3.0.0 2791 2019-11-15T21:57:47Z 2019-11-15T21:57:47Z Senate S S 2008-04-01 110 ssfi00 Finance Committee Senate Standing Referred to 2008-04-01T19:37:07Z 2008-04-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-04-01 Introduced in Senate IntroReferral 10000 9 Library of Congress V000126 Sen. Voinovich, George V. [R-OH] GEORGE VOINOVICH R OH V. N Housing and Community Development Administrative fees Counseling Economics and Public Finance Federal aid to housing Finance and Financial Sector Foreclosure Government Operations and Politics Income tax Independent regulatory commissions Law Loan defaults Mortgage interest rates Mortgages Rescission of appropriated funds Residential rehabilitation Securities and Exchange Commission Securities regulation Social Welfare Tax exclusion Taxation Housing and Community Development 00 2008-04-01 Introduced in Senate 2008-08-11T15:39:45Z Protecting America's Homeowners Act of 2008 - Amends the Internal Revenue Code to extend through January 1, 2011, the temporary exclusion from gross income of the discharge of an indebtedness for a qualified principal residence.

Declares invalid, throughout a specified moratorium period, the terms of any home mortgage loan that requires a consumer to pay a prepayment penalty for paying all or part of the outstanding principal before its contractual due date.

Directs the Neighborhood Reinvestment Corporation (NRC) to continue to award to counseling intermediaries and State Housing Finance Agencies certain funds previously designated for mortgage foreclosure mitigation activities in states and areas with high rates of mortgage foreclosures or defaults.

Appropriates additional funds for FY2008 for: (1) NRC foreclosure mitigation activities; and (2) state and local governmental redevelopment of abandoned and foreclosed homes.

Sets forth across-the-board 0.25 percent rescissions in non-defense, non-homeland-security discretionary spending for FY2009.

Amends the Truth In Lending Act to require additional creditor disclosures concerning mortgage loans.

Requires the annual percentage rate (APR) applicable to credit secured by an interest in real property to include settlement costs.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Association Charter Act to provide that securities issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Association (Freddie Mac) are not exempt from registration requirements under the Securities Act of 1933 (thus requiring registration of such securities).

Sets a limit upon aggregate annual registration fees paid by specified entities that do not include a registered investment company.

Establishes in the Securities and Exchange Commission (SEC) a Financial Counseling and Foreclosure Prevention Fund to provide assistance to the NRC to make grants to certain federally approved counseling intermediaries for mortgage foreclosure mitigation assistance to states and areas with high rates of defaults and foreclosures.

]]> Protecting America's Homeowners Act of 2008 Short Titles as Introduced Protecting America's Homeowners Act of 2008 Display Title Protecting America's Homeowners Act of 2008 Official Title as Introduced A bill to address the foreclosure crisis and to revitalize neighborhoods, and for other purposes. Introduced in Senate 2008-04-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2791is/xml/BILLS-110s2791is.xml 2008-04-01 Read twice and referred to the Committee on Finance. 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.