Housing Disaster Area Foreclosure Prevention Act of 2009
Latest action · Feb 4, 2009 Referred to House Ways and Means
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.
- IntroducedFeb 4, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Housing Disaster Area Foreclosure Prevention Act of 2009 - Directs the Secretary of the Treasury (Secretary) to take necessary steps to support the mortgage revenue bond market, including the use of certain funds made available under the Emergency Economic Stabilization Act of 2008 (EESA) to purchase mortgage revenue bonds at an interest rate that makes housing programs carried out with the proceeds of such bonds economically feasible.
Instructs the Secretary to implement a program to use specified TARP amounts to reduce the outstanding debt, in connection with their refinancing, on mortgages on certain owner-occupied residential property having an appraised value less than the outstanding mortgage obligation (qualifying existing underwater mortgages).
Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) each to implement a program to purchase (buy down) and securitize qualified refinancing mortgages and qualified new mortgages on single-family housing in accordance with policies and procedures established by the Director of the Federal Housing Finance Agency (FHFA).
Instructs the Secretary of Housing and Urban Development (HUD) to take action to increase access by state housing finance agencies to mortgage insurance in order to make it available for mortgages financed by bonds issued by such agencies.
Amends the Internal Revenue Code to set forth housing tax incentives including: (1) a temporary increase in the volume cap for housing bonds issued for areas most affected by the foreclosure crisis; and (2) an extension of time for using such increased volume cap for housing bonds.
Revises special rules for refinancing with the proceeds of a mortgage revenue bond issue of mortgages on a residence which was originally financed through a qualified subprime loan. Eliminates the restriction of a qualified subprime loan to one with an adjustable rate. Extends such special rules an additional year.
Repeals the application to certain housing refunding bonds of the alternative minimum tax (AMT) on the otherwise tax-exempt interest on specified private activity bonds.
Revises mortgage revenue bond requirements to include residences in high foreclosure areas in the meaning of targeted area residences.
Cosponsors 8
Members who signed on, in the order they did. Signatures ran from Feb 4, 2009 to Mar 17, 2009, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Dennis A. Cardoza | Original | Feb 4, 2009 |
| D-NY | Maurice D. Hinchey | Original | Feb 4, 2009 |
| D-NV | Shelley Berkley | Original | Feb 4, 2009 |
| D-CA | Zoe Lofgren | Original | Feb 4, 2009 |
| D-CA | Bob Filner | Feb 9, 2009 | |
| D-CA | Jim Costa | Feb 12, 2009 | |
| D-CA | Michael M. Honda | Feb 25, 2009 | |
| D-CO | Jared Polis | Mar 17, 2009 |
Actions 4
Everything that happened, newest first.
- Feb 4, 2009Introduced in House
- Feb 4, 2009Referred to House Financial Services
- Feb 4, 2009Referred to House Ways and Means
- Feb 4, 2009Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Financial crises and stabilization
- Government lending and loan guarantees
- Housing and Community Development
- Housing and community development funding
- Housing finance and home ownership
- Income tax exclusion
- Income tax rates
- Interest, dividends, interest rates
- Intergovernmental relations
- Securities
- State and local finance
Text 1
Each version as it was printed, newest first.
- Feb 4, 2009Introduced in House
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.