H.R.5601 - Foreclosure Restitution Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Grayson, Alan [D-FL-9] (Introduced 09/18/2014)|
|Committees:||House - Financial Services|
|Latest Action:||House - 09/18/2014 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5601 — 113th Congress (2013-2014)All Information (Except Text)
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.