[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5601 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5601

To provide amounts from the recent settlement between the Department of 
   Justice and Bank of America for assistance under the Neighborhood 
                         Stabilization Program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 18, 2014

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

_______________________________________________________________________

                                 A BILL


 
To provide amounts from the recent settlement between the Department of 
   Justice and Bank of America for assistance under the Neighborhood 
                         Stabilization Program.

    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 ``Foreclosure Restitution Act of 
2014''.

SEC. 2. USE OF SETTLEMENT AMOUNTS.

    (a) Neighborhood Stabilization Assistance.--From any amounts 
received by the Treasury as a civil monetary penalty pursuant to the 
settlement agreement specified in subsection (e), $5,000,000,000 is 
hereby appropriated, to remain available until expended, for use only 
for providing assistance under title III of division B of the Housing 
and Economic Recovery Act of 2008 (42 U.S.C. 5301 note) to units of 
general local government (as such term is defined in section 102 of the 
Housing and Community Development Act of 1974 (42 U.S.C. 5302)), 
subject to subsections (b), (c), and (d).
    (b) Allocation and Distribution.--The amounts appropriated by 
subsection (a) shall be--
            (1) allocated to units of general local government based on 
        a funding formula established by the Secretary of Housing and 
        Urban Development that is based upon the number and percentage 
        of home foreclosures in each such unit; and
            (2) distributed according to such funding formula not later 
        than 30 days after the establishment of such formula.
    (c) Inapplicable Provisions of NSP.--The following provisions of 
title III of division B of the Housing and Economic Recovery Act of 
2008 shall not apply to the assistance provided with amounts 
appropriated by subsection (a):
            (1) Subsection (b) of section 2301 (42 U.S.C. 5301 note; 
        relating to allocation of appropriated amounts).
            (2) Subparagraphs (B) and (C) of section 2301(c)(2) (42 
        U.S.C. 5301 note; relating to priority).
            (3) Paragraph (3) of section 2301(c) (42 U.S.C. 5301 note; 
        relating to exception for certain States).
            (4) Section 2302 (42 U.S.C. 5301 note; relating to 
        nationwide distribution of resources).
    (d) Eligible Uses.--Notwithstanding subsection (a) and paragraphs 
(1) and (4) of subsection (c) of section 2301 of the Housing and 
Economic Recovery Act of 2008 (42 U.S.C. 5301 note), amounts 
appropriated by subsection (a) of this section may be used by units of 
general local government to assist in providing affordable housing or 
to mitigate indirect costs relating to foreclosures on residential 
mortgages.
    (e) Settlement Agreement.--The settlement agreement specified in 
this subsection is the settlement agreement entered into August 2014 
between the United States acting through the United States Department 
of Justice, along with the States of California, Delaware, Illinois, 
Maryland, and New York, and the Commonwealth of Kentucky, acting 
through their respective Attorneys General, and Bank of America 
Corporation, Bank of America, N.A., and Banc of America Mortgage 
Securities, as well as their current and former subsidiaries and 
affiliates.
                                 <all>