HR 1903 111th Congress House Housing and Community Development Capital gains tax Civil actions and liability Fraud offenses and financial crimes Housing finance and home ownership Income tax credits Income tax exclusion

Responsible Homeowners Act of 2009

Introduced: April 2, 2009 See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 2, 2009

Referred to House Judiciary

Apr 2, 2009

Referred to House Financial Services

Apr 2, 2009

Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Apr 2, 2009

Referred to House Ways and Means

Apr 2, 2009

Introduced in House

Plain-English summary Congressional Research Service

Responsible Homeowners Act of 2009 - Requires the Secretary of Housing and Urban Development (HUD), the Assistant Secretary for Housing--Federal Housing Commissioner of HUD, and the Director of the Federal Housing Finance Agency (FHFA) to give increased priority to efforts and activities to detect, identify, reduce, and report fraud in residential mortgage lending.

Amends the Internal Revenue Code to grant: (1) individual taxpayers a $5,000 tax credit through June 30, 2010, for refinancing a mortgage on a principal residence located in the United States; (2) mortgage lenders an exclusion from gross income for their share of appreciation from a principal residence subject to a mortgage modification; (3) an exclusion from gross income for income resulting from a discharge of indebtedness under a mortgage modification; (4) a tax credit for up to $15,000 of the purchase price of a principal residence purchased before July 1, 2010, on which the taxpayer makes not less than a 5% downpayment; and (5) an exclusion from gross income of gain on the sale of single-family residential rental property held by a taxpayer for two years or more and rented as a single dwelling unit on a regular basis.

Grants civil immunity and legal protections to mortgage servicers who enter into loan modifications, mortgage workouts, or other loss mitigation plans.

What's happening now April 2, 2009

Referred to House Judiciary

Committees of jurisdiction 3