Summary: H.R.7326 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.7326. Bill summaries are authored by CRS.

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Introduced in House (12/10/2008)

Systematic Foreclosure Prevention and Mortgage Modification Act - Directs the Chairperson of the Federal Deposit Insurance Corporation (FDIC) to establish a systematic foreclosure prevention and mortgage modification program by: (1) paying mortgage servicers $1,000 to cover expenses for each loan modified according to specified standards; and (2) sharing up to 50% of any losses incurred if a modified loan should subsequently re-default.