Top Legislation - View All
Also tagged in: Affordable housing, Apartment houses, Budgets, Federal aid to housing, Federally-guaranteed loans, Finance, Government information, Government publicity, Housing, Housing authorities, Housing subsidies, Local government, Low-income housing, Mortgage guaranty insurance, Mortgages, Politics and government, Real estate appraisal, Rental housing, State and local government, State politics and government, Welfare
Latest Action: 03/16/2007 - Referred to the Subcommittee on Housing and Community Opportunity. Bill TextTo preserve affordable housing opportunities for low-income families, and for other purposes. 1/4/2007--Introduced. Stabilizing Affordable Housing for the Future Act - Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 and the Housing and Community Development Amendments of 1978 to: (1) repeal certain conditions on the authority of the Secretary of Housing and Urban Development to manage multifamily projects; and (2) authorize the Secretary to provide grants (including up-front grants) and loans from the General Insurance Fund when managing and disposing of such properties. Instructs the Secretary to maintain rental assistance payments for dwelling units in any multifamily property program administered by the Secretary. Amends the Deficit Reduction Act of 2005 to redefine loan market value and property market value with respect to physically distressed properties sold by HUD in discount [...] show full description
Also tagged in: Administrative procedure, Business, Congress, Consumer education, Consumer protection, Consumers, Counseling, Debtor and creditor, Executive departments, Fees, Finance, Fines (Penalties), Fraud, Government regulation, Housing, Law, Legislation, Licenses, Mortgage banks, Mortgages, Social services, Usury
Latest Action: 04/24/2007 - Referred to the House Committee on Financial Services. Bill TextSupporting home ownership and responsible lending. 4/24/2007--Introduced. Expresses the sense of Congress that legislation should be enacted that protects buyers who have been victims of unscrupulous mortgage brokers and lenders. Urges that such legislation: (1) include an anti-predatory lending provision that bans unfair and deceptive practices; (2) require lenders to evaluate a borrower's ability to pay over the life of the loan (at the fully indexed rate for the fully amortized amount); (3) establish federal regulations regarding licensing, education, and experience requirements for mortgage brokers and loan officers in non-bank companies; (4) require that disclosures be written in plain language and prominently displayed in a manner that is visually clear and effectively communicates the intended information to the potential borrower; (5) reduce or eliminate prepayment penalties; (6) notify potential home buyers of lenders or brokers with high foreclosure rates;[...] show full description
Also tagged in: Agricultural credit, Agriculture, Blacks, Civil rights, Claims, Class actions (Civil procedure), Commercial arbitration, Communications, Consent decrees, Electronic government information, Farmers, Finance, Government information, Government paperwork, Government publicity, Law, Limitation of actions, Minorities, Public service advertising, Racial discrimination, Telecommunication
Latest Action: 06/21/2007 - Subcommittee Hearings Held. Bill TextTo provide relief for African-American farmers filing claims in the cases of Pigford v. Veneman and Brewington v. Veneman. 1/18/2007--Introduced. African-American Farmers Benefits Relief Act of 2007 - Provides de novo review for qualifying claims filed under the consolidated class action action lawsuits of Pigford v. Veneman and Brewington v. Veneman.
