3.0.0 3426 2023-01-11T13:33:31Z 2023-01-11T13:33:31Z Senate S 2016-09-28 114 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2016-09-28T20:26:39Z 2016-09-28 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2016-09-28 Introduced in Senate IntroReferral 10000 9 Library of Congress B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ N M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2016-09-28 True Housing and Community Development Government corporations and government-sponsored enterprises Government lending and loan guarantees Housing finance and home ownership Housing supply and affordability Interest, dividends, interest rates Social work, volunteer service, charitable organizations State and local government operations Housing and Community Development 00 2016-09-28 Introduced in Senate 2017-07-06T14:37:05Z Homeowner Foreclosure Reduction Act of 2016

This bill requires the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Housing Administration to permit certain nonprofit organizations and local governments to match the highest bids during sales of pools of certain nonperforming loans.

An entity that purchases a pool of loans under this bill may not foreclose on any of the occupied properties that secure loans in the pool during the 12-month period following the purchase.

The entity must also ensure that, within four years of the settlement date, at least 50% of the loans in the pool result in:

  • a modified loan that meets specified requirements regarding the loan-to-value ratio, performance over a six-month period, fees and prepayment requirements, and the interest rate;
  • a short sale of the property that secures the loan to an owner-occupant;
  • holding the property that secures the loan for rental for a period of not less than three years, where the rental is affordable to a household with an annual income at or below the area median income;
  • gifting the property that secures the loan to a land bank, a nonprofit organization, or a state or local government, with additional funds provided for demolition and maintenance; or
  • sale of the loan or the property that secures the loan to a nonprofit organization.

If the entity purchases a pool that contains a loan secured by a vacant property, the entity must ensure that the servicer of the loan: (1) does not release the lien on the property, and (2) maintains the property in accordance with generally acceptable maintenance standards.

]]> Homeowner Foreclosure Reduction Act of 2016 Display Title Homeowner Foreclosure Reduction Act of 2016 Official Title as Introduced A bill to provide nonprofit organizations and local governments with the opportunity to match a bid with respect to the sale of certain non-performing loans by the Government-sponsored enterprises and the Federal Housing Administration, and for other purposes. Introduced in Senate IS Short Titles as Introduced Homeowner Foreclosure Reduction Act of 2016 Introduced in Senate 2016-09-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3426is/xml/BILLS-114s3426is.xml 2016-09-28 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.