H.R. 5649 · 110th Congress
Home Owners' Loan Corporation for the 21st Century Act
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KirkSponsorNo cosponsors.
Home Owners' Loan Corporation for the 21st Century Act - Establishes the Home Owners' Loan Corporation as an instrumentality of the United States.
What it does: CRS summary · Introduced in House · Mar 14, 2008
Home Owners' Loan Corporation for the 21st Century Act - Establishes the Home Owners' Loan Corporation as an instrumentality of the United States.
Authorizes the Corporation to: (1) acquire, in exchange for bonds and subject to specified limitations, home mortgages, obligations, and liens secured by real estate (mortgage relief); and (2) make cash advances to pay the taxes and assessments on the real estate, provide for maintenance, meet incidental transaction expenses, and pay the mortgage, obligation, or lien holder the difference (not to exceed $200) between the face value of the bonds exchanged, plus accrued interest, and the purchase price of the mortgage, obligation, or lien.
Requires the homeowner to make mortgage payments to the Corporation. Sets forth 40-year amortization requirements. Authorizes the Corporation to exchange bonds and make cash advances to redeem or recover homes lost by the owners by foreclosure or forced sale.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Home Owners' Loan Corporation for the 21st Century Act
Latest action (Mar 14, 2008): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Mar 14, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.