Summary: S.73 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for S.73. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (01/06/2009)

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.