[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 222 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 222

 To limit investor and homeowner losses in foreclosures, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 27, 2011

Mr. Whitehouse introduced the following bill; which was read twice and 
               referred to the Committee on the Judiciary

_______________________________________________________________________

                                 A BILL


 
 To limit investor and homeowner losses in foreclosures, 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 ``Limiting Investor and Homeowner Loss 
in Foreclosure Act of 2010''.

SEC. 2. LOSS MITIGATION PROGRAMS.

    (a) In General.--Section 105 of title 11, United States Code, is 
amended by adding at the end the following:
    ``(e) Without limiting the court's authority under subsection (d) 
or under any other statute or rule, the court, by local rule or order, 
may establish and maintain a loss mitigation program for the 
consideration and negotiation of consensual alternatives to avoid 
foreclosure between an individual debtor and the holder of a claim 
secured by a security interest in real property that is the debtor's 
principal residence.''.
    (b) Conforming Amendment.--Section 362(e) of title 11, United 
States Code, is amended by adding at the end the following:
    ``(3) If the party in interest requesting relief from the stay 
under subsection (d) of this section participates in a loss mitigation 
program maintained pursuant to section 105(e) of this title, the time 
periods specified in paragraphs (1) and (2) of this subsection shall be 
tolled during the time period commencing on the date on which such 
participation began and ending on the date on which notice of such 
termination is filed and served on the debtor.''.
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