Items Tagged with 'Helping Families Save Their Homes Act'

ARTICLES

  • Two Housing Bills Set to Become Law

    [Update 1 reflects the official signing of the bills into law] The US House of Representatives kept itself busy this week, passing two pieces of housing legislation that might bear the President's signature by the end of the day. Both measures look to crack down on fraud in the mortgage process, encourage sustainable mortgages and bolster the federal deposit insurance fund to protect depositors in the growing wake of bank failures. The House approved the Helping Families Save Their Homes Act in a 244-3 vote late Tuesday.
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  • Senate Passes Servicer Safe Harbor

    The Senate voted 91-5 in favor of S 896, the Helping Families Save Their Homes Act of 2009, which includes legal protection for servicers that modify residential mortgages. Five Senate Republicans voted against the housing bill. The safe harbor protects mortgage servicers from lawsuits by investors holding relevant modified mortgage bonds.
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  • House Readies the Red Pen for Mortgage Reform

    The House Financial Services Committee plans to meet Tuesday to consider legislation that may bring sweeping changes to the way the mortgage industry conducts business. The bill in question, called HR1728 or the Mortgage Reform and Anti-Predatory Lending Act, aims to curb forms of lending that have been a major factor in the highest home foreclosure rate in the nation in 25 years the committee said in a statement.
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  • House Passes Cramdown Legislation

    The House approved a hotly-contested measure that would grant bankruptcy judges the authority to alter mortgage terms to help homeowners skirt foreclosure, 234- 191, in a late Thursday vote. Bankruptcy courts are currently barred from rewriting the loan terms on a primary residence, but under the proposed legislation, judges could reduce the interest rate, reduce the principal or extend the life of an existing loan -- but only for loans underwritten prior to the enactment of the bill, at least for now.
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  • Cram-Down Bill: House Gives it Another Go

    The House is expected to vote Thursday on a hotly-contested measure that would grant bankruptcy judges the authority to alter mortgage terms to help homeowners skirt foreclosure. Bankruptcy courts are currently barred from rewriting the loan terms on a primary residence. But under the proposed legislation, bankruptcy judges would be allowed reduce the interest rate, reduce the principal or extend the life of an existing loan, subject to certain limitations.
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  • House Faces Tuesday Vote on Bankruptcy Cramdowns

    The House of Representatives will on Tuesday consider a sweeping homeowner assistance legislative package that would allow bankruptcy judges to modify mortgage debt on a borrower's principal residence. The bill, HR 1106, or the Helping Families Save Their Homes Act, contains the controversial "cramdown" measure originally passed by the House Judiciary Committee in early January.
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  • Cram-Downs Pass House Panel; Head to Vote

    The House Judiciary Committee on Tuesday approved a measure for so-called "cram-down" provisions that would allow bankruptcy judges to change the terms of a mortgage by reducing the interest rate, extending the life or lowering the principal or loan balance as part of a bankruptcy debt restructuring plan. The bill passed the panel's approval 21 to 15, according to a report by the Washington Post Wednesday.
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