S 690 112th Congress Senate Housing and Community Development Administrative remedies Congressional oversight Department of the Treasury Executive agency funding and structure Government information and archives Housing finance and home ownership

Homeowner Advocate Act of 2011

Introduced: March 30, 2011 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 30, 2011

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Mar 30, 2011

Introduced in Senate

Plain-English summary Congressional Research Service

Office of the Homeowner Advocate Act of 2011 - Establishes in the Department of the Treasury the Office of the Homeowner Advocate to assist homeowners, housing counselors, and housing lawyers in resolving problems with the Home Affordable Modification Program (HAMP) of the Making Home Affordable initiative of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008.

Prohibits any modification of a mortgage under the Making Home Affordable Program, or with any funds from the Troubled Asset Relief Program (TARP), unless the servicer of the mortgage loan has determined, in accordance with standards and requirements established by the Secretary, that the mortgagor cannot afford to make payments under the terms of the existing mortgage loan. (Thus prohibits participation in such Program for borrowers who strategically default.)

Requires the Secretary to revise the guidelines for HAMP to establish that the data collected by the Secretary from each mortgage servicer and lender participating in the Program is made public at the individual record level in a specified manner.

What's happening now March 30, 2011

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees of jurisdiction 1