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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.
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...Read the Rest