Also tagged in: Administrative procedure, Business, Congress, Consumer education, Consumer protection, Consumers, Counseling, Debtor and creditor, Executive departments, Fees, Finance, Fines (Penalties), Fraud, Government regulation, Housing, Law, Legislation, Mortgage banks, Mortgages, Real estate appraisal, Social services, Standards, Usury
Latest Action: 07/11/2007 - Considered as unfinished business. (consideration: CR H7505) Bill TextSupporting home ownership and responsible lending. 7/11/2007--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)Declares the sense of the House that specified government action should be taken that protects buyers from unscrupulous mortgage brokers and lenders. Declares that such action should: (1) enforce rules to eliminate unfair and deceptive practices in sub-prime mortgage lending; (2) encourage lenders to evaluate a borrower's ability to reasonably repay any mortgage loan; (3) establish clear minimum standards for mortgage originators; (4) require that disclosures clearly and effectively communicate necessary information about any mortgage loan to the potential borrower; (5) reduce or eliminate abuses in prepayment penalties; (6) address appraisal and other mortgage fraud; (7) raise public [...] show full description
Also tagged in: Consumer credit, Consumers, Counseling, Criminal justice, Criminal justice information, Finance, Fines (Penalties), Fraud, Government information, Home ownership, Housing, Law, Mortgages, Real estate appraisal, Social services, Whistle blowing
Latest Action: 04/25/2007 - Sponsor introductory remarks on measure. (CR S5106) Bill TextA bill to stop mortgage transactions which operate to promote fraud, risk, abuse, and under-development, and for other purposes. 4/25/2007--Introduced. Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse and Underdevelopment Act, or the STOP FRAUD Act - Amends federal criminal law to make it unlawful for any mortgage professional to: (1) defraud any natural person or financial institution regarding an offer of consumer credit secured by an interest either in real property or in personal property used as a principal dwelling; or (2) falsely obtain money or property from a natural person in connection with an extension of consumer credit secured by an interest in such property.Subjects violations of this Act to civil and criminal penalties.Directs the Attorney General to establish: (1) a system for authorized mortgage professionals to receive updates from federal law enforcement agencies on suspicious activity trends in the mortgage industry [...] show full description
Also tagged in: Access to health care, Administrative procedure, Armed forces, Armed forces reserves, Bank reserves, Bonds, Budgets, Business, Business ethics, Community development, Conflict of interests, Corporation directors, Defense policy, Dental care, Depressed areas, Economic policy, Energy, Energy conservation, Energy conservation in buildings, Energy efficiency, Environmental protection, Executive departments, Federally-guaranteed loans, Fees, Finance, Health care industry, Health policy, Indians, Infrastructure, Job creation, Labor, Law, Loan defaults, Medical care, Medicine, Minorities, Minority business enterprises, Mortgages, Nonprofit organizations, Psychiatry, Psychotherapy, Risk, Rural affairs, Rural economic development, Small business, Small Business Administration, Small business investment companies, Social services, Urban affairs, Veterans, Veterans' benefits, Veterans' loans, Women in business
Latest Action: 05/01/2007 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 129. Bill TextTo improve the access to capital programs of the Small Business Administration, and for other purposes. 4/25/2007--Passed House amended. (There are 2 other summaries) Small Business Lending Improvements Act of 2007 - Title I: 7(A) Program - (Sec. 101) Amends the Small Business Act relating to the 7(a) (business start-up loan) program to authorize the Administrator of the Small Business Administration (SBA) to offset (contribute to) borrower and lender fees associated with 7(a) loans when funds are made available to the SBA for such contributions. Requires the quarterly adjustment of any contributions made. (Sec. 102) Directs the Administrator to carry out a rural lending outreach program to provide up to an 85 percent guaranty for loans of $250,000 or less made by lenders to small businesses in rural areas. Requires the SBA to approve or decline such loan within 36 hours. (Sec. 103) Directs the Administrator to carry out a permanent [...] show full description
Also tagged in: Budgets, Counseling, Data banks, Federal aid to housing, Finance, Government information, Government publicity, Home ownership, Housing, Loan defaults, Low-income housing, Moderate income housing, Mortgage banks, Mortgages, Social services, Technology, Welfare
