Helping Families Save Their Homes in Bankruptcy Act of 2008
Latest action · Nov 19, 2008 Committee on the Judiciary. Hearings held.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 3, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Helping Families Save Their Homes in Bankruptcy Act of 2008 - Title I: Minimizing Foreclosures - (Sec. 102) Amends federal bankruptcy law to permit a bankruptcy plan to: (1) modify a loan secured by a nontraditional mortgage, or a subprime mortgage, and any lien subordinate to such claim, on the principal residence (mortgage) of a chapter 13 debtor (individual with regular income); and (2) provide for payment of such loan, at a fixed annual percentage rate of interest, for a period that is the longer of 30 years (reduced by the period for which the loan has been outstanding) or the remaining term of such loan, beginning on the date of the order for relief.
Provides that, if a claim has been modified to an amount below the original principal of the loan, and the debtor's principal residence is sold during the term of the plan, the holder of the claim shall be entitled to receive, in addition to the unpaid portion of the allowed secured claim, the net proceeds of the sale, or the amount of the holder's allowed unsecured claim, whichever is less.
(Sec. 103) Exempts a chapter 13 debtor from the requirement for credit counseling if the court receives certification that debtor's principal residence has been scheduled for a foreclosure sale.
Title II: Providing Other Debtor Protections - (Sec. 201) Declares that the plan need not provide for the payment of, and the debtor, the debtor's property, and property of the estate shall not be liable for, any fee, cost, or charge that arises in connection with a claim secured by the debtor's principal residence, if the event that gives rise to the fee, cost, or charge occurs while the case is pending but before the discharge order, except to the extent that: (1) notice to the court is filed within a specified deadline; and (2) such fees, costs, or charges are lawful, reasonable, and provided for in the agreement under which such claim or security interest arose.
Permits a bankruptcy plan to provide for waiver of any prepayment penalty contained on a claim secured by debtor's principal residence.
(Sec. 202) Authorizes the trustee in bankruptcy to request joinder or substitution for the debtor as the real party in interest in any action in state or federal court regarding a claim or defense asserted by an individual debtor that was not scheduled in the debtor's petition. Permits the debtor to proceed as the real party in interest if the trustee does not make such a request.
(Sec. 203) Amends the judicial code to authorize the court in any core proceeding under bankruptcy law to hear and determine a proceeding in lieu of referral to arbitration if the case involves an individual debtor whose debts are primarily consumer debts.
(Sec. 204) Exempts from the estate in bankruptcy up to $75,000 of the debtor's aggregate interest in real property used as debtor's principal residence if the debtor is age 55 or older (homestead exemption).
(Sec. 205) Prohibits the court from allowing a claim that is subject to any remedy for damages or rescission due to failure to comply with the Truth in Lending Act or any other state or federal consumer protection law.
Cosponsors 13
Members who signed on, in the order they did. Signatures ran from Oct 3, 2007 to Feb 14, 2008; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles E. Schumer | Original | Oct 3, 2007 |
| D-CT | Christopher J. Dodd | Oct 16, 2007 | |
| D-IL | Barack Obama | Oct 23, 2007 | |
| D-RI | Sheldon Whitehouse | Oct 29, 2007 | |
| D-OH | Sherrod Brown | Nov 5, 2007 | |
| D-NJ | Robert Menendez | Nov 8, 2007 | |
| D-DE | Joseph R. Biden Jr. | Nov 14, 2007 | |
| D-IA | Tom Harkin | Dec 10, 2007 | |
| D-RI | Jack Reed | Dec 17, 2007 | |
| D-CA | Barbara Boxer | Jan 23, 2008 | |
| D-NY | Hillary Rodham Clinton | Jan 31, 2008 | |
| D-CA | Dianne Feinstein | Feb 14, 2008 | |
| D-MA | John F. Kerry | Feb 14, 2008 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Judiciary Committee | Referred Oct 3, 2007Markup Apr 3, 2008Reported Jul 29, 2008Hearings Nov 19, 2008 |
Actions 9
Everything that happened, newest first.
- Nov 19, 2008Committee on the Judiciary. Hearings held.
- Sep 26, 2008By Senator Leahy from Committee on the Judiciary filed written report. Report No. 110-514. Minority views filed.
- Jul 29, 2008Committee on the Judiciary. Reported by Senator Leahy with an amendment in the nature of a substitute. Without written report.
- Jul 29, 2008Placed on Senate Legislative Calendar under General Orders. Calendar No. 911.
- Apr 3, 2008Committee on the Judiciary. Ordered to be reported with an amendment favorably.
In the Congressional Record 3
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S2261 | Arlen Specter D-PA | Apr 1, 2008 |
| Senate | Debate and remarks S684 | Richard J. Durbin D-IL | Feb 6, 2008 |
| Senate | Debate and remarks S12536Text printed S12537 | Richard J. Durbin D-IL (text) | Oct 3, 2007 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimates 2
- May 2, 2008S. 2136, Helping Families Save their Homes in Bankruptcy Act of 2008<p>Cost estimate for the bill as ordered reported by the Senate Committee on the Judiciary on April 3, 2008.</p>
- May 2, 2008S. 2136, Helping Families Save their Homes in Bankruptcy Act of 2008Cost estimate for the bill as ordered reported by the Senate Committee on the Judiciary on April 3, 2008.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 110-871 | HELPING FAMILIES SAVE THEIR HOMES: THE ROLE OF BANKRUPTCY LAW167 pages | Judiciary Committee | Nov 19, 2008 |
| S. Hrg. 110-511 | THE LOOMING FORECLOSURE CRISIS: HOW TO HELP FAMILIES SAVE THEIR HOMES242 pages | Judiciary Committee | Dec 5, 2007 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2636 | Foreclosure Prevention Act of 2008 | Related bill | Feb 14, 2008 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to address the treatment of primary mortgages in bankruptcy, and for other purposes.
- Short Titles as Introduced
- Helping Families Save Their Homes in Bankruptcy Act of 2007
- Short Titles as Reported to Senate
- Helping Families Save Their Homes in Bankruptcy Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Jul 29, 2008Reported to Senate
- Oct 3, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
