3.0.0 788 2022-02-03T06:08:58Z 2022-02-03T06:08:58Z House H HR 2009-02-02 111 hsba00 Financial Services Committee House Standing Reported by 2009-02-10T21:56:55Z Markup by 2009-02-04T17:55:26Z Referred to 2009-02-02T19:00:47Z H. Rept. 111-13 2009-02-10 Placed on the Union Calendar, Calendar No. 5. Calendars H12410 2 House floor actions U00005 2009-02-10 Reported (Amended) by the Committee on Financial Services. H. Rept. 111-13. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2009-02-10 Reported (Amended) by the Committee on Financial Services. H. Rept. 111-13. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2009-02-04 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2009-02-04 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2009-02-02 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-02-02 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-02-02 Introduced in House IntroReferral 1000 9 Library of Congress K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 N C000243 Rep. Castle, Michael N. [R-DE-At Large] MICHAEL CASTLE R DE N. 0 2009-02-02 True F000339 Rep. Frank, Barney [D-MA-4] BARNEY FRANK D MA 4 2009-02-02 True C001037 Rep. Capuano, Michael E. [D-MA-8] MICHAEL CAPUANO D MA E. 8 2009-02-09 False 2009-02-09T06:00:00Z H.R. 788, A bil to provide safe harbor for mortgate servicers who engage inspecified mortgage loan modifications, and for othe purposes http://www.cbo.gov/publication/20473 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on February 4, 2009</p> 2009-02-09T06:00:00Z H.R. 788, A bil to provide safe harbor for mortgate servicers who engage inspecified mortgage loan modifications, and for othe purposes https://www.cbo.gov/publication/20473 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on February 4, 2009 Housing and Community Development Civil actions and liability Contracts and agency Financial services and investments Housing finance and home ownership Securities Housing and Community Development 00 2009-02-02 Introduced in House 2009-03-16T20:48:42Z Shields a servicer of pooled residential mortgages acting in compliance with certain fiduciary duties under the Truth in Lending Act from liability for entering into a loan modification or workout plan in connection with any such mortgages initiated before January 1, 2012.

Requires the property securing such a mortgage to be occupied by its mortgagor.

]]> 17 2009-02-10 Reported to House with amendment(s) 2009-03-16T21:08:36Z Shields a servicer of pooled residential mortgages acting in compliance with certain fiduciary duties under the Truth in Lending Act from liability for entering into a loan modification or workout plan in connection with any such mortgages initiated before January 1, 2012.

Specifies that such servicers shall not be liable to: (1) any person based on that person's ownership of a residential mortgage loan or any interest in a pool of residential mortgage loans or in securities that distribute payments out of payments in loans on the pool; (2) any person obligated pursuant to a derivatives instrument to make payments determined in reference to any such loans or interest; or (3) any person that insures any such loans or interest under federal, state, or local law.

States that such servicers shall not be: (1) limited in loan modification ability, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (2) obligated to repurchase loans from or otherwise make payments to the securitization vehicle on account of a loss mitigation workout, or other loss mitigation plan for a residential mortgage or a class of them that constitute a part or all of the mortgages in the securitization vehicle.

Makes a mortgage eligible under this Act only if: (1) mortgage default has occurred or is reasonably foreseeable; (2) the property securing the mortgage is occupied by the mortgagor; and (3) the servicer reasonably and in good faith believes that recovery of outstanding principal under the particular modification or workout plan or other loss mitigation action will exceed, on a net present value basis, the anticipated recovery to be realized through foreclosure.

]]> To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes. Display Title To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes. Official Title as Introduced To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes. Reported in House 2009-02-10T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr788rh/xml/BILLS-111hr788rh.xml Introduced in House 2009-02-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr788ih/xml/BILLS-111hr788ih.xml 2009-02-10 Placed on the Union Calendar, Calendar No. 5. 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.