Helping Families Save Their Homes Act of 2009

referredUnited States· United States Congress· EN

Introduced

23 February 2009

Last action

23 July 2009 · Referred

Status

Referred to the Subcommittee on Commercial and Administrative Law.

Summary

Helping Families Save Their Homes Act of 2009 - Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income). Excludes from computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the value of the residence as of the date of the order for relief is less than the applicable maximum amount of noncontingent, liquidated, secured debts; or (2) debts secured or formerly secured by the debtor's principal residence that was either sold in foreclosure or surrendered to the creditor, if the property's value as of the date of the order for relief was also less than the applicable maximum amount of noncontingent, liquidated, secured debts. Declares the credit counseling requirement inapplicable to a Chapter 13 debtor who certifies that he or she has received notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on it. Requires the court to disallow a claim that is subject to any remedy for rescission under the Truth in Lending Act, notwithstanding the prior entry of a foreclosure judgment. Authorizes reduction of a claim secured by the debtor's principal residence, but only in specified circumstances, particularly if the debtor sells the residence. Permits a Chapter 13 bankruptcy plan to: (1) modify the rights of claim holders with respect to a claim for a loan originated before the effective date of this Act and secured by a security interest in the debtor's principal residence that is the subject of a foreclosure notice; and (2) deny debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of the claim as reduced and modified or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith and the court does not find that the debtor has been convicted of obtaining by actual fraud the extension, renewal, or refinancing of credit that gives rise to a modified claim. Excludes from the final discharge of a debtor from all debts any unpaid portion of such a claim as reduced. Amends the federal judicial code to prescribe standing trustee fees regarding certain payments received under a Chapter 13 bankruptcy plan. Expands federal procedures governing default on veterans' housing loans. Authorizes the Secretary of Veterans Affairs, in the event of a modification in bankruptcy, to pay the holder of the obligation the unpaid balance due as of the date of the filing of the bankruptcy petition, plus accrued interest, but only upon assignment, transfer, and delivery of all rights, interest, claims, evidence, and records regarding the loan. Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to: (1) pay Federal Housing Administration (FHA) mortgage insurance benefits for a mortgage modified under federal bankruptcy law; and (2) implement a program solely to encourage loan modifications for eligible delinquent mortgages through the payment of insurance benefits and assignment of the mortgage to the Secretary and the subsequent modification of the terms of the mortgage according to a loan modification approved by the mortgagee. Amends the Housing Act of 1949 to authorize the Secretary of Agriculture to pay: (1) the guaranteed portion of any losses incurred by the holder of a note or the loan servicer resulting from a modification in a bankruptcy proceeding; and (2) for losses incurred by holders or servicers in the event of a modification pursuant to a bankruptcy proceeding. Declares unenforceable as contrary to public policy certain investment contracts between servicers and securitization vehicles or investors that require excess bankruptcy losses that exceed a certain dollar amount on residential mortgages. Shields servicers from liability for implementing mortgage loan modifications or loss mitigation plans if they are in compliance with fiduciary duties mandated by the Truth in Lending Act. Amends the National Housing Act to modify the HOPE for Homeowners Program (HOPE) to: (1) require mortgagor certification to HUD that the mortgagor has neither intentionally defaulted on an existing mortgage, nor provided false information; (2) ban from HOPE those mortgagors whose net worth exceeds $1 million; (3) authorize HUD to establish a payment to the loan servicer of the existing senior mortgage for every loan insured under HOPE that does not exceed $1,000; (4) direct HUD to establish, if feasible, an auction to refinance eligible mortgages on a wholesale or bulk basis; and (5) reduce Troubled Asset Relief Program (TARP) funds to offset costs of program changes. Sets limitations upon participation in origination and mortgagee approval. Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act (FCUA) to: (1) increase deposit insurance coverage permanently to $250,000; and (2) increase the borrowing authority of the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). Amends the FDIA to: (1) extend to eight years the time period applicable to a Deposit Insurance Fund (DIF) restoration plan; and (2) revise requirements for special assessments to recover the loss to the DIF arising from actions taken to contain systemic risk with respect to certain insured depository institutions. Amends the FCUA to direct the NCUA Board to establish a National Credit Union Share Insurance Fund Restoration Plan whenever the Board projects that the equity ratio of the National Credit Union Share Insurance Fund will fall below a minimum designated equity ratio.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

