3.0.0 2969 2023-01-11T13:16:40Z 2023-01-11T13:16:40Z Senate S S 2010-01-28 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2010-01-28T23:25:23Z 2010-01-28 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2010-01-28 Introduced in Senate IntroReferral 10000 9 Library of Congress C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA N Housing and Community Development Financial crises and stabilization Government lending and loan guarantees Housing and community development funding Housing finance and home ownership Housing and Community Development 00 2010-01-28 Introduced in Senate 2010-03-03T20:17:14Z Homeowners' Relief and Neighborhood Stabilization Act of 2010 - Directs the Secretary of the Treasury to transfer to the Secretary of Housing and Urban Development (HUD) $3 billion from Troubled Asset Relief Program (TARP) funds under the Emergency Economic Stabilization Act of 2008 (EESA), to be credited to the Emergency Homeowners' Relief Fund for use for emergency mortgage assistance.

Allows mortgage assistance if the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to medical conditions.

Caps the aggregate amount of emergency mortgage assistance provided to a homeowner at $50,000.

Revises conditions and terms of repayment of such assistance to state that: (1) the rate of interest on any loan or advance of credit insured shall be fixed for the life of the loan or advance of credit and shall not exceed the rate of interest generally charged for mortgages on single-family housing insured by the HUD Secretary; (2) interest shall not be charged on interest which is deferred on a loan or advance of credit; and (3) an eligible homeowner who receives a grant or an advance of credit may repay the loan in full, without penalty at any time before the loan becomes due and payable.

Repeals the limitation on mortgage insurance granted by the Secretary to any financial institution to 40% of the total amount of loans and advances the institution makes.

Directs the HUD Secretary to allow funds to be administered by a state with an existing program that provides substantially similar assistance to homeowners.

Amends the Emergency Housing Act of 1975 to reauthorize the Emergency Mortgage Relief Program through FY2011.

Directs the Secretary of the Treasury to transfer to HUD $1 billion for assistance to states and local governments for redevelopment of abandoned and foreclosed homes.

]]> Homeowners' Relief and Neighborhood Stabilization Act of 2010 Display Title Homeowners' Relief and Neighborhood Stabilization Act of 2010 Official Title as Introduced A bill to provide additional emergency mortgage assistance to struggling homeowners, and for other purposes. Introduced in Senate IS Short Titles as Introduced Homeowners' Relief and Neighborhood Stabilization Act of 2010 Introduced in Senate 2010-01-28T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s2969is/xml/BILLS-111s2969is.xml 2010-01-28 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.