3.0.0 3690 2022-02-03T05:09:49Z 2022-02-03T05:09:49Z Senate S S 2008-11-17 110 ssju00 Judiciary Committee Senate Standing Hearings by 2008-11-19T19:17:50Z Referred to 2008-11-17T23:08:03Z Homeowner Assistance and Taxpayer Protection Act 110 7307 HR 2008-11-20 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Identical bill CRS 2008-11-19 ssju00 Judiciary Committee Senate Committee on the Judiciary. Hearings held. Committee 2008-11-17 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S10600-10601) IntroReferral 2008-11-17 Sponsor introductory remarks on measure. (CR S10599-10600) IntroReferral B00100 9 Library of Congress 2008-11-17 Introduced in Senate IntroReferral 10000 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N Housing and Community Development Bank employees Bank failures Counseling Debtor and creditor Dividends Estates (Law) Executive compensation Fees Finance and Financial Sector Foreclosure Home ownership Loan defaults Mortgage banks Mortgages Secondary mortgage market Social Welfare Housing and Community Development 00 2008-11-17 Introduced in Senate 2008-12-19T21:15:58Z Homeowner Assistance and Taxpayer Protection Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA), with respect to mortgages acquired by the Secretary of the Treasury, to direct the Secretary to use authority to require (currently, encourage) the servicers of the underlying mortgages to take advantage of the HOPE for Homeowners Program under the National Housing Act or other available programs to minimize foreclosures. Requires federal property managers holding, owning, or controlling mortgages, mortgage backed securities, and other assets secured by residential real estate to do likewise.

Directs a federal property manager to require (currently, encourage) loan servicers to implement specified loan modifications in any case in which the property manager does not own a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mortgage loans.

Requires lenders to participate in HOPE for Homeowners Program when homeowners elect to participate.

Amends Chapter 13 (Adjustment of Debts of an Individual with Regular Income) of the federal bankruptcy code to allow a debtor's plan to modify an allowed secured claim secured by the debtor's principal residence (mortgage), if, after deduction of permitted expenses, the debtor has insufficient remaining current monthly income to retain possession of the residence by curing a default and maintaining payments while the case is pending.

Waives the credit counseling requirement for a debtor whose home is in foreclosure.

Waives the liaibility of the debtor and the debtor's estate for certain fees arising in connection with a claim secured by the debtor's principal residence.

Amends EESA to prohibit financial institutions from which troubled assets are purchased by the Secretary from paying increased dividends until such time as the troubled assets are no longer owned by the Secretary.

Requires that dividends be reduced to pay for excessive executive compensation in the case of any such financial institution.

]]> Homeowner Assistance and Taxpayer Protection Act Short Titles as Introduced Homeowner Assistance and Taxpayer Protection Act Display Title Homeowner Assistance and Taxpayer Protection Act Official Title as Introduced A bill to help struggling families stay in their homes and to ensure that taxpayers are protected when the Secretary of the Treasury purchases equity shares in financial situations. Introduced in Senate 2008-11-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3690is/xml/BILLS-110s3690is.xml 2008-11-19 Committee on the Judiciary. 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.