[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5601 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5601

 To provide relief to homeowners with mortgages insured by the FHA who 
 are economically affected as a result of the discharge of oil in the 
  Gulf of Mexico caused by the explosion on and sinking of the mobile 
   offshore drilling unit Deepwater Horizon, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 24, 2010

   Mr. Putnam (for himself and Mr. Miller of Florida) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To provide relief to homeowners with mortgages insured by the FHA who 
 are economically affected as a result of the discharge of oil in the 
  Gulf of Mexico caused by the explosion on and sinking of the mobile 
   offshore drilling unit Deepwater Horizon, 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 ``Gulf Coast Homeowners Relief Act of 
2010''.

SEC. 2. SPECIAL FORBEARANCE FOR FHA MORTGAGORS.

    The provisions of Mortgagee Letter 2002-17 of the Secretary of 
Housing and Urban Development (regarding ``Special Forbearance: Program 
Changes and Updates'') relating to Type I Special Forbearance shall 
apply, until the conclusion of fiscal year 2011 and may not be revoked, 
annulled, repealed, or rescinded during such period, with respect to 
mortgagees of mortgages that are insured under title II of the National 
Housing Act, are secured by one- to four-family dwellings, and have 
mortgagors who, as a result of the explosion on and sinking of the 
mobile offshore drilling unit Deepwater Horizon, the discharge of oil 
in the Gulf of Mexico caused by such explosion and sinking, or the 
effects of such discharge on the economy in the areas affected by such 
discharge, have suffered a loss of income or an increase in living 
expenses.

SEC. 3. SHORT- AND LONG-TERM PLANS TO ASSIST AFFECTED HOMEOWNERS.

    (a) Short-term Plan.--Not later than the expiration of the 15-day 
period beginning on the date of the enactment of this Act, the 
Secretary of Housing and Urban Development shall develop and submit to 
the Congress a list of programs and resources administered by the 
Secretary that will be made immediately available to assist homeowners 
of one- to four-family dwelling, and communities that have suffered 
negative economic consequences as a result of the explosion on and 
sinking of the mobile offshore drilling unit Deepwater Horizon or the 
discharge of oil in the Gulf of Mexico caused by such explosion and 
sinking.
    (b) Long-term Plan.--Not later than the expiration of the 45-day 
period beginning on the date of the enactment of this Act, the 
Secretary of Housing and Urban Development shall develop and submit to 
the Congress a long-term plan to assist homeowners of one- to four-
family dwellings, and communities, that have suffered negative economic 
consequences as a result of the explosion on and sinking of the mobile 
offshore drilling unit Deepwater Horizon or the discharge of oil in the 
Gulf of Mexico caused by such explosion and sinking. Such plan shall 
identify available programs and resources administered by the Secretary 
under which such assistance will be provided, any actions the Secretary 
will take to provide such assistance, any recommendations for 
legislative changes necessary to carry out such plan, and any 
recommendations for streamlining existing programs to facilitate more 
targeted or expedited assistance to homeowners and communities so 
affected.
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