3.0.0 4058 2019-11-15T21:41:33Z 2022-02-08T17:27:15Z House H HR 2012-02-16 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BLUMENAUER:H.R. 4058.Congress has the power to enact this legislation pursuantto the following:The Constitution of the United States provides clearauthority for Congress to pass legislation to provide equityin the bankruptcy process. Article I, Section 8, Clause 4 ofthe Constitution provides that Congress has the power to``establish an uniform Rule of Naturalization, and uniformLaws on the subject of Bankruptcies throughout the UnitedStates''.[Page H902]]]> hsju00 Judiciary Committee House Standing hsju03 Courts, Intellectual Property, and the Internet Subcommittee Referred to 2012-02-28T19:35:44Z Referred to 2012-02-16T15:00:43Z hsvr00 Veterans' Affairs Committee House Standing hsvr10 Economic Opportunity Subcommittee Referred to 2012-02-24T19:44:10Z Referred to 2012-02-16T15:00:53Z hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Referred to 2012-02-23T21:30:39Z Referred to 2012-02-16T15:00:48Z Home Foreclosure Reduction Act of 2011 112 1587 HR 2011-06-01 Referred to the Subcommittee on Courts, Commercial and Administrative Law. Related bill CRS 2012-02-28 hsju03 Courts, Intellectual Property, and the Internet Subcommittee 1 House committee actions Referred to the Subcommittee on Courts, Commercial and Administrative Law. Committee 2012-02-24 hsvr10 Economic Opportunity Subcommittee 1 House committee actions Referred to the Subcommittee on Economic Opportunity. Committee 2012-02-23 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Committee 2012-02-16 Referred to the Committee on the Judiciary, and in addition to the Committees on Financial Services, and Veterans' Affairs, 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 2 House floor actions hsvr00 Veterans' Affairs Committee 2012-02-16 Referred to the Committee on the Judiciary, and in addition to the Committees on Financial Services, and Veterans' Affairs, 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 2 House floor actions hsba00 Financial Services Committee 2012-02-16 Referred to the Committee on the Judiciary, and in addition to the Committees on Financial Services, and Veterans' Affairs, 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 2 House floor actions hsju00 Judiciary Committee 2012-02-16 Sponsor introductory remarks on measure. (CR H806, E211) IntroReferral B00100 9 Library of Congress 2012-02-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-02-16 Introduced in House IntroReferral 1000 9 Library of Congress B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 N K000336 Rep. Kucinich, Dennis J. [D-OH-10] DENNIS KUCINICH D OH J. 10 2012-02-28 False Housing and Community Development Bankruptcy Government lending and loan guarantees Housing finance and home ownership Rural conditions and development User charges and fees Veterans' loans, housing, homeless programs Housing and Community Development 00 2012-02-16 Introduced in House 2012-04-09T13:57:46Z Bankruptcy Equity Act of 2012 - Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income) to exclude from the computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the current value of that residence is less than the secured debt limit, or (2) debts secured or formerly secured by real property that was the debtor's principal residence that was sold in foreclosure or that the debtor surrendered to the creditor if the current value of such real property is less than the secured debt limit.

Declares the credit counseling requirement inapplicable to a Chapter 13 debtor who certifies that he or she has received notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on it.

Permits a Chapter 13 bankruptcy plan to modify the rights of claim holders with respect to a claim for a loan originated before the effective date of this Act and secured by a security interest in the debtor's principal residence that is the subject of a foreclosure notice.

Authorizes reduction of a claim secured by the debtor's principal residence, but only in specified circumstances, particularly if the debtor sells the residence.

Permits a Chapter 13 bankruptcy plan to deny debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements.

Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of the allowed secured claim or the discharge of a debtor from all debts, and (2) the plan modifies the claim in good faith.

Excludes from the final discharge of a debtor from all debts any unpaid portion of such a claim as reduced.

Expands federal procedures governing default on veterans' housing loans. Authorizes the Secretary of Veterans Affairs, in the event of a modification in bankruptcy, to pay the holder of the obligation the unpaid balance due as of the date of the filing of the bankruptcy petition, plus accrued interest, but only upon assignment, transfer, and delivery of all rights, interest, claims, evidence, and records regarding the loan.

Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to: (1) pay Federal Housing Administration (FHA) mortgage insurance benefits for a mortgage modified under federal bankruptcy law, and (2) implement a program solely to encourage loan modifications for eligible delinquent mortgages through the payment of insurance benefits and assignment of the mortgage to the Secretary and the subsequent modification of the terms of the mortgage according to a loan modification approved by the mortgagee.

Amends the Housing Act of 1949, with respect to guaranteed rural housing loans under the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program, to authorize the Secretary of Agriculture to: (1) pay guaranteed portion of any losses incurred by the holder of a note or the loan servicer resulting from a modification in a bankruptcy proceeding, and (2) use the Rural Housing Insurance Fund to pay for losses incurred by holders or servicers in the event of a modification pursuant to a bankruptcy proceeding.


]]> Bankruptcy Equity Act of 2012 Short Titles as Introduced Bankruptcy Equity Act of 2012 Display Title Bankruptcy Equity Act of 2012 Official Title as Introduced To amend title 11 of the United States Code to provide authority to modify certain mortgages on principal residences of debtors to prevent foreclosure; and for other purposes. Introduced in House 2012-02-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4058ih/xml/BILLS-112hr4058ih.xml 2012-02-28 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.