285:
994:
265:, with regard to delinquent mortgages on primary residences if the borrower has entered Chapter 13 bankruptcy proceedings. Among other modifications, the bill would allow bankruptcy judges to reduce the principal amount contractually owed by the borrower under the original mortgage. Proponents of cram down, chiefly Democrats, have cited studies saying that the provision could have helped 20% of homeowners facing
1014:
1004:
92:'s Homeless Assistance programs. It was included as part of the Helping Families Save Their Homes Act of 2009. The HEARTH Act allows for the prevention of homelessness, rapid re-housing, consolidation of housing programs, and new homeless categories. In the eighteen months after the bill's signing, HUD must make regulations implementing this new McKinney program.
232:
Provide a legal safe harbor from liability for lenders that enter into loan modifications or workouts with borrowers. (Under current law, lenders that have packaged and sold one or more mortgages to investors as securities may be held liable for losses suffered by the investor as a result of the loan
272:
This provision drew extensive criticism because it would have allowed borrowers to abdicate their contractual obligation to repay the full amount of their loan. Many argued that cram down would have made it more costly for other individuals to purchase a home because lenders would have had to
60:
on primary residences, among other purposes; however, that provision was dropped in the Senate and is not included in the version that was eventually signed into law. In addition, the bill amends the Hope for
Homeowners Program as well as provide additional provisions to help borrowers avoid
194:
provision, which failed to garner majority support in the Senate. On May 19, the House approved an amended version of S. 896 by a 367–54 vote, with one member voting "present". The Senate promptly approved the House's amendment, and
President Obama signed the bill into law the next day.
99:, reported and published perceived problems with the HEARTH Act of 2009 as a HUD McKinney-Vento Reauthorization bill, especially with regard to privacy, definitional ineligibility, community roles, and restrictions on eligible activities.
273:
increase interest rates and down payments to supplement the loss from the loan modification. Opposition to cram down stalled H.R. 1106 and led to the introduction of S.896, which does not include cram down, in its place.
640:
175:
658:
673:
703:
154:
486:
698:
663:
645:
862:
847:
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for exclusive consideration of the
Helping Families Save Their Homes Act, waiving most points of order against consideration of the bill and all points of order against provisions of the bill.
1381:
89:
872:
150:
1459:
902:
1559:
1554:
524:
479:
1564:
1464:
650:
160:
On
February 26, the House considered the bill under the provisions of the resolution passed the previous day, which provided for one hour of general debate. With Rep.
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887:
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997:
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688:
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248:
temporarily increased the FDIC and NCUA limits from $ 100,000 to $ 250,000 in 2008, but those increases were scheduled to expire on
December 31, 2009.)
683:
549:
1496:
1119:
857:
1486:
1430:
917:
348:
1454:
1304:
120:
785:
539:
519:
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261:," which would allow judges to modify the rights of a mortgage holder, whether that mortgage holder is a primary lender or an investor in a
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1309:
1174:
1043:
897:
298:
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877:
795:
171:
On March 5, the House voted to pass the bill, 234–191, with most
Democrats supporting the bill and most Republicans opposing it.
127:
1189:
678:
592:
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1219:
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168:) designated as chairman of the committee, the House debated the bill for one hour and then left it as unfinished business.
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1179:
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1099:
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1059:
1036:
964:
867:
770:
Credit by Banks and
Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)
741:
731:
726:
635:
625:
108:
49:
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on a vote of 91–5. The key difference between H.R.1106 and S.896 is that the latter does not include a controversial
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82:
30:
369:
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116:
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615:
587:
384:
165:
1007:
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391:
352:
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417:"H.R. 1106: Helping Families Save Their Homes Act of 2009 - Legislative Digest - GOP.gov"
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149:
However, on
February 25, the House passed a resolution, 224–198, which permitted the
57:
41:
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761:
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266:
186:
were both introduced on April 27, 2009, since then. On May 6, the Senate passed
403:
280:
53:
37:
258:
191:
211:
by excluding home mortgage debt from the current maximum debt limitations.
131:
424:
641:
Financial
Institutions Regulatory and Interest Rate Control Act of 1978
370:"NCH Public Policy Recommendations: HUD McKinney-Vento Reauthorization"
762:
Prohibition
Against the Paying of Interest on Demand Deposits (Reg Q)
44:. On May 20, 2009, the Senate bill was signed into law by President
1531:
1516:
95:
In late 2009, some homeless advocacy organizations, such as the
1032:
468:
774:
Transactions Between Member Banks and Their Affiliates (Reg W)
244:(NCUA) deposit insurance limits until December 31, 2013. (The
66:
Homeless Emergency Assistance and Rapid Transition to Housing
737:
Reserve Requirements for Depository Institutions (Reg D)
796:
Availability of Funds and Collection of Checks (Reg CC)
222:-insured loans that are modified under the legislation.