23 February 2009
Introduced
Introduced in House
Source: IntroReferral
23 February 2009
Introduced
Referred to House Financial Services
Source: IntroReferral
23 February 2009
Introduced
Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Veterans' Affairs, 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.
Source: IntroReferral
23 February 2009
Introduced
Introduced in House
Source: IntroReferral
25 February 2009
Reported
Rules Committee Resolution H. Res. 190 Reported to House. Rule provides for consideration of H.R. 1106 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The resolution waives all points of order against the bill except those arising under clause 9 of rule XXI.
Source: Floor
26 February 2009
Floor
Committee of the Whole House on the state of the Union rises leaving H.R. 1106 as unfinished business.
Source: Floor
26 February 2009
Passed
On motion to rise Agreed to by voice vote.
Source: Floor
26 February 2009
Floor
Mr. Frank (MA) moved that the Committee rise.
Source: Floor
26 February 2009
Floor
Rule provides for consideration of H.R. 1106 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The resolution waives all points of order against the bill except those arising under clause 9 of rule XXI.
Source: Floor
26 February 2009
Floor
The Speaker designated the Honorable Jose E. Serrano to act as Chairman of the Committee.
Source: Floor
26 February 2009
Floor
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 190 and Rule XVIII.
Source: Floor
26 February 2009
Floor
Considered under the provisions of rule H. Res. 190. (consideration: CR H2848-2862)
Source: Floor
26 February 2009
Passed
Rule H. Res. 190 passed House.
Source: Floor
4 March 2009
Reported
Rules Committee Resolution H. Res. 205 Reported to House. The resolution provides that amendment number 1 printed in House Report 111-21 to be offered by Rep. John Conyers or his designee shall be perfected by the modification printed in the report to accompany this resolution.
Source: Floor
5 March 2009
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
5 March 2009
Vote
On passage Passed by the Yeas and Nays: 234 - 191 (Roll no. 104).
Source: Floor
5 March 2009
Vote
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 234 - 191 (Roll no. 104).
Source: Floor
5 March 2009
Vote
On motion to recommit with instructions Failed by recorded vote: 182 - 242 (Roll no. 103).
Source: Floor
5 March 2009
Floor
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H3023)
Source: Floor
5 March 2009
Floor
Mr. Price (GA) moved to recommit with instructions to Judiciary and Financial Services. (consideration: CR H3021-3023; text: CR H3021)
Source: Floor
5 March 2009
Passed
The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
Source: Floor
5 March 2009
Floor
The previous question was ordered pursuant to the rule. (consideration: CR H3023)
Source: Floor
5 March 2009
Floor
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1106.
Source: Floor
5 March 2009
Floor
Committee of the Whole House on the state of the Union rises leaving H.R. 1106 as unfinished business.
Source: Floor
5 March 2009
Passed
On motion that the Committee rise Agreed to without objection.
Source: Floor
5 March 2009
Floor
Ms. Lofgren, Zoe moved that the Committee rise.
Source: Floor
5 March 2009
Floor
DEBATE - Pursuant to the provisions of H. Res. 190, the Committee of the Whole proceeded with thirty minutes of debate on the Lofgren amendment as modified. The modification would (1) allow a court to consider, in lieu of reducing mortgage principal, lowering the interest rate to reduce the debtor's mortgage payments according to the Administration's Homeowner Affordability and Stability Plan as implemented on March 4, 2009; (2) give the mortgage holder a greater proportion of the appreciation in a home on a graduated basis if it is sold during the 5-year period that the case is pending; and (3) provide that when a debtor seeks to reduce a mortgage's principal, the court must determine whether such relief is in good faith based on whether debtor was offered a mortgage modification under the Administration's plan and the debtor was able to afford payments under such plan.
Source: Floor
5 March 2009
Floor
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
Source: Floor
5 March 2009
Reported
Considered as unfinished business. (consideration: CR H2997-3018; text as reported in House: CR H2997-3001)
Source: Floor
5 March 2009
Passed
Rule H. Res. 205 passed House.
Source: Floor
9 March 2009
Introduced
Received in the Senate.
Source: IntroReferral
11 March 2009
Introduced
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral
23 July 2009
Referred
Referred to the Subcommittee on Commercial and Administrative Law.
Source: Committee

Votes

No vote records are attached yet.

Versions

Referred in Senate · 11 March 2009 · Download file
Engrossed in House · 5 March 2009 · Download file
Introduced in House · 23 February 2009 · Download file

Documents

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Referred in Senate (text)

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Referred in Senate (text)
Referred in Senate · EN · 11 March 2009
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Referred in Senate (PDF)
Referred in Senate · EN · 11 March 2009
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Engrossed in House (text)
Engrossed in House · EN · 5 March 2009
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Engrossed in House (PDF)
Engrossed in House · EN · 5 March 2009
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Passed House amended
summary · EN · 5 March 2009
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Introduced in House (text)
Introduced in House · EN · 23 February 2009
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Introduced in House (PDF)
Introduced in House · EN · 23 February 2009
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Introduced in House
summary · EN · 23 February 2009
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Sources

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Official source: https://www.congress.gov/bill/111th-congress/house-bill/1106
Open data entity: https://api.congress.gov/v3/bill/111/hr/1106
us · 111-hr-1106 · source updated 7 April 2025