Latest Action: 05/14/2007 - Sponsor introductory remarks on measure. (CR S6065) Bill TextA bill to amend the Housing and Urban Development Act of 1968, to provide better assistance to low- and moderate-income families, and for other purposes. 5/14/2007--Introduced. Homeownership Protection and Enhancement Act of 2007 - Amends the Housing and Urban Development Act of 1968 to reauthorize and revise requirements for assistance with respect to housing for low- and moderate-income families. Specifies additional circumstances making a homeowner eligible for homeownership counseling from an organization that has received a grant from the Department of Housing and Urban Development (HUD) to provide it. Requires a proposed mortgagee to notify any eligible mortgage applicant of the availability of pre-purchase homeownership counseling, homeownership counseling, and homeownership protection center services. Requires a proposed mortgagee, also, to notify a homeowner at closing of the availability of counseling upon delinquency and of the services of [...] show full description
Also tagged in: Armed forces, Armed forces abroad, Business, Collection of accounts, Consumer credit, Consumer protection, Consumers, Contracts, Credit bureaus, Criminal justice, Defense policy, Eviction, Finance, Fines (Penalties), Government information, Government paperwork, Housing, Instalment plan, Insurance, Iraq compilation, Landlord and tenant, Lease and rental services, Leases, Liens, Life insurance, Military personnel, Mortgages, Motor vehicles, Rental housing, Surety and fidelity, Transportation, Veterans
Latest Action: 06/21/2007 - Subcommittee Hearings Held. Bill TextTo amend the Servicemembers Civil Relief Act to protect the credit of servicemembers deployed to an overseas combat zone and to facilitate awareness of a servicemember's rights under such Act, and for other purposes. 3/20/2007--Introduced. Servicemembers Credit Protection Act - Amends the Servicemembers Civil Relief Act to direct the Secretary of Defense, in case of the deployment of a servicemember away from their usual duty station to duty for which the servicemember is entitled to special pay, to notify each consumer reporting agency (agency): (1) of the deployment of such servicemember within 30 days after the deployment; and (2) within 30 days after the end of such deployment. Requires the Secretary, in providing such notice, to take measures to ensure agency compliance with provisions of the Fair Credit Reporting Act with respect to the servicemember. Increases penalties for consumer credit reporting violations involving servicemembers deployed to an overseas [...] show full description
Latest Action: 06/29/2007 - Subcommittee Consideration and Mark-up Session Held. Bill TextTo amend the Servicemembers Civil Relief Act to extend from 90 days to one year the period after release of a member of the Armed Forces from active duty during which the member is protected from mortgage foreclosure under that Act. 3/28/2007--Introduced. Amends the Servicemembers Civil Relief Act of 1940 to extend from 90 days to one year the period following release from active duty during which a member of the Armed Forces shall be protected from mortgage foreclosure.
Also tagged in: Administrative procedure, Affordable housing, Aged, Apartment houses, Budgets, Children, Condominium (Housing), Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers, Cooperative housing, Correspondent banks, Counseling, Credit bureaus, Day care, Debtor and creditor, Department of Housing and Urban Development, Disaster relief, Electronic data interchange, Emergency management, Executive departments, Federal aid to housing, Federal-local relations, Federal-state relations, Federally-guaranteed loans, Finance, Fines (Penalties), Government information, Government paperwork, Government trust funds, Governmental investigations, Hawaiians, Home equity conversion, Home ownership, Housing, Housing finance, Housing for the aged, Identification devices, Indian housing, Indians, Information technology, Insurance premiums, Law, Loan defaults, Low-income housing, Minorities, Mobile homes, Mortgage banks, Mortgage guaranty insurance, Mortgages, Prefabricated buildings, Real estate appraisal, Rental housing, Residential rehabilitation, Risk, Settlement costs, Single family housing, Social services, Standards, State and local government, Surety and fidelity, Technology, Telecommunication, Welfare
