[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4027 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 4027

  To establish a short-term moratorium on the payment of principal or 
interest on certain mortgage loans secured by residential or commercial 
real estate located in any area declared to be a Federal disaster area 
  due to Hurricane Katrina or Hurricane Rita, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 2005

 Mr. Cummings introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To establish a short-term moratorium on the payment of principal or 
interest on certain mortgage loans secured by residential or commercial 
real estate located in any area declared to be a Federal disaster area 
  due to Hurricane Katrina or Hurricane Rita, and for other purposes.

    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 ``Hurricane Disaster Mortgage 
Moratorium Act of 2005''.

SEC. 2. MORTGAGE MORATORIUM IN DISASTER AREAS AFFECTED BY HURRICANE 
              KATRINA OR HURRICANE RITA .

    (a) In General.--There is established a moratorium on the payment 
of both principal and interest, by those who are not in a position to 
pay, for a 6-month period beginning on August 28, 2005, on any loan or 
other extension of credit that is secured by residential or commercial 
real estate, including real estate held by any nonprofit organization, 
located within an area in which the President, pursuant to section 401 
of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 
determined, on or after August 28, 2005, that a major disaster exists 
due to Hurricane Katrina or Hurricane Rita.
    (b) Treatment During Moratorium.--No loan or extension of credit to 
which subsection (a) applies may be found or declared to be delinquent 
or in default during the moratorium period described in such subsection 
or be the subject of any negative reporting to any consumer reporting 
agency during this period.
    (c) Tolling of Any Foreclosure Period.--Notwithstanding any other 
provision of law, the 6-month period described in subsection (a) may 
not be taken into account after the expiration of such period in 
determining the length of time any loan or extension of credit to which 
such subsection applies was in default or the subject of any late 
payment, for purposes of applying any provision of the loan agreement 
relating to any payment delinquency or default, determining any 
applicable time for foreclosure, or making any negative report to any 
consumer reporting agency with respect to such loan or other credit.
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