Homeownership Vesting Plan Act of 2009

Summary

Home Ownership Vesting Plan Act of 2009 - Amends the National Housing Act to direct the Secretary of Housing and Urban Development (HUD) to: (1) insure any mortgage covering a one- to four-family principal and sole residence that is made for the purpose of paying or prepaying outstanding obligations (refinancing) under an existing mortgage or mortgages meeting specified requirements; (2) pay $1,000 to the servicer of the existing senior mortgage refinanced by each mortgage insured under this Act; and (3) make a nonamortizing no-interest loan to the mortgagor, the proceeds of which shall be paid by the Secretary directly to the holder of the existing senior mortgage being refinanced. Sets forth a schedule for repayment of principal only if the borrower defaults. Shields a servicer from liability for entering into a loan modification or workout plan with respect to any such mortgage if the servicer acts consistent with the fiduciary duty of servicers of pooled residential mortgages under the Truth in Lending Act.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 March 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 March 2009

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 March 2009

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.