3.0.0 489 2019-02-20T22:59:11Z 2019-02-23T17:39:10Z Senate S S 2011-03-03 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2011-03-03T23:16:20Z Preserving Homes and Communities Act of 2011 112 1477 HR 2011-05-02 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Identical bill CRS 2011-03-03 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 S1233-1235) IntroReferral 2011-03-03 Sponsor introductory remarks on measure. (CR S1232-1233) IntroReferral B00100 9 Library of Congress 2011-03-03 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. 2011-03-03 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2011-03-03 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2011-03-03 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2011-03-03 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2011-03-03 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2011-03-08 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2011-03-15 False S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2011-03-28 False M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2011-04-07 False B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2011-04-12 False B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2011-04-14 False L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2011-05-09 False M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2011-05-10 False A000069 Sen. Akaka, Daniel K. [D-HI] DANIEL AKAKA D HI KOHIKINA 2011-05-12 False K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2011-05-18 False B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2011-06-28 False M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2012-02-07 False L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2012-02-13 False Housing and Community Development Civil actions and liability Financial crises and stabilization Government trust funds Housing finance and home ownership State and local government operations User charges and fees Housing and Community Development 00 2011-03-03 Introduced in Senate 2011-03-16T14:49:33Z Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure against a covered mortgagor that is otherwise authorized under state law unless the covered mortgagee has: (1) used its best efforts to determine whether the mortgagor is eligible for a qualified loan modification, and to offer one if the mortgagor is eligible; and (2) made available to an ineligible mortgagor certain documentation of a loan modification calculation or net present value calculation, the loan origination, any pooling and servicing agreement, the mortgagor's payment history, and the specific alternatives to foreclosure considered by the mortgagee, including qualified loan modifications, workout agreements, and short sales.

Requires a covered mortgagee to use its best efforts to suspend any foreclosure proceeding initiated before enactment of this Act, and to toll any deadlines limiting the mortgagor's rights. Prohibits any sale of the property under the mortgage or the entry of judgment against the mortgagor.

Requires the mortgagee to reevaluate an eligible mortgagee's application for a qualified loan modification and offer one.

Requires the Secretary of the Treasury, the Secretary of Housing and Urban Development (HUD), and the Bureau of Consumer Financial Protection (CFPB) Director to ensure that any home loan modification protocol includes a dispute resolution procedure to resolve any application disputes.

Declares any sale of property in violation of this Act void.

Makes failure to comply with this Act a bar to foreclosure under state law.

Prohibits loan modification fees and sets forth rules governing foreclosure-related fees.

Directs the Secretary of HUD to: (1) establish a grant program to make competitive grants to state and local governments to establish mediation programs that assist mortgagors facing foreclosure, and (2) develop and implement a plan to monitor conditions and trends in home ownership and the mortgage industry and the effectiveness of public and private efforts to reduce mortgage defaults and foreclosures.

Directs the Secretary of the Treasury, out of funds received or to be received from the sale of warrants under the Emergency Economic Stabilization Act of 2008, to transfer and credit $1 billion to the Housing Trust Fund established under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

]]> Preserving Homes and Communities Act of 2011 Short Titles as Introduced Preserving Homes and Communities Act of 2011 Display Title Preserving Homes and Communities Act of 2011 Official Title as Introduced A bill to require certain mortgagees to evaluate loans for modifications, to establish a grant program for State and local government mediation programs, and for other purposes. Introduced in Senate 2011-03-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s489is/xml/BILLS-112s489is.xml 2011-03-03 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1233-1235) 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.