H.R.1903 - Responsible Homeowners Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Cantor, Eric [R-VA-7] (Introduced 04/02/2009)|
|Committees:||House - Ways and Means; Financial Services; Judiciary|
|Latest Action:||04/02/2009 Referred to House Judiciary (All Actions)|
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Summary: H.R.1903 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (04/02/2009)
Responsible Homeowners Act of 2009 - Requires the Secretary of Housing and Urban Development (HUD), the Assistant Secretary for Housing--Federal Housing Commissioner of HUD, and the Director of the Federal Housing Finance Agency (FHFA) to give increased priority to efforts and activities to detect, identify, reduce, and report fraud in residential mortgage lending.
Amends the Internal Revenue Code to grant: (1) individual taxpayers a $5,000 tax credit through June 30, 2010, for refinancing a mortgage on a principal residence located in the United States; (2) mortgage lenders an exclusion from gross income for their share of appreciation from a principal residence subject to a mortgage modification; (3) an exclusion from gross income for income resulting from a discharge of indebtedness under a mortgage modification; (4) a tax credit for up to $15,000 of the purchase price of a principal residence purchased before July 1, 2010, on which the taxpayer makes not less than a 5% downpayment; and (5) an exclusion from gross income of gain on the sale of single-family residential rental property held by a taxpayer for two years or more and rented as a single dwelling unit on a regular basis.
Grants civil immunity and legal protections to mortgage servicers who enter into loan modifications, mortgage workouts, or other loss mitigation plans.