H.R.5579 - Federal Government - To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes.

To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes. 5/1/2008--Reported to House amended.    (There is 1 other summary) Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans, in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other [...]

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