Latest Action: 09/19/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextTo modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. 9/18/2007--Passed House amended. (There are 2 other summaries) Expanding American Homeownership Act of 2007 - (Sec. 3) Amends the National Housing Act (Act) to: (1) modify requirements governing the maximum principal loan obligation, changing it to 125% of the median one-family house price in the area; and (2) extend the mortgage term from 35 to 40 years. (Sec. 5) Revises eligibility criteria for cash down payment for mortgage insurance. Alters the formula for determining the principal obligation to set the loan-to-value (LTV) for a Federal Housing Administration (FHA) single family home at 97.75 % of the appraised value of the property (plus the amount of the mortgage insurance premium paid at the time the mortgage is insured, as under current law). [...] show full description
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Latest Legislation - View All
Also tagged in: Alternative energy sources, Authorization, Banks and banking, Biomass energy, Bonds, Budgets, Children, Corporations, Depreciation and amortization, Diesel motor, Dislocated workers, Economic policy, Electric power production, Energy, Energy conservation, Energy efficiency, Energy prices, Environmental protection, Finance, Food, Geothermal resources, Governmental investigations, Heating, Home ownership, Housing, Incineration, Income tax, Infrastructure, Infrastructure (Economics), Interstate highway system, Irrigation, Job training, Labor, Mortgages, Municipal solid waste, Refuse as fuel, Restaurants, Single family housing, Solar energy, Solid wastes, Standards, Tax credits, Tax deductions, Taxation, Transportation, Trucks, Water resources, Wind power, Youth employment
Latest Action: 06/12/2008 - Sponsor introductory remarks on measure. (CR S5594-5595) Bill TextA bill to stimulate the economy by encouraging energy efficiency, infrastructure and workforce investment, and homeownership retention, and by amending the Internal Revenue Code of 1986 to provide certain business tax relief and incentives, and for other purposes. 6/12/2008--Introduced. Economic Recovery Act of 2008 - Amends the Internal Revenue Code to: (1) allow a tax credit for up to $500 of the cost of replacing wood stoves in residences with stoves that meet certain energy efficiency standards; (2) extend through 2011 the tax credit for producing electricity from certain renewable resources; (3) extend through 2012 the tax credit for residential energy efficient property expenditures; (4) increase and make permanent the expensing allowance for depreciable business property; (5) extend through 2009 the accelerated depreciation of qualified restaurant property; and (6) allow a tax credit for investment in Build America bonds.Amends the Energy Conservation and Production [...] show full description
Latest Action: 05/19/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to protect the interests of bona fide tenants in the case of any foreclosure on any dwelling or residential real property, and for other purposes. 5/19/2008--Introduced. Protecting Tenants at Foreclosure Act of 2008 - States that any immediate successor in interest to residential property in foreclosure assumes such interest subject to: (1) giving the existing bona fide tenant at least 90-day notice to vacate; and (2) specified rights of such tenant to occupy the premises until the end of the remaining term of the lease. Amends the United States Housing Act of 1937 to require a housing assistance payment contract to provide that in the case of an owner who is an immediate successor in interest pursuant to foreclosure: (1) during the initial term of the lease vacating the property prior to sale shall not constitute other good cause for termination of the lease; but (2) in subsequent lease terms, vacating the property prior to sale may constitute good cause if [...] show full description
Also tagged in: Budgets, Criminal justice, Drug abuse, Drug traffic, Ex-offenders, Federal aid to housing, Finance, Fraud, Government lending, Home ownership, Housing, Housing finance, Leases, Mortgages, Residential rehabilitation, Sex offenders
Latest Action: 05/12/2008 - Referred to the House Committee on Financial Services. Bill TextTo prohibit the purchase or lease of housing acquired using Federal loan or grant funds appropriated for the purchase and rehabilitation of foreclosed housing under the Neighborhood Stabilization Act of 2008 by any individual convicted under Federal or State law of a drug-dealing offense, a sex offense, or mortgage fraud. 5/12/2008--Introduced. Prohibits any individual from purchasing or leasing any housing (or any dwelling unit in housing) acquired using federal loan or grant funds Congress appropriates for the purchase and rehabilitation of foreclosed housing under the Neighborhood Stabilization Act of 2008, if he or she has been convicted under federal or state law of a felony drug-dealing offense (within the five-year period preceding the purchase or lease transaction date), a sex offense, or mortgage fraud.
