[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4067 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4067

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 20, 2002

   Mr. Rush introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
   the Judiciary, 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

_______________________________________________________________________

                                 A BILL


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

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Airline Workers and Victims of 
Terrorism Mortgage Relief Act of 2002''.

SEC. 2. MORATORIUM ON FORECLOSURE OF FHA SINGLE FAMILY MORTGAGES.

    (a) In General.--There shall be in effect a moratorium on the 
foreclosure of certain single-family mortgages insured under the 
National Housing Act (12 U.S.C. 1701 et seq.). The moratorium shall be 
subject to the terms of 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), except that, for 
purposes of the moratorium under this section, such letter 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; and
            (2) the moratorium on foreclosure of FHA-insured single 
        family mortgages is--
                    (A) in the case of any affected borrower who is 
                determined under title IV of the Air Transportation 
                Safety and System Stabilization Act (49 U.S.C. 40101 
                note) to be an eligible individual for purposes of such 
                title, the period that begins upon the date of the 
                enactment of this Act and ends upon receipt by such 
                eligible individual of the first payment of any portion 
                of the amount of compensation determined under such 
                title with respect to the eligible individual;
                    (B) in the case of any affected borrower who, 
                during the 180-day period beginning on the date of the 
                enactment of this Act, files (or becomes a party to) an 
                action described in section 405(c)(3)(B)(i) of such 
                title (that is not withdrawn in accordance with section 
                405(c)(3)(B)(ii) of such title), the period that begins 
                on the date of the enactment of this Act and ends on 
                the earlier of (i) the expiration of the 18-month 
                period beginning on such date of enactment, and (ii) 
                the date that a final judgment is issued in such 
                action; and
                    (C) in the case of any affected borrower not 
                described in subparagraph (A) or (B), the 180-day 
                period beginning on the date of the enactment of this 
                Act.
    (b) Treatment of Mortgage Relief.--Notwithstanding section 
405(b)(6) of the Air Transportation Safety and System Stabilization 
Act, the Special Master shall not reduce the amount of compensation, to 
any individual, determined under such title by reason of the benefit of 
the applicability, to any affected borrower, of the moratorium 
established under subsection (b) of this section.
    (c) 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>