3.0.0 5679 2022-02-03T05:17:34Z 2022-02-03T05:17:34Z House H HR 2008-04-02 110 hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Hearings by 2008-04-16T14:44:40Z Referred to 2008-04-16T14:44:19Z Referred to 2008-04-02T14:05:05Z 2008-04-16 hsba04 Housing and Insurance Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2008-04-16 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Housing and Community Opportunity. Committee 2008-04-02 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2008-04-02 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-04-02 Introduced in House IntroReferral 1000 9 Library of Congress W000187 Rep. Waters, Maxine [D-CA-35] MAXINE WATERS D CA 35 N Housing and Community Development Civil actions and liability Commerce Commercial arbitration Consumer education Consumer protection Contracts Counseling Debtor and creditor Economics and Public Finance Federally-assisted loans Federally-guaranteed loans Finance and Financial Sector Foreclosure Government Operations and Politics Government lending Government paperwork Housing finance Law Mortgage interest rates Mortgages Social Welfare Housing and Community Development 00 2008-04-02 Introduced in House 2008-05-16T21:59:42Z Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to impose on a mortgagee a duty to engage in loss mitigation of covered federally related mortgage loans.

Prohibits initiation of foreclosure on such loans if the mortgagee or servicer has at any time failed to comply with the requirements of this Act.

Requires a mortgagee or servicer to pursue specified priority loss mitigation activities, with notice to the borrower or mortgagor, before considering secondary loss mitigation activities.

Sets forth criteria governing the affordability of scheduled payments due from the borrower pursuant to loss mitigation activities.

Requires the mortgagee or servicer to notify the mortgagor in writing within certain deadlines concerning prospective adjustable rate mortgage increases.

Requires a mortgagee or servicer to provide the borrower with direct access to authorized loss mitigation personnel.

Requires a servicer or mortgagee to forward to a housing counseling agency approved by the Department of Housing and Urban Development the contact information of any borrower whose federally related mortgage loan payment is more than 60 days late.

Prohibits a mortgagee for a federally related mortgage loan from requiring a borrower to: (1) limit or waive the right to bring any claims, defenses, demands, proceedings, actions, or causes of action against the mortgagee or servicer as a condition of accepting an offer of any loss mitigation activities; or (2) agree to arbitration as a condition of receiving loan modification activities.

Requires the servicer of a federally related mortgage loan to make available without charge, upon borrower's written request, specified account status and documentation.

]]> Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 Short Titles as Introduced Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 Display Title Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 Official Title as Introduced To amend the Real Estate Settlement Procedures Act of 1974 to require mortgagees for mortgages in default to engage in reasonable loss mitigation activities. Introduced in House 2008-04-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr5679ih/xml/BILLS-110hr5679ih.xml 2008-04-16 Subcommittee Hearings Held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.