H.R. 527 · 111th Congress
Home Retention and Economic Stabilization Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MatsuiSponsor14 cosponsors · 14 D
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Castor
DC
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Cardoza
TR
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Ryan
AS
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Sires
MH
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Honda
EJ
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Johnson
MT
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Thompson
BS
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Sutton
SB
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Berkley
LS
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Slaughter
TB
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Bishop
MH
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Hinchey
CF
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Fattah
JS
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Schakowsky1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Home Retention and Economic Stabilization Act of 2009 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brought by any creditor, servicer, or holder of an eligible deferred-foreclosure mortgage,…
What it does: CRS summary · Introduced in House · Jan 14, 2009
Home Retention and Economic Stabilization Act of 2009 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brought by any creditor, servicer, or holder of an eligible deferred-foreclosure mortgage, during a specified deferment period.
Declares invalid any foreclosure action or proceeding regarding a deferred-foreclosure mortgage if the creditor or servicer fails to notify the consumer: (1) at least 30 days before instituting the action or proceeding; and (2) at least once during each subsequent 30-day period until the foreclosure becomes final.
Prescribes procedures governing: (1) initiating foreclosure deferment; (2) payment notices during the deferment period; and (3) the manner of consumer payment during the deferment period.
Amortizes over the life of the mortgage the difference between the amount of monthly payment due under the eligible deferred-foreclosure mortgage and the deferment payment amount.
Prohibits a creditor or servicer from imposing any late fee or other fee or charge during the deferment period.
Requires the creditor or servicer to provide the consumer with separate, written notification, distinct from all other correspondence, regarding: (1) any interest rate increase with respect to a sub-prime mortgage; (2) any minimum monthly payment increase with respect to a negative amortization mortgage; (3) clear and conspicuous disclosure of the good faith estimate of the monthly payment applicable after the adjustment or reset date; and (4) a list of alternatives available to consumers prior to the date of adjustment or increase.
Authorizes appropriations for the Neighborhood Reinvestment Corporation to implement foreclosure mitigation activities, which may include use for costs of providing additional counselors, translators, and other staffers and costs of providing additional computers and improving databases and overall operations to better assist mortgagor families.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Home Retention and Economic Stabilization Act of 2009
Latest action (Jan 14, 2009): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Jan 14, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.