Also tagged in: Actions and defenses, Afghanistan, Armed forces, Budgets, Condominium (Housing), Counseling, Criminal justice, Defense policy, Families, Federally-guaranteed loans, Fees, Finance, Fines (Penalties), Government information, Government publicity, Government trust funds, Housing, Iraq, Iraq compilation, Jurisdiction, Law, Liability (Law), Loan defaults, Middle East and North Africa, Military dependents, Military operations, Mortgages, Social services, South Asia, Veterans, Veterans' loans
Latest Action: 05/07/2008 - Read twice and referred to the Committee on Veterans' Affairs. Bill TextA bill to amend title 38, United States Code, to enhance housing loan authorities for veterans and to otherwise assist veterans and members of the Armed Forces in avoiding the foreclosure of their homes, and for other purposes. 5/7/2008--Introduced. Armed Forces Housing Security Act - Increases the maximum loan guaranty amount for certain veterans' housing loans guaranteed through the Department of Veterans Affairs (VA). Directs the Secretary of Veterans Affairs to review and streamline the process for guaranteeing veterans' home loans for the purchase of condominiums. Repeals the veterans' home loan fee. Authorizes the Secretary to provide loans to veterans to refinance loans of up to 100% (currently 90%) of the value of the dwelling or farm residence securing the loan. Allows the VA to guarantee refinanced loans not previously guaranteed by the VA. Amends the Servicemembers Civil Relief Act to extend from 90 days to one year after completion of [...] show full description
Latest Action: 05/05/2008 - Referred to the House Committee on Financial Services. Bill TextTo protect the interests of bona fide tenants in the case of any foreclosure on any dwelling or residential real property, and for other purposes. 5/5/2008--Introduced. Protecting Tenants at Foreclosure Act of 2008 - States that any immediate successor in interest to residential property in foreclosure assumes such interest subject to: (1) giving the existing bona fide tenant at least 90-day notice to vacate; and (2) specified rights of such tenant to occupy the premises until the end of the remaining term of the lease. Amends the United States Housing Act of 1937 to require a housing assistance payment contract to provide that in the case of an owner who is an immediate successor in interest pursuant to foreclosure: (1) during the initial term of the lease vacating the property prior to sale shall not constitute other good cause for termination of the lease; but (2) in subsequent lease terms, vacating the property prior to sale may constitute good cause if the property [...] show full description
Also tagged in: Finance, Housing, Investors, Law, Liability (Law), Loan defaults, Losses, Mortgage banks, Mortgage interest rates, Mortgages, Secondary mortgage market
Latest Action: 04/23/2008 - Sponsor introductory remarks on measure. (CR S3306-3307) Bill TextA bill to encourage residential mortgage loan modifications and workout plans, and for other purposes. 4/23/2008--Introduced. Encouraging Mortgage Modifications Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to set forth duties of mortgage servicers regarding certain loan modifications or workout plans that affect pooled qualified residential mortgages. Specifies among such duties the duty to: (1) determine if the net present value of the payments on the modified loan is likely to be greater than the anticipated net recovery that would result from foreclosure to all investors and parties having a direct or indirect interest in the pooled loans or securitization vehicle; and (2) act in the best interests of all such investors and parties, if the servicer agrees to or implements a qualified loan modification or workout plan for a qualified residential mortgage, or takes other reasonable loss mitigation actions, including accepting partial payments [...] show full description
Latest Action: 04/21/2008 - Sponsor introductory remarks on measure. (CR S3208) Bill TextA bill to amend the Higher Education Act of 1965 to maintain eligibility, for Federal PLUS loans, of borrowers who are 90 or more days delinquent on mortgage loan payments, or for whom foreclosure proceedings have been initiated, with respect to their primary residence. 4/21/2008--Introduced. PLUS Loan Borrower Protection Act of 2008 - Amends the Higher Education Act of 1965, with respect to eligibility for a PLUS Federal Family Education Loan, to specify an extenuating circumstance for purposes of determining if a borrower has an adverse credit history on the basis of a mortgage loan delinquency or foreclosure. Declares that an extenuating circumstance exists if, at any time from January 1, 2007, through December 31, 2112, the borrower is 90 or more days delinquent on mortgage loan payments, or foreclosure proceedings have been initiated, with respect to the borrower's primary residence.
