Skip to main content
S 3690 110th Congress Senate

Homeowner Assistance and Taxpayer Protection Act

Official title: A bill to help struggling families stay in their homes and to ensure that taxpayers are protected when the Secretary of the Treasury purchases equity shares in financial situations.

Introduced: November 17, 2008 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov
Housing and Community Development Bank employeesBank failuresCounselingDebtor and creditor
More subjectsShow fewer subjects
DividendsEstates (Law)Executive compensationFeesFinance and Financial SectorForeclosureHome ownershipLoan defaultsMortgage banksMortgagesSecondary mortgage marketSocial Welfare
Sign in to write a letter Sign in to watch
This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 19, 2008
Committee on the Judiciary. Hearings held.
Nov 17, 2008
Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S10600-10601)
Nov 17, 2008
Sponsor introductory remarks on measure. (CR S10599-10600)
Nov 17, 2008
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action November 19, 2008

Committee on the Judiciary. Hearings held.

 Plain-English summary Congressional Research Service

Homeowner Assistance and Taxpayer Protection Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA), with respect to mortgages acquired by the Secretary of the Treasury, to direct the Secretary to use authority to require (currently, encourage) the servicers of the underlying mortgages to take advantage of the HOPE for Homeowners Program under the National Housing Act or other available programs to minimize foreclosures. Requires federal property managers holding, owning, or controlling mortgages, mortgage backed securities, and other assets secured by residential real estate to do likewise.

Directs a federal property manager to require (currently, encourage) loan servicers to implement specified loan modifications in any case in which the property manager does not own a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mortgage loans.

Requires lenders to participate in HOPE for Homeowners Program when homeowners elect to participate.

Amends Chapter 13 (Adjustment of Debts of an Individual with Regular Income) of the federal bankruptcy code to allow a debtor's plan to modify an allowed secured claim secured by the debtor's principal residence (mortgage), if, after deduction of permitted expenses, the debtor has insufficient remaining current monthly income to retain possession of the residence by curing a default and maintaining payments while the case is pending.

Waives the credit counseling requirement for a debtor whose home is in foreclosure.

Waives the liaibility of the debtor and the debtor's estate for certain fees arising in connection with a claim secured by the debtor's principal residence.

Amends EESA to prohibit financial institutions from which troubled assets are purchased by the Secretary from paying increased dividends until such time as the troubled assets are no longer owned by the Secretary.

Requires that dividends be reduced to pay for excessive executive compensation in the case of any such financial institution.

 Related & companion bills 1
  • HR 7307 Identical bill Homeowner Assistance and Taxpayer Protection Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3690: Homeowner Assistance and Taxpayer Protection Act. 110th Congress. Open America. https://openamerica.io/bill/110-S-3690/
MLA
"S. 3690: Homeowner Assistance and Taxpayer Protection Act." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-3690/.
Bluebook (legal)
S. 3690, 110th Cong. (2026), https://openamerica.io/bill/110-S-3690/.
Markdown link
[S. 3690: Homeowner Assistance and Taxpayer Protection Act](https://openamerica.io/bill/110-S-3690/)
Report a problem