Helping Families Save Their Homes Act of 2009

enactedUnited States· United States Congress· EN

Introduced

24 April 2009

Last action

20 May 2009 · Action

Status

Became Public Law No: 111-22.

Summary

Helping Families Save Their Homes Act of 2009 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to 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. Requires the Comptroller General to report to certain congressional committees on the volume of mortgage modifications reported to the Office of the Comptroller of the Currency and the Office of Thrift Supervision (OTS), under the mortgage metrics program of each such Office, during the previous quarter. Shields servicers from liability for implementing mortgage loan modifications or loss mitigation plans if they are in compliance with fiduciary duties required by the Truth in Lending Act (including any refinancing undertaken pursuant to standard loan modification, sale, or disposition guidelines issued by the Secretary of the Treasury). Amends the National Housing Act to modify the HOPE for Homeowners Program (HOPE). Requires mortgagor certification to HUD that the mortgagor has neither intentionally defaulted on an existing mortgage, nor provided false information, nor (as under existing law) been convicted for fraud during the 10-year period ending upon the insurance of the mortgage under this Act. Authorizes the Secretary of Housing and Urban Development (HUD) to permit the establishment of a second lien on a property under an eligible mortgage to be insured, for the purpose of facilitating payment of closing or refinancing costs by a state or locality using funds provided: (1) under the HOME Investment Partnerships program; (2) under the community development block grants program under the Housing and Community Development Act of 1974; or (3) by a state or local housing finance agency. Authorizes HUD to provide exceptions to primary residence and exclusive present ownership interest requirements for any mortgagor who has inherited a property or has relocated to a new jurisdiction, and is in the process of trying to sell such property or has been unable to sell it due to adverse market conditions. Bans from the HOPE program mortgagors whose net worth exceeds $1 million. Authorizes the Secretary to establish a payment of up to $1,000 per insured loan to the loan servicer of the existing senior mortgage for every loan insured under HOPE. Directs the Secretary to establish, if feasible, an auction to refinance eligible mortgages on a wholesale or bulk basis. Reduces by $2.316 billion the $700 billion limit on the Secretary of the Treasury's authority to purchase troubled assets under the Troubled Asset Relief Program (TARP) (in order to offset the costs of program changes). Limits participation in the origination of an FHA-insured loan to a person or entity approved by the Secretary as a mortgagee, unless the Secretary otherwise authorizes such participation. Prohibits approval as a mortgagee of any applicant any of whose officers, partners, directors, principals, managers, supervisors, loan processors, loan underwriters, or loan originators is currently suspended, debarred, otherwise restricted, indicted or convicted of certain offenses, engaged in nonconforming business practices, or subject to unresolved findings of a HUD audit, investigation, or review. Requires an approved mortgagee to notify the Secretary immediately of any such sanctions applied to it or any of its personnel, including revocation of a state-issued mortgage loan originator license or similar declaration of ineligibility under state law. Directs the Secretary to: (1) expand the existing process for reviewing new applicants for participation in FHA-insured mortgages on one- to four-family residences in order to identify applicants who represent a high risk to the Mutual Mortgage Insurance Fund (MMIF); and (2) implement procedures that, for mortgagees approved during the 12 months before enactment of this Act, expand the number of mortgages originated by such mortgagees reviewed for compliance with laws, regulations, and policies, including a process for random reviews and one for reviews based on volume of such mortgages. 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. Requires the Secretary of the Treasury, when using certain funds under the Emergency Economic Stabilization Act of 2008 (EESA) to prevent and mitigate foreclosures on residential properties (including mortgage modifications), to provide that the limitation on the maximum original principal obligation of a mortgage that may be assisted shall not be less than the dollar amount limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal Home Loan Mortgage Corporation (Freddie Mac) for the area in which the property involved in the transaction is located. Amends the National Housing Act with respect to insurance of home equity conversion mortgages for the elderly. Redefines a mortgage on the alternative kind of leasehold under such insurance program as one that has a term that ends no earlier than the minimum number of years, as specified by HUD, beyond the actuarial life expectancy of the mortgagor or comortgagor, whichever is the later date. Expresses the sense of Congress that the Secretary of the Treasury should use amounts made available in this Act to purchase mortgage revenue bonds for single-family housing issued through state housing finance agencies and through local governments and their agencies. Nationwide Mortgage Fraud Task Force Act of 2009 - Establishes in the Department of Justice the Nationwide Mortgage Fraud Task Force to address mortgage fraud in the United States. Requires the Task Force to: (1) establish federal, state, and local coordinating entities to organize initiatives to address mortgage fraud; (2) provide training to federal, state, and local law enforcement and prosecutorial agencies with respect to mortgage fraud; (3) collect and disseminate data with respect to mortgage fraud; and (4) perform other functions determined by the Attorney General to enhance the detection of, prevention of, and response to mortgage fraud in the United States. Authorizes the Task Force to: (1) initiate and coordinate federal mortgage fraud investigations and, through the coordinating entities, state and local investigations; (2) establish a toll-free hotline for reporting mortgage fraud and providing the public with access to related information and resources; (3) create a database about suspensions and revocations of mortgage industry licenses and certifications to facilitate the sharing of such information by states; and (4) make recommendations and propose federal, state, and local government legislation. Expresses the sense of Congress that mortgage holders, institutions, and mortgage servicers should not initiate a foreclosure proceeding or a foreclosure sale on any homeowner until foreclosure mitigation provisions of title II of this Act, and the President's "Homeowner Affordability and Stability Plan," have been implemented and determined to be operational. States that the foreclosure moratorium should apply only for first mortgages secured by the owner's principal dwelling. Sets forth duties of the consumer to maintain property and to respond to reasonable inquiries.

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

Timeline

24 April 2009
Introduced
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Source: Calendars
24 April 2009
Introduced
Introduced in Senate
Source: