3.0.0 3738 2018-08-06T20:22:51Z 2018-08-06T20:22:51Z Senate S S 2008-12-11 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-12-11T23:28:38Z Home Retention and Economic Stabilization Act of 2008 110 6076 HR 2008-05-15 Referred to the House Committee on Financial Services. Related bill CRS 2008-12-11 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-12-11 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N Housing and Community Development Administrative procedure Authorization Civil actions and liability Commerce Consumer education Debtor and creditor Depreciation and amortization Economics and Public Finance Federal Deposit Insurance Corporation Federal Reserve System Federal aid to housing Fees Finance and Financial Sector Foreclosure Government Operations and Politics Government corporations Government paperwork Housing finance Law Loan defaults Mortgage interest rates Mortgages Neighborhood Reinvestment Corporation Housing and Community Development 00 2008-12-11 Introduced in Senate 2009-02-17T21:31:28Z Home Retention and Economic Stabilization Act of 2008 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brought by any creditor, servicer, or holder of an eligible deferred-foreclosure mortgage, during a specified deferment period.

Declares invalid any foreclosure action or proceeding regarding a deferred-foreclosure mortgage if the creditor or servicer fails to notify the consumer: (1) at least 30 days before instituting the action or proceeding; and (2) at least once during each subsequent 30-day period until the foreclosure becomes final.

Prescribes procedures governing: (1) initiating foreclosure deferment; (2) payment notices during the deferment period; and (3) the manner of consumer payment during the deferment period.

Amortizes over the life of the mortgage the difference between the amount of monthly payment due under the eligible deferred-foreclosure mortgage and the deferment payment amount.

Prohibits a creditor or servicer from imposing any late fee or other fee or charge during the deferment period.

Requires the creditor or servicer to provide the consumer with separate, written notification, distinct from all other correspondence, regarding: (1) any interest rate increase with respect to a sub-prime mortgage; (2) any minimum monthly payment increase with respect to a negative amortization mortgage; (3) clear and conspicuous disclosure of the good faith estimate of the monthly payment applicable after the adjustment or reset date; and (4) a list of alternatives available to consumers prior to the date of adjustment or increase.

Authorizes appropriations for the Neighborhood Reinvestment Corporation to implement foreclosure mitigation activities.

]]> Home Retention and Economic Stabilization Act of 2008 Short Titles as Introduced Home Retention and Economic Stabilization Act of 2008 Display Title Home Retention and Economic Stabilization Act of 2008 Official Title as Introduced A bill to amend the Truth in Lending Act to permit deferrals on certain home mortgage foreclosures for a limited period to allow homeowners to take remedial action, to require home mortgage servicers to provide advance notice of any upcoming reset of the mortgage interest rate, and for other purposes. Introduced in Senate 2008-12-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3738is/xml/BILLS-110s3738is.xml 2008-12-11 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.