3.0.0 421 2019-11-15T20:54:18Z 2019-11-15T20:54:18Z House H HR 2009-01-09 111 hsba00 Financial Services Committee House Standing Referred to 2009-01-09T14:03:50Z 2009-01-09 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-01-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-01-09 Introduced in House IntroReferral 1000 9 Library of Congress M001148 Rep. Meek, Kendrick B. [D-FL-17] Kendrick Meek D FL B. 17 N Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Department of the Treasury Financial crises and stabilization Housing finance and home ownership Securities Finance and Financial Sector 00 2009-01-09 Introduced in House 2009-03-17T17:20:20Z Troubled Assets Relief Program Targeted Assets Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to establish the Troubled Asset Restoration and Assistance Program (TARAP) to allow the Treasury to purchase lender or servicer losses on rehabilitated mortgages, on terms and conditions determined by the Secretary.

Directs the Treasury, acting through TARAP, to pay up to 80% of the difference between the original asset and the rehabilitated asset to the lender or servicer under certain conditions.

Permits the portion of the difference between the original asset and the rehabilitated asset to the lender or servicer that is not paid for by the Secretary to be written to loss.

Requires any regulations and other guidance the Secretary may issue to determine qualifications for an independent appraiser, and make final determinations as to: (1) whether an asset is troubled; (2) what the values are that will determine the amount of purchase; (3) the amount of reductions in the purchase price for certain otherwise ineligible assets; and (4) any other functionality issues required to operate the program.

Authorizes the Secretary, conforming to specified guidelines, to make all necessary rules and determinations regarding documented best efforts, required timelines, and other processes and procedures.

Identifies criteria for eligible assets and eligible lenders or servicers.

Sunsets TARAP on December 31, 2009.

Prohibits, for a 90-day period, a mortgage servicer, or holder, from taking action to initiate a foreclosure, or any action in connection with a foreclosure already instituted (other than to suspend it), with respect to any eligible mortgage of a consumer.

Entitles a consumer to defer initiation of a foreclosure, or any action in connection with one already instituted by any creditor, servicer, or holder of a mortgage, until the end of the 90-day period beginning on the date of the enactment of this Act.

]]> Troubled Assets Relief Program Targeted Assets Act of 2009 Short Titles as Introduced Troubled Assets Relief Program Targeted Assets Act of 2009 Display Title Troubled Assets Relief Program Targeted Assets Act of 2009 Official Title as Introduced To amend the Emergency Economic Stabilization Act of 2008 to restrict which assets banks can write off as loss for purposes of the Troubled Assets Relief Program, and for other purposes. Introduced in House 2009-01-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr421ih/xml/BILLS-111hr421ih.xml 2009-01-09 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.