Mortgage Modification Reform Act of 2010
Latest action · Mar 24, 2010 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2025-2026)
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.
- IntroducedMar 24, 2010
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Mortgage Modification Reform Act of 2010 - Prohibits a residential mortgage servicer from initiating or continuing a foreclosure on a homeowner's mortgage if: (1) the homeowner applied for a loan modification under a home loan modification program either before receiving notice of the foreclosure or within 30 days after receiving it; and (2) the servicer has not yet determined that the homeowner does not qualify under a home loan modification program.
Directs the Secretary of the Treasury to establish a process by which a homeowner may request review of a servicer's denial of an application for either a trial or a permanent loan modification.
Subjects servicers to administrative penalties for wrongful denial of a loan modification application.
Requires servicers to evaluate loan applications in the order received, and to notify the homeowner within three months after the date of application submission.
Requires the Secretary to reduce servicer incentive payments for tardy evaluations by servicers of loan modification applications.
Prohibits servicers from imposing a delinquency fee upon homeowners while the loan modification application is pending.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Mar 24, 2010Introduced in Senate
- Mar 24, 2010Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2025-2026)
- Mar 24, 2010Sponsor introductory remarks on measure. (CR S2024-2025)
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Mar 24, 2010Introduced 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.