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Homeownership Protection and Enhancement Act of 2007

Introduced: May 14, 2007 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 14, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6066-6069)
May 14, 2007
Sponsor introductory remarks on measure. (CR S6065)
May 14, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

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 State Homeownership Protection Centers.

Requires specified mortgagee notices to homeowners in the event of mortgage payment delinquencies.

Directs the Secretary of HUD to award competitive grants to enable state housing finance agencies to establish State Homeownership Protection Centers.

Requires any State Homeownership Protection Center to provide a centralized location for information on, and referral to, public services for assisting a homeowner in default on a home loan.

Requires the Secretary also to award competitive grants to enable state housing finance agencies in states with such Centers to provide one-time emergency grants or subsidized home preservation loans to assist eligible homeowners in satisfying any amounts past due on their home loans.

Requires mortgagees to engage in reasonable loss mitigation activities to provide an alternative to foreclosure.

Prohibits a mortgagee from initiating or continuing a foreclosure upon written confirmation that the homeowner has applied for a home preservation loan.

Directs the Secretary to develop a plan to monitor the mortgage industry in order to predict likely future trends in foreclosures.

Requires the Secretary to develop recommendations for a national database on mortgage defaults and foreclosures.

Directs the Federal Financial Institutions Examination Council to create such a database.

What's happening now May 14, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6066-6069)

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3