenCongress.org, on March 06, 2009, "This is ridiculous on so many levels. Not everyone who is in mortgage trouble right now is a blue collar worker - many were speculators convinced the house would rise in value so they could sell before the adjusted rates kicked in. You are creating a false dichotomy between banks and workers. Banks are not evil. They serve a legitimate purpose - connecting savers with borrowers. Otherwise, they wouldn't exist. The people who give their money so that workers can buy homes do not deserve to be burned. It is their money - not yours!"

Highly Rated Blog Articles

• H.R.1106: Dorothy I. Height and Whitney M. Young, Jr. Social Work ... - March 13, 2011 by opencongress.org - A bill in the U.S. Congress: To establish the Social Work Reinvestment Commission to provide independent counsel to Congress and the Secretary of Health and Human Services on policy issues associated with recruitment, . ... OpenCongress is a free and open-

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  As noted by opencongress.org on March 13, 2011, "A bill in the U.S. Congress: To establish the Social Work Reinvestment Commission to provide independent counsel to Congress and the Secretary of Health and Human Services on policy issues associated with recruitment, . ... OpenCongress is a free and open-" (http://www.opencongress.org/bill/112-h1106/show)
• H4h Program… Hope or Hopeless? - January 01, 2011 by halobuy.info - Finally they did work on my H4H loan, approved it, and were about to send me mortgage papers until Congress decided to *improve* the H4H and the House initially passed HR 1106 on March 05, 2009. Without hesitation the bank put my H4H ...

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  As noted by halobuy.info on January 01, 2011, "Finally they did work on my H4H loan, approved it, and were about to send me mortgage papers until Congress decided to *improve* the H4H and the House initially passed HR 1106 on March 05, 2009. Without hesitation the bank put my H4H ..." (http://www.halobuy.info/2011/01/h4h-program-hope-or-hopeless/)
• Has the bill passed allowing me to put my home in a bankruptcy? - December 26, 2010 by How To Stop Collection Calls - Question by In Foreclosure: Has the bill passed allowing me to put my home in a bankruptcy? HR 1106 has a clause allowing one to put their primary residence into a bankruptcy, therefore lowering the monthly payment to an affordable … ...

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  As noted by How To Stop Collection Calls on December 26, 2010, "Question by In Foreclosure: Has the bill passed allowing me to put my home in a bankruptcy? HR 1106 has a clause allowing one to put their primary residence into a bankruptcy, therefore lowering the monthly payment to an affordable … ..." (http://www.howtostopcollectioncalls.us/2010/12/27/has-the-bill-passed-allowing-me-to-put-my-home-in-a-bankruptcy/)

Highly Rated News Articles

• 'Hope for Homeowners' revamp planned - May 06, 2009 by Inman.com - The House approved its version of the bill, HR 1106, on March 5 in a 234-191 vote. That version of the bill would also have allowed bankruptcy judges to ...

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  As noted by Inman.com on May 06, 2009, "The House approved its version of the bill, HR 1106, on March 5 in a 234-191 vote. That version of the bill would also have allowed bankruptcy judges to ..." (http://www.inman.com/news/2009/05/7/hope-homeowners-revamp-planned)
• Mortgage Investors Stand United in Support of Hope for Homeowners - May 05, 2009 by PR Newswire (press release) - As the legislation passed today by the US Senate (S.896 and HR 1106) moves to a House-Senate Conference, we urge Congressional leaders to redouble their ...

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  As noted by PR Newswire (press release) on May 05, 2009, "As the legislation passed today by the US Senate (S.896 and HR 1106) moves to a House-Senate Conference, we urge Congressional leaders to redouble their ..." (http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-06-2009/0005021039&EDATE=)
• Financial and housing industries paid lobbyists more than $42 ... - May 04, 2009 by Think Progress - ... but lobbying against HR 1106, HR 200 and S. 61, the Helping Families Save Their Homes Act was a priority for those organizations and lobbyists listed. ...

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  As noted by Think Progress on May 04, 2009, "... but lobbying against HR 1106, HR 200 and S. 61, the Helping Families Save Their Homes Act was a priority for those organizations and lobbyists listed. ..." (http://thinkprogress.org/2009/05/05/lobbyists-cramdown/)