Also tagged in: Business, Consultants, Consumer education, Consumers, Contracts, Criminal justice, Finance, Fraud, Home ownership, Housing, Law, Legal fees, Liens, Mortgages, Power of attorney, Punitive damages, Restrictive trade practices, Surety and fidelity
Latest Action: 04/17/2008 - Sponsor introductory remarks on measure. (CR S3160) Bill TextA bill to protect the property and security of homeowners who are subject to foreclosure proceedings, and for other purposes. 4/17/2008--Introduced. Foreclosure Rescue Fraud Act of 2008 - Prohibits a foreclosure consultant from: (1) receiving compensation from a homeowner for services performed regarding residential real property until such consultant has fully performed each service contracted for; (2) holding power of attorney from any homeowner, except to inspect documents; (3) receiving consideration from a third party in connection with services rendered to a homeowner by such third party with respect to the foreclosure, unless such consideration is fully disclosed in writing before such services are rendered; (4) accepting any wage assignment, lien, or other security to secure compensation for services rendered regarding foreclosure of the residential real property; or (5) acquiring any interest in the residence of a homeowner with whom the consultant has contracted.[...] show full description
Also tagged in: Afghanistan, Armed forces, Consumer credit, Consumers, Counseling, Defense policy, Finance, Housing, Iraq, Iraq compilation, Middle East and North Africa, Military operations, Mortgages, Social services, South Asia, Veterans
Latest Action: 04/25/2008 - Referred to the Subcommittee on Military Personnel. Bill TextTo require the Secretary of Defense to establish a mortgage foreclosure counseling program for members of the Armed Forces returning from service abroad. 4/16/2008--Introduced. Veterans Mortgage Education Act of 2008 - Directs the Secretary of Defense to develop and implement a program to advise members of the Armed Forces who are returning from active duty abroad on actions to prevent or forestall mortgage foreclosures, including credit counseling and home mortgage counseling.
Also tagged in: Accounting, Administrative procedure, Auctions, Bankruptcy, Budgets, Collection of accounts, Communications, Computer software, Conflict of interests, Congress, Congressional investigations, Congressional reporting requirements, Consumer education, Consumer protection, Consumers, Counseling, Criminal justice, Criminal justice information, Debt, Debtor and creditor, Department of Housing and Urban Development, Electronic data interchange, Eviction, Executive departments, Executive reorganization, Federal advisory bodies, Federal aid to housing, Federally-guaranteed loans, Fees, Finance, Financial services, Fines (Penalties), Fraud, Government information, Government publications, Government publicity, Government trust funds, Home ownership, Housing, Housing finance, Identification of criminals, Income tax, Inspectors general, Insurance premiums, Law, Legal aid, Liens, Loan defaults, Mortgage banks, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, Politics and government, Prosecution, Public prosecutors, Public service advertising, Real estate appraisal, Recruiting of employees, Rental housing, Risk, Secondary mortgage market, Securities, Settlement costs, Social services, Tax returns, Taxation, Technology, Telecommunication, Veterans, Veterans' benefits, Warranties
Latest Action: 05/05/2008 - Reported (Amended) by the Committee on Financial Services. H. Rept. 110-619. Bill TextTo create a voluntary FHA program that provides mortgage refinancing assistance to allow families to stay in their homes, protect neighborhoods, and help stabilize the housing market. 5/5/2008--Reported to House amended. (There is 1 other summary) FHA Housing Stabilization and Homeownership Retention Act of 2008 - Title I: Homeownership Retention - (Sec. 102) Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages. Instructs the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence. Sets forth mortgagor eligibility criteria, including mortgagor certification that: (1) the residence is the only residence in which the mortgagor has any present [...] show full description
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