Preserving Homes and Communities Act of 2011
Latest action · Mar 3, 2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1233-1235)
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 3, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure against a covered mortgagor that is otherwise authorized under state law unless the covered mortgagee has: (1) used its best efforts to determine whether the mortgagor is eligible for a qualified loan modification, and to offer one if the mortgagor is eligible; and (2) made available to an ineligible mortgagor certain documentation of a loan modification calculation or net present value calculation, the loan origination, any pooling and servicing agreement, the mortgagor's payment history, and the specific alternatives to foreclosure considered by the mortgagee, including qualified loan modifications, workout agreements, and short sales.
Requires a covered mortgagee to use its best efforts to suspend any foreclosure proceeding initiated before enactment of this Act, and to toll any deadlines limiting the mortgagor's rights. Prohibits any sale of the property under the mortgage or the entry of judgment against the mortgagor.
Requires the mortgagee to reevaluate an eligible mortgagee's application for a qualified loan modification and offer one.
Requires the Secretary of the Treasury, the Secretary of Housing and Urban Development (HUD), and the Bureau of Consumer Financial Protection (CFPB) Director to ensure that any home loan modification protocol includes a dispute resolution procedure to resolve any application disputes.
Declares any sale of property in violation of this Act void.
Makes failure to comply with this Act a bar to foreclosure under state law.
Prohibits loan modification fees and sets forth rules governing foreclosure-related fees.
Directs the Secretary of HUD to: (1) establish a grant program to make competitive grants to state and local governments to establish mediation programs that assist mortgagors facing foreclosure, and (2) develop and implement a plan to monitor conditions and trends in home ownership and the mortgage industry and the effectiveness of public and private efforts to reduce mortgage defaults and foreclosures.
Directs the Secretary of the Treasury, out of funds received or to be received from the sale of warrants under the Emergency Economic Stabilization Act of 2008, to transfer and credit $1 billion to the Housing Trust Fund established under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
Cosponsors 18
Members who signed on, in the order they did. Signatures ran from Mar 3, 2011 to Feb 13, 2012; 5 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | Mar 3, 2011 |
| D-OR | Jeff Merkley | Original | Mar 3, 2011 |
| D-VT | Patrick J. Leahy | Original | Mar 3, 2011 |
| D-IL | Richard J. Durbin | Original | Mar 3, 2011 |
| D-RI | Sheldon Whitehouse | Original | Mar 3, 2011 |
| I-VT | Bernard Sanders | Mar 8, 2011 | |
| D-OH | Sherrod Brown | Mar 15, 2011 | |
| D-NY | Charles E. Schumer | Mar 28, 2011 | |
| D-MD | Barbara A. Mikulski | Apr 7, 2011 | |
| D-AK | Mark Begich | Apr 12, 2011 | |
| D-CT | Richard Blumenthal | Apr 14, 2011 | |
| D-MI | Carl Levin | May 9, 2011 | |
| D-WA | Patty Murray | May 10, 2011 | |
| D-HI | Daniel K. Akaka | May 12, 2011 | |
| D-MA | John F. Kerry | May 18, 2011 | |
| D-CA | Barbara Boxer | Jun 28, 2011 | |
| D-NJ | Robert Menendez | Feb 7, 2012 | |
| D-NJ | Frank R. Lautenberg | Feb 13, 2012 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Mar 3, 2011 |
Actions 3
Everything that happened, newest first.
- Mar 3, 2011Introduced in Senate
- Mar 3, 2011Sponsor introductory remarks on measure. (CR S1232-1233)
- Mar 3, 2011Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1233-1235)
In the Congressional Record 1
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 S1232, S1235Text printed S1233–S1235 | Jack Reed D-RI (text), Sheldon Whitehouse D-RI | Mar 3, 2011 |
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.
Printed hearings 1
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. 112-24 | THE STATE OF THE HOUSING MARKET47 pages | Banking, Housing, and Urban Affairs Committee | Mar 9, 2011 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1477 | Preserving Homes and Communities Act of 2011 | Identical bill | May 2, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to require certain mortgagees to evaluate loans for modifications, to establish a grant program for State and local government mediation programs, and for other purposes.
- Short Titles as Introduced
- Preserving Homes and Communities Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Mar 3, 2011Introduced 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.