3.0.0 472 2019-11-15T21:51:26Z 2019-11-15T21:51:26Z House H HR 2009-01-13 111 hswm00 Ways and Means Committee House Standing Referred to 2009-01-13T17:32:46Z hsba00 Financial Services Committee House Standing Referred to 2009-01-13T17:32:45Z 2009-01-13 Referred to House Ways and Means IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2009-01-13 Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, 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. IntroReferral H11100-A 9 Library of Congress 2009-01-13 Referred to House Financial Services IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-01-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-01-13 Introduced in House IntroReferral 1000 9 Library of Congress B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 N Housing and Community Development Accounting and auditing Advisory bodies Bank accounts, deposits, capital Department of the Treasury Executive agency funding and structure Financial crises and stabilization Financial services and investments Government information and archives Government studies and investigations Government trust funds Housing and community development funding Housing finance and home ownership Interest, dividends, interest rates Public contracts and procurement Securities Tax administration and collection, taxpayers Housing and Community Development 00 2009-01-13 Introduced in House 2009-04-03T18:03:43Z Family Foreclosure Rescue Corporation Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to establish: (1) a Family Foreclosure Rescue Corporation (FFRC) to purchase home mortgage loans from any financial institution; and (2) a program to guarantee home mortgages.

Establishes a Home Mortgage Insurance Financing Fund within the FFRC and a FFRC Oversight Board.

Requires the Secretary, to the extent home mortgages (including those securing loans for multifamily housing) are acquired, to implement a plan that seeks to maximize loan restructuring on a sustainable basis and to minimize foreclosures. Authorizes the use of loan guarantees and other credit enhancements to: (1) facilitate loan modifications; (2) prevent avoidable foreclosures; and (3) provide necessary liquidity to home mortgage markets.

Requires the federal property manager (the Federal Housing Finance Agency (FHFA), the Federal Deposit Insurance Corporation (FDIC), or the Federal Reserve Board), to the extent that it holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, to: (1) implement a systematic plan that seeks to maximize assistance for homeowners and minimize foreclosures; (2) use its authority to modify the mortgage loans it holds; and (3) provide incentives to the servicers of other mortgage loans to take advantage of the HOPE for Homeowners Program under the National Housing Act, authorities under this Act, and other available programs to minimize foreclosures.

Directs each federal property manager to make available for purchase at a discount, to any state or local government receiving emergency assistance under the Foreclosure Prevention Act of 2008 for the redevelopment of abandoned and foreclosed homes and residential properties, of any residential properties it owns through foreclosure in that state or locality.

Directs the Secretary to use authority under this Act in a manner that will minimize any potential long-term negative impact on the taxpayer.

Requires the Secretary to make available to the public, in electronic form, specified information on assets acquired under this Act within two business days of purchase, trade, or other disposition.

Directs the Comptroller General to undertake ongoing oversight of the activities and performance of the Secretary under this Act, and of any agents and representatives. Subjects actions of the Secretary to judicial review.

Allows a Qualified Special Purpose Entity (QSPE) to participate in any program established under this Act by selling, disposing of, or modifying any home mortgage loan from the QSPE's assets without altering its status as a QSPE.

Declares that, if a Real Estate Mortgage Investment Conduit (REMIC) sells, modifies or otherwise disposes of a home mortgage loan under any program established under this Act: (1) such sale, modification, or disposition shall not be treated as a prohibited transaction under the Internal Revenue Code; and (2) an interest in the REMIC shall not fail to be treated as a regular interest solely because of such a transaction, and any proceeds of the transaction shall be treated as amounts received under qualified mortgages.

Specifies circumstances in which a REMIC shall cease to be one.



]]> Family Foreclosure Rescue Corporation Act of 2009 Short Titles as Introduced Family Foreclosure Rescue Corporation Act of 2009 Display Title Family Foreclosure Rescue Corporation Act of 2009 Official Title as Introduced To reform the Troubled Assets Relief Program of the Secretary of the Treasury by establishing the Family Foreclosure Rescue Corporation modeled on the successful Home Owner's Loan Corporation, and to purchase and insure home mortgage loans for the purposes of providing relief to homeowners, restoring stability to the financial system, preventing further harm to the economy, and protecting taxpayers. Introduced in House 2009-01-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr472ih/xml/BILLS-111hr472ih.xml 2009-01-13 Referred to House Ways and Means 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.