[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3277 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3277

 To expand the moratorium on foreclosure on FHA single family mortgage 
  loans of borrowers affected by the events of September 11, 2001, to 
     employees of air carriers and aircraft manufacturers who are 
  involuntarily separated after such date and to further extend such 
                              moratorium.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 13, 2001

Mr. Rush (for himself, Mr. Sanders, Mr. Clay, Ms. Jackson-Lee of Texas, 
Ms. Eddie Bernice Johnson of Texas, Ms. McKinney, Mr. Owens, Mr. Payne, 
  Mr. Towns, Mr. Davis of Illinois, and Mr. Gonzalez) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To expand the moratorium on foreclosure on FHA single family mortgage 
  loans of borrowers affected by the events of September 11, 2001, to 
     employees of air carriers and aircraft manufacturers who are 
  involuntarily separated after such date and to further extend such 
                              moratorium.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MORATORIUM ON FORECLOSURE OF FHA SINGLE FAMILY MORTGAGES.

    (a) In General.--Mortgagee letter 01-21 of the Secretary of Housing 
and Urban Development (relating to relief options for borrowers 
affected by the events of September 11, 2001) shall apply to all 
approved mortgagees as if--
            (1) the category of affected borrowers under such letter 
        included individuals who are involuntarily separated (except 
        for cause) after September 11, 2001, from employment with--
                    (A) an air carrier or a foreign air carrier (as 
                such terms are defined in section 40102 of title 49, 
                United States Code); or
                    (B) a manufacturer of aircraft used by, or to be 
                used by, an air carrier or foreign air carrier;
            (2) except as provided in paragraph (3), the moratorium on 
        foreclosure of FHA-insured single family mortgages for all such 
        affected borrowers is the 180-day period from the date of such 
        mortgagee letter; and
            (3) the moratorium on foreclosure of FHA-insured single 
        family mortgages for affected borrowers described in paragraph 
        (1) of this subsection is the 180-day period beginning on the 
        date of the enactment of this Act.
    (b) Implementation.--The Secretary of Housing and Urban Development 
shall take any actions necessary to inform mortgagees of the provisions 
of this section and to provide for the implementation of this section.
                                 <all>