HR 7326
110th Congress
House
Housing and Community Development
Economics and Public Finance
Federal aid to housing
Foreclosure
Housing finance
Loan defaults
Losses
Mortgages
Systematic Foreclosure Prevention and Mortgage Modification Act
Introduced: December 10, 2008
Introduced by:
Waters, Maxine
Democratic
· California
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 10, 2008
Referred to the House Committee on Financial Services.
Dec 10, 2008
Introduced in House
Plain-English summary
Systematic Foreclosure Prevention and Mortgage Modification Act - Directs the Chairperson of the Federal Deposit Insurance Corporation (FDIC) to establish a systematic foreclosure prevention and mortgage modification program by: (1) paying mortgage servicers $1,000 to cover expenses for each loan modified according to specified standards; and (2) sharing up to 50% of any losses incurred if a modified loan should subsequently re-default.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1