3.0.0 2133 2023-01-11T20:21:10Z 2023-01-11T20:21:10Z Senate S S 2007-10-03 110 ssju00 Judiciary Committee Senate Standing Referred to 2007-10-03T23:25:04Z HOMES Act 110 3778 HR 2007-11-02 Referred to the Subcommittee on Commercial and Administrative Law. Related bill CRS 2007-10-04 Sponsor introductory remarks on measure. (CR S12763-12764) IntroReferral B00100 9 Library of Congress 2007-10-03 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2007-10-03 Sponsor introductory remarks on measure. (CR S12533-12535) IntroReferral B00100 9 Library of Congress 2007-10-03 Introduced in Senate IntroReferral 10000 9 Library of Congress S000709 Sen. Specter, Arlen [R-PA] ARLEN SPECTER R PA N C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2007-12-05 False S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2008-02-08 False Housing and Community Development Bankruptcy Bankruptcy courts Congress Congressional investigations Congressional reporting requirements Counseling Debtor and creditor Finance and Financial Sector Foreclosure Law Mortgage interest rates Mortgages Real estate appraisal Social Welfare Housing and Community Development 00 2007-10-03 Introduced in Senate 2007-11-19T19:35:06Z Home Owners' Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a mortgage agreed to in writing by a debtor meeting specified requirements and the holder of a claim secured by an interest in real property initiated before September 26, 2007, that is the debtor's principal residence.

Allows the principal amount of such a mortgage loan to be lowered to the fair market value, if less than such amount, of the real property securing the loan at the time of the submission of the debtor's plan for the payment of debts. Permits waiver of otherwise applicable early repayment or prepayment penalties. Permits, also, prohibition of, delay in, or voiding of any adjustments to the rate of interest in the case of an adjustable rate mortgage.

Permits the bankruptcy court, in the case of a chapter 13 debtor (individual with regular income), to consider certain interest, late fees, or other fees to be a voidable transfer if the court finds there was a substantial failure to disclose material terms regarding such interest or fees related to a mortgage claim.

Authorizes delay of the prerequisite that debtor obtain counseling from an approved credit counseling agency before filing the petition in bankruptcy, if the debtor submits to the court a certification that the holder of a claim secured by the debtor's principal residence has initiated foreclosure on that residence.

Directs the Comptroller General to study and report to Congress on the impact of allowing bankruptcy judges to restructure principal residence mortgages on the secondary market for mortgages.

]]> HOMES Act Official Title as Introduced A bill to authorize bankruptcy courts to take certain actions with respect to mortgage loans in bankruptcy, and for other purposes. Introduced in Senate IS Display Title HOMES Act Short Titles as Introduced HOMES Act Short Titles as Introduced Home Owners' Mortgage and Equity Savings Act Introduced in Senate 2007-10-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2133is/xml/BILLS-110s2133is.xml 2007-10-04 Sponsor introductory remarks on measure. (CR S12763-12764) 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.