176:
Senate Committee on Banking, Housing and Urban Affairs
723:
Extensions of Credit by Federal Reserve Banks (Reg A)
174:
The engrossed House legislation was referred to the
134:) on February 23, 2009. It was then referred to the
1369:
1328:
1067:
957:
926:
840:
809:
712:
558:
502:
380:
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257:
H.R. 1106 contains a provision, frequently called "
525:Federal Financial Institutions Examination Council
218:to pay out all or some of the balance owed on any
74:
48:. The stated purpose of the act, a product of the
22:
758:Privacy of Consumer Financial Information (Reg P)
437:Section 204 of Public Law 111-22, available from
203:The Helping Families Save Their Homes Act will:
975:History of central banking in the United States
357:National Law Center on Homelessness and Poverty
786:Unfair or Deceptive Acts or Practices (Reg AA)
1044:
480:
18:Helping Families Save Their Homes Act of 2009
8:
746:Limitations on Interbank Liabilities (Reg F)
64:On May 20, 2009, President Obama signed the
394:, Congressional Record, Library of Congress
1051:
1037:
1029:
487:
473:
465:
216:Secretary of Housing and Urban Development
1560:United States federal banking legislation
1555:United States federal housing legislation
684:Fair and Accurate Credit Transactions Act
550:Office of the Comptroller of the Currency
1565:Acts of the 111th United States Congress
749:International Banking Operations (Reg K)
655:Competitive Equality Banking Act of 1987
178:on March 11, 2009. Similar legislation,
315:
153:to declare the House resolved into the
777:Borrowers of Securities Credit (Reg X)
372:, Washington, D.C., September 14, 2009
304:McKinney–Vento Homeless Assistance Act
119:industry, this bill was introduced by
766:Credit by Brokers and Dealers (Reg T)
540:Financial Stability Oversight Council
520:Federal Deposit Insurance Corporation
368:National Coalition for the Homeless,
323:National Alliance to End Homelessness
238:Federal Deposit Insurance Corporation
7:
689:Emergency Economic Stabilization Act
545:National Credit Union Administration
510:Consumer Financial Protection Bureau
496:Bank regulation in the United States
246:Emergency Economic Stabilization Act
242:National Credit Union Administration
107:In the wake of the bursting of the
97:National Coalition for the Homeless
535:Federal Reserve Board of Governors
136:House Financial Services Committee
79:Tooltip Public Law (United States)
27:Tooltip Public Law (United States)
14:
1575:Homelessness in the United States
607:Interest Rate Control Act of 1966
385:H.R.1106: All Legislative Actions
299:Homelessness in the United States
144:House Veterans' Affairs Committee
1012:
1002:
993:
992:
742:Electronic Fund Transfer (Reg E)
732:Home Mortgage Disclosure (Reg C)
727:Equal Credit Opportunity (Reg B)
283:
791:Community Reinvestment (Reg BB)
530:Federal Housing Finance Agency
346:"The HEARTH Act - An Overview"
220:Federal Housing Administration
1:
1060:Housing in the United States
965:Banking in the United States
636:Electronic Fund Transfer Act
626:Home Mortgage Disclosure Act
155:Committee of the Whole House
109:United States housing bubble
50:111th United States Congress
822:Federal savings association
651:Depository Institutions Act
451:"Saving American Homes 101"
1596:
631:Community Reinvestment Act
515:Farm Credit Administration
988:
801:Truth in Savings (Reg DD)
755:Loans to Insiders (Reg O)
621:Fair Credit Reporting Act
140:House Judiciary Committee
1570:Subprime mortgage crisis
1346:Northern Mariana Islands
781:Truth in Lending (Reg Z)
752:Consumer Leasing (Reg M)
603:Bank Holding Company Act
598:Federal Credit Union Act
568:Independent Treasury Act
263:mortgage-backed security
949:Thrift Financial Report
327:"Summary of HEARTH Act"
207:Expand eligibility for
1512:Missing middle housing
1426:Housing discrimination
1407:San Francisco Bay Area
679:Gramm–Leach–Bliley Act
1062:by state or territory
810:Types of bank charter
269:stay in their homes.
209:Chapter 13 bankruptcy
1580:Mortgage legislation
1527:Single-family zoning
970:Fair debt collection
944:CAMELS rating system
669:Truth in Savings Act
646:Monetary Control Act
611:Truth in Lending Act
151:Speaker of the House
1356:U.S. Virgin Islands
578:Federal Reserve Act
503:Federal authorities
227:HOPE for Homeowners
103:Legislative history
1487:Subsidized housing
1431:Housing insecurity
593:Glass–Steagall Act
390:2009-05-06 at the
359:, Washington, D.C.
351:2010-10-08 at the
332:2010-02-17 at the
1542:
1541:
1455:Mortgage industry
1026:
1025:
841:State authorities
716:Board regulations
674:Riegle-Neal IBBEA
573:National Bank Act
236:Extend increased
117:subprime mortgage
88:), reauthorizing
56:judges to modify
1587:
1522:Parking mandates
1475:Right to housing
1361:Washington, D.C.
1053:
1046:
1039:
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1016:
1006:
996:
995:
771:
714:Federal Reserve
616:Bank Secrecy Act
588:1933 Banking Act
489:
482:
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466:
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453:. Archived from
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423:. Archived from
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115:of the American
80:
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72:) Act into law (
36:) is an enacted
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1365:
1324:
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1008:Business portal
984:
980:Wildcat banking
953:
922:
836:
805:
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708:
694:Credit CARD Act
560:
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498:
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406:, via House.gov
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392:Wayback Machine
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52:, was to allow
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1480:Slum clearance
1477:
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1470:Homestead Acts
1462:
1457:
1452:
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1446:Silicon Valley
1443:
1428:
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1392:Home ownership
1389:
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1371:
1370:Related topics
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1336:American Samoa
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1270:South Carolina
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559:Major federal
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457:on 2009-03-05.
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427:on 2009-02-26.
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336:, June 8, 2009
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233:modification.)
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878:New Hampshire
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827:National bank
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404:Roll Call 104
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83:111–22 (text)
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934:Call report
561:legislation
421:www.gop.gov
240:(FDIC) and
225:Expand the
184:S. 896
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1549:Categories
1436:California
1402:California
1329:Non-states
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1095:California
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832:State bank
699:Dodd–Frank
439:Wikisource
310:References
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142:, and the
54:bankruptcy
38:public law
1502:Squatting
1315:Wisconsin
1280:Tennessee
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259:cram down
253:Cram down
192:cram down
58:mortgages
1414:Colorado
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