3.0.0 2901 2017-12-15T00:03:48Z 2017-12-15T00:03:48Z Senate S S 2008-04-23 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-04-23T21:59:27Z 2008-04-23 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S3307) IntroReferral 2008-04-23 Sponsor introductory remarks on measure. (CR S3306-3307) IntroReferral B00100 9 Library of Congress 2008-04-23 Introduced in Senate IntroReferral 10000 9 Library of Congress S000709 Sen. Specter, Arlen [R-PA] ARLEN SPECTER R PA N Housing and Community Development Finance and Financial Sector Foreclosure Investors Law Liability (Law) Loan defaults Losses Mortgage banks Mortgage interest rates Mortgages Secondary mortgage market Housing and Community Development 00 2008-04-23 Introduced in Senate 2008-07-29T19:15:44Z Encouraging Mortgage Modifications Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to set forth duties of mortgage servicers regarding certain loan modifications or workout plans that affect pooled qualified residential mortgages.

Specifies among such duties the duty to: (1) determine if the net present value of the payments on the modified loan is likely to be greater than the anticipated net recovery that would result from foreclosure to all investors and parties having a direct or indirect interest in the pooled loans or securitization vehicle; and (2) act in the best interests of all such investors and parties, if the servicer agrees to or implements a qualified loan modification or workout plan for a qualified residential mortgage, or takes other reasonable loss mitigation actions, including accepting partial payments or short sale of the property, if such efforts are unsuccessful or infeasible.

Shields from liability a servicer who enters into a qualified loan modification or workout plan if the servicer acts in a manner consistent with such duties.

]]> Encouraging Mortgage Modifications Act of 2008 Short Titles as Introduced Encouraging Mortgage Modifications Act of 2008 Display Title Encouraging Mortgage Modifications Act of 2008 Official Title as Introduced A bill to encourage residential mortgage loan modifications and workout plans, and for other purposes. Introduced in Senate 2008-04-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2901is/xml/BILLS-110s2901is.xml 2008-04-23 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S3307) 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.