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S 3146 114th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Congressional oversight Federal Housing Finance Agency Government studies and investigations Housing finance and home ownership

Preventing Abandoned Foreclosures and Preserving Communities Act of 2016

Introduced: July 7, 2016 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 7, 2016
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 7, 2016
Introduced in Senate
 Plain-English summary Congressional Research Service

Preventing Abandoned Foreclosures and Preserving Communities Act of 2016

This bill amends the Real Estate Settlement Procedures Act of 1974 to require a servicer of a federally related or federally backed mortgage loan to provide, with respect to foreclosure proceedings, specified notice to the borrower and applicable taxing district.

Unless specified requirements are met, a servicer of a loan insured by the Federal Housing Administration and backed by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) may not abandon an initiated foreclosure.

The Consumer Financial Protection Bureau must establish a database of abandoned foreclosures.

The Government Accountability Office shall conduct a study on abandoned foreclosures.

What's happening now July 7, 2016

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

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3