3.0.0 1731 2023-01-11T13:17:58Z 2023-01-11T13:17:58Z Senate S S 2009-09-30 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-09-30T20:25:33Z 2009-09-30 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9985-9988) IntroReferral 2009-09-30 Sponsor introductory remarks on measure. (CR S9984-9985) IntroReferral B00100 9 Library of Congress 2009-09-30 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2009-09-30 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2009-09-30 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2009-09-30 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2009-10-07 False S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2009-10-19 False L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2009-10-21 False M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2009-10-26 False Housing and Community Development Alternative dispute resolution, mediation, arbitration Financial crises and stabilization Government information and archives Government trust funds Housing and community development funding Housing finance and home ownership Housing and Community Development 00 2009-09-30 Introduced in Senate 2009-12-01T21:15:48Z Preserving Homes and Communities Act of 2009 - Prohibits a covered mortgagee from initiating or continuing a foreclosure proceeding against a covered mortgagor that is otherwise authorized under state law unless: (1) the mortgagee has determined whether the mortgagor is eligible for a qualified loan modification (QLM); (2) the mortgagee has offered a QLM to the mortgagor, if eligible; and (3) the mortgagee has made available to the mortgagor, if ineligible for a QLM, the note, deed of trust, or any other document necessary to establish the mortgagee's right to foreclose on the mortgage.

Prohibits a covered mortgagee from charging a mortgagor a QLM or other specified fees.

Amends the Housing and Urban Development Act of 1968 to direct the Secretary of Housing and Urban Development (HUD) to award grants to state housing finance agencies (or state-designated eligible agencies) to enable them to provide: (1) one-time emergency grants or subsidized loans to assist eligible homeowners in satisfying any amounts past due on their home loans; (2) grants or subsidized loans to eligible homeowners for a specified number of future mortgage payments; and (3) stipends of up to $1,500 to assist with relocation expenses for homeowners not eligible for the program.

Directs the Secretary to make competitive grants to state and local governments to establish compulsory mortgagee-mortgagor mediation programs that assist mortgagors facing foreclosure.

Requires the Secretary to develop and implement a plan to monitor: (1) conditions and trends in homeownership and the mortgage industry in order to predict foreclosure trends; and (2) the effectiveness of public efforts to reduce mortgage defaults and foreclosures. Requires the Secretary also to develop recommendations for a national database on mortgage defaults and foreclosures to provide relevant information to federal regulatory agencies as well as federal, state, and local governments.

Directs the Secretary of the Treasury to transfer and credit $1 billion to the Housing Trust Fund from funds received from the sale of warrants under the Troubled Asset Relief Program (TARP) under the Emergency Economic Stabilization Act of 2008 (EESA).

]]> Preserving Homes and Communities Act of 2009 Display Title Preserving Homes and Communities Act of 2009 Official Title as Introduced A bill to require certain mortgagees to make loan modifications, to establish a grant program for State and local government mediation programs, to create databases on foreclosures, and for other purposes. Introduced in Senate IS Short Titles as Introduced Preserving Homes and Communities Act of 2009 Introduced in Senate 2009-09-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s1731is/xml/BILLS-111s1731is.xml 2009-09-30 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9985-9988) 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.