Neighborhood Preservation Act of 2011
Latest action · Aug 22, 2011 Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
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.
- IntroducedJul 25, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Neighborhood Preservation Act of 2011 - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or affiliate), and (2) came under the institution's or affiliate's ownership or control through foreclosure (or a deed in lieu of foreclosure) on the extension of credit.
Directs the federal banking agencies to jointly prescribe specified safety and soundness regulations, including minimum capital requirements for such institutions or affiliates.
Permits extension of such a lease beyond five years if any federal or state law, including the Bank Holding Company Act of 1956, so permits.
Applies this Act only to leases entered into during the three-year period beginning on the date of the enactment of this Act.
Declares it is the intent of Congress that: (1) no permanent change in policy on leasing foreclosed property is being established with respect to depository institutions and depository institution holding companies, and (2) bank leasing of foreclosed property authorized under this Act should not apply to leases entered into after such three-year period.
Authorizes a government-sponsored enterprise (the Federal National Mortgage Association [Fannie Mae] or the Federal Home Loan Mortgage Corporation [Freddie Mac]) to market for rental, before sale, any of its real estate owned properties and assets as the Federal Housing Finance Agency (FHFA) determines appropriate. Restricts lease agreements to five years.
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Jul 25, 2011 to Apr 16, 2012, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MA | Barney Frank | Original | Jul 25, 2011 |
| D-NY | Carolyn McCarthy | Original | Jul 25, 2011 |
| R-AL | Spencer Bachus | Original | Jul 25, 2011 |
| D-TX | Al Green | Aug 9, 2011 | |
| D-NC | Melvin L. Watt | Aug 12, 2011 | |
| D-TN | Steve Cohen | Nov 14, 2011 | |
| D-TX | Ruben Hinojosa | Apr 16, 2012 |
Actions 4
Everything that happened, newest first.
- Aug 22, 2011Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
- Aug 22, 2011Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Jul 25, 2011Introduced in House
- Jul 25, 2011Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2080 | Keeping Families in their Home Act of 2012 | Related bill | Feb 9, 2012 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- Government corporations and government-sponsored enterprises
- Housing finance and home ownership
- National Credit Union Administration
- Real estate business
Text 1
Each version as it was printed, newest first.
- Jul 25, 2011Introduced 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.