H.R. 788 · 111th Congress
To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for…
Full title
To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes.
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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
KanjorskiSponsor3 cosponsors · 2 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Shields a servicer of pooled residential mortgages acting in compliance with certain fiduciary duties under the Truth in Lending Act from liability for entering into a loan modification or workout plan in connection with any such mortgages initiated before January 1, 2012.
What it does: CRS summary · Reported to House with amendment(s) · Feb 10, 2009
Shields a servicer of pooled residential mortgages acting in compliance with certain fiduciary duties under the Truth in Lending Act from liability for entering into a loan modification or workout plan in connection with any such mortgages initiated before January 1, 2012.
Specifies that such servicers shall not be liable to: (1) any person based on that person's ownership of a residential mortgage loan or any interest in a pool of residential mortgage loans or in securities that distribute payments out of payments in loans on the pool; (2) any person obligated pursuant to a derivatives instrument to make payments determined in reference to any such loans or interest; or (3) any person that insures any such loans or interest under federal, state, or local law.
States that such servicers shall not be: (1) limited in loan modification ability, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (2) obligated to repurchase loans from or otherwise make payments to the securitization vehicle on account of a loss mitigation workout, or other loss mitigation plan for a residential mortgage or a class of them that constitute a part or all of the mortgages in the securitization vehicle.
Makes a mortgage eligible under this Act only if: (1) mortgage default has occurred or is reasonably foreseeable; (2) the property securing the mortgage is occupied by the mortgagor; and (3) the servicer reasonably and in good faith believes that recovery of outstanding principal under the particular modification or workout plan or other loss mitigation action will exceed, on a net present value basis, the anticipated recovery to be realized through foreclosure.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes.
Latest action (Feb 10, 2009): Placed on the Union Calendar, Calendar No. 5.
Policy area: Housing and Community Development · Origin: House · Introduced: Feb 2, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.