3.0.0 3566 2019-11-15T21:31:35Z 2019-11-15T21:31:35Z House H HR 2011-12-06 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. TOWNS:H.R. 3566.Congress has the power to enact this legislation pursuantto the following:This Bill is enacted pursuant to Article I, Section 8,Clause 3 of the United States Constitution. This provisiongrants Congress the power to regulate Commerce with foreignNations, and among the several States and with the IndianTribes.[Page H8187]]]> hsju00 Judiciary Committee House Standing hsju03 Courts, Intellectual Property, and the Internet Subcommittee Referred to 2011-12-14T20:08:36Z Referred to 2011-12-06T15:01:40Z 2011-12-14 hsju03 Courts, Intellectual Property, and the Internet Subcommittee 1 House committee actions Referred to the Subcommittee on Courts, Commercial and Administrative Law. Committee 2011-12-06 Referred to the House Committee on the Judiciary. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2011-12-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-12-06 Introduced in House IntroReferral 1000 9 Library of Congress T000326 Rep. Towns, Edolphus [D-NY-10] EDOLPHUS TOWNS D NY 10 N G000535 Rep. Gutierrez, Luis V. [D-IL-4] LUIS GUTIERREZ D IL V. 4 2011-12-06 True B001270 Rep. Bass, Karen [D-CA-33] Karen Bass D CA 33 2012-02-27 False Housing and Community Development Civil actions and liability Consumer credit Housing finance and home ownership Housing and Community Development 00 2011-12-06 Introduced in House 2012-02-08T22:19:34Z Fairness in Foreclosures Act of 2011 - Declares that no action for a deficiency judgment arising from an obligation under a residential mortgage may be brought except in accordance with this Act.

Declares that no such deficiency judgment may be issued unless the court has determined that the foreclosure sale for the property securing repayment was conducted in accordance with specified requirements.

Specifies a formula for determining the total amount a plaintiff may recover in such a deficiency judgment.

Declares that no action for a deficiency judgment may be brought if the (nonrecourse) mortgage terms prohibit recovery after: (1) the residential property securing repayment of such obligation is sold at foreclosure sale, or (2) the mortgage is foreclosed in the manner provided under the law of the state in which the property is located.

Declares that if the mortgagor is a member of a low-income family: (1) no action may be brought for a deficiency judgment; and (2) a deficiency in recovery, from a foreclosure sale, of the full amount of the mortgage obligation may not be reported to any consumer reporting agency or disclosed to any person other than the mortgagor or the mortgagor's personal representative, unless such disclosure is otherwise required by law.

]]> Fairness in Foreclosures Act of 2011 Short Titles as Introduced Fairness in Foreclosures Act of 2011 Display Title Fairness in Foreclosures Act of 2011 Official Title as Introduced To ensure uniformity and fairness in deficiency judgments arising from foreclosures on mortgages for single family homes. Introduced in House 2011-12-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr3566ih/xml/BILLS-112hr3566ih.xml 2011-12-14 Referred to the Subcommittee on Courts, Commercial and Administrative Law. 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.