H.R.1123 - Produce the Note Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Kaptur, Marcy [D-OH-9] (Introduced 02/23/2009)|
|Committees:||House - Financial Services|
|Latest Action:||02/23/2009 Referred to the House Committee on Financial Services. (All Actions)|
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Subject — Policy Area:
- Housing and Community Development
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Summary: H.R.1123 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (02/23/2009)
Produce the Note Act of 2009 - Prohibits commencement of any foreclosure in connection with certain residential mortgages unless the person commencing the foreclosure complies with specified prerequisites, including identification of the actual holder of the mortgage note, the originating mortgage lender and all subsequent assignees, and other all parties who have an interest in the real estate subject to the mortgage or in the mortgage or its proceeds.
Requires the person commencing the foreclosure to: (1) notify the mortgagor, in writing, not less than five days before any action is taken to commence foreclosure; and (2) certify to the court, in the case of a judicial foreclosure, or to the office of the state to which notice is required under state law, that such notice has been provided.