Summary: H.R.5601 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for H.R.5601. Bill summaries are authored by CRS.

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Introduced in House (09/18/2014)

Foreclosure Restitution Act of 2014 - Appropriates specified funds from any amounts received by the Treasury as a civil monetary penalty from the recent settlement agreement between the United States, together with specified individual states, and the Bank of America, together with current and former subsidiaries and affiliates, to remain available until expended.

Limits the use of the funds to providing assistance, under the Neighborhood Stabilization Program (NSP), to states and local governments for redevelopment of abandoned and foreclosed homes.

Permits the use of the funds to assist in providing affordable housing or to mitigate indirect costs relating to foreclosures on residential mortgages.