3.0.0 3686 2017-12-15T00:45:10Z 2017-12-15T00:45:10Z Senate S S 2008-11-17 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-11-17T19:54:56Z 2008-11-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-11-17 Sponsor introductory remarks on measure. (CR S10582-10584) IntroReferral B00100 9 Library of Congress 2008-11-17 Introduced in Senate IntroReferral 10000 9 Library of Congress S000709 Sen. Specter, Arlen [R-PA] ARLEN SPECTER R PA N Housing and Community Development Congress Congressional reporting requirements Counseling Department of the Treasury Economics and Public Finance Executive reorganization Federal aid to housing Finance and Financial Sector Foreclosure Government Operations and Politics Governmental investigations Home ownership Law Legal aid Mediation Mortgages Personal budgets Social Welfare Housing and Community Development 00 2008-11-17 Introduced in Senate 2008-12-15T22:38:14Z Foreclosure Diversion and Residential Mortgage Loan Modification Act - Amends the Emergency Economic Stabilization Act of 2008 to establish, in the Office of Domestic Finance of the Department of the Treasury, the Office of Foreclosure Evaluation (OFE), headed by a Director responsible for coordinating the foreclosure prevention responsibilities of the Department of the Treasury, the Department of Housing and Urban Development, the Federal Housing Administration, the Federal Housing Finance Agency, the Neighborhood Reinvestment Corporation, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and other federal government entities.

Requires the Director to study and report to Congress on: (1) the barriers to reasonable and timely residential mortgage loan modifications to prevent foreclosure of home loans; as well as (2) the success of programs designed to prevent foreclosures.

Establishes a Working Group on Foreclosure Prevention, chaired by the Director, to: (1) improve coordination of federal government efforts to prevent foreclosure and permit homeowners to remain in their homes; (2) build the capacity of federal, state, and local entities and nonprofit organizations to offer housing counseling and pro bono legal services to homeowners in areas that lack sufficient services; (3) share information and best practices concerning foreclosure prevention programs; and (4) review and provide input regarding the criteria used by the Chairperson, as OFE Director, to certify foreclosure prevention programs.

Amends the Housing and Economic Recovery Act of 2008 to allow the use of amounts available for redevelopment of abandoned and foreclosed homes to fund state and local mortgage foreclosure prevention programs that support or require counseling, conciliation, and mediation prior to sheriff sale or foreclosure.

Makes organizations certified by the OFE eligible for grants to provide a range of financial education and counseling services to prospective homebuyers.

]]> Foreclosure Diversion and Residential Mortgage Loan Modification Act Short Titles as Introduced Foreclosure Diversion and Residential Mortgage Loan Modification Act Display Title Foreclosure Diversion and Residential Mortgage Loan Modification Act Official Title as Introduced A bill to establish an Office of Foreclosure Evaluation to coordinate the responsibilities of the Department of the Treasury, the Department of Housing and Urban Development, the Federal Housing Administration, the Federal Housing Finance Agency, the Neighborhood Reinvestment Corporation, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and other Federal Government entities regarding foreclosure prevention, and for other purposes. Introduced in Senate 2008-11-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3686is/xml/BILLS-110s3686is.xml 2008-11-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.