3.0.0 1356 2019-11-15T20:54:25Z 2019-11-15T20:54:25Z House H HR 2009-03-05 111 hsba00 Financial Services Committee House Standing Referred to 2009-03-05T15:02:42Z 2009-03-05 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-03-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-03-05 Introduced in House IntroReferral 1000 9 Library of Congress S001169 Rep. Sestak, Joe [D-PA-7] Joe Sestak D PA 7 N Housing and Community Development Business records Civil actions and liability Contracts and agency Financial services and investments Government lending and loan guarantees Housing finance and home ownership Housing and Community Development 00 2009-03-05 Introduced in House 2009-05-13T20:39:33Z Home Ownership Vesting Plan Act of 2009 - Amends the National Housing Act to direct the Secretary of Housing and Urban Development (HUD) to: (1) insure any mortgage covering a one- to four-family principal and sole residence that is made for the purpose of paying or prepaying outstanding obligations (refinancing) under an existing mortgage or mortgages meeting specified requirements; (2) pay $1,000 to the servicer of the existing senior mortgage refinanced by each mortgage insured under this Act; and (3) make a nonamortizing no-interest loan to the mortgagor, the proceeds of which shall be paid by the Secretary directly to the holder of the existing senior mortgage being refinanced.

Sets forth a schedule for repayment of principal only if the borrower defaults.

Shields a servicer from liability for entering into a loan modification or workout plan with respect to any such mortgage if the servicer acts consistent with the fiduciary duty of servicers of pooled residential mortgages under the Truth in Lending Act.

]]> Homeownership Vesting Plan Act of 2009 Short Titles as Introduced Homeownership Vesting Plan Act of 2009 Display Title Homeownership Vesting Plan Act of 2009 Official Title as Introduced To reduce foreclosures of residential mortgages. Introduced in House 2009-03-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr1356ih/xml/BILLS-111hr1356ih.xml 2009-03-05 Referred to the House Committee on Financial Services. 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.