H.R. 2636 · 112th Congress
Neighborhood Preservation Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
MillerSponsor7 cosponsors · 6 D, 1 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Neighborhood Preservation Act of 2011 - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or…
What it does: CRS summary · Introduced in House · Jul 25, 2011
Neighborhood Preservation Act of 2011 - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or affiliate), and (2) came under the institution's or affiliate's ownership or control through foreclosure (or a deed in lieu of foreclosure) on the extension of credit.
Directs the federal banking agencies to jointly prescribe specified safety and soundness regulations, including minimum capital requirements for such institutions or affiliates.
Permits extension of such a lease beyond five years if any federal or state law, including the Bank Holding Company Act of 1956, so permits.
Applies this Act only to leases entered into during the three-year period beginning on the date of the enactment of this Act.
Declares it is the intent of Congress that: (1) no permanent change in policy on leasing foreclosed property is being established with respect to depository institutions and depository institution holding companies, and (2) bank leasing of foreclosed property authorized under this Act should not apply to leases entered into after such three-year period.
Authorizes a government-sponsored enterprise (the Federal National Mortgage Association [Fannie Mae] or the Federal Home Loan Mortgage Corporation [Freddie Mac]) to market for rental, before sale, any of its real estate owned properties and assets as the Federal Housing Finance Agency (FHFA) determines appropriate. Restricts lease agreements to five years.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Neighborhood Preservation Act of 2011
Latest action (Aug 22, 2011): Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 25, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.