S.1731 - Preserving Homes and Communities Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Reed, Jack [D-RI] (Introduced 09/30/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||09/30/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1731 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (09/30/2009)
Preserving Homes and Communities Act of 2009 - Prohibits a covered mortgagee from initiating or continuing a foreclosure proceeding against a covered mortgagor that is otherwise authorized under state law unless: (1) the mortgagee has determined whether the mortgagor is eligible for a qualified loan modification (QLM); (2) the mortgagee has offered a QLM to the mortgagor, if eligible; and (3) the mortgagee has made available to the mortgagor, if ineligible for a QLM, the note, deed of trust, or any other document necessary to establish the mortgagee's right to foreclose on the mortgage.
Prohibits a covered mortgagee from charging a mortgagor a QLM or other specified fees.
Amends the Housing and Urban Development Act of 1968 to direct the Secretary of Housing and Urban Development (HUD) to award grants to state housing finance agencies (or state-designated eligible agencies) to enable them to provide: (1) one-time emergency grants or subsidized loans to assist eligible homeowners in satisfying any amounts past due on their home loans; (2) grants or subsidized loans to eligible homeowners for a specified number of future mortgage payments; and (3) stipends of up to $1,500 to assist with relocation expenses for homeowners not eligible for the program.
Directs the Secretary to make competitive grants to state and local governments to establish compulsory mortgagee-mortgagor mediation programs that assist mortgagors facing foreclosure.
Requires the Secretary to develop and implement a plan to monitor: (1) conditions and trends in homeownership and the mortgage industry in order to predict foreclosure trends; and (2) the effectiveness of public efforts to reduce mortgage defaults and foreclosures. Requires the Secretary also to develop recommendations for a national database on mortgage defaults and foreclosures to provide relevant information to federal regulatory agencies as well as federal, state, and local governments.
Directs the Secretary of the Treasury to transfer and credit $1 billion to the Housing Trust Fund from funds received from the sale of warrants under the Troubled Asset Relief Program (TARP) under the Emergency Economic Stabilization Act of 2008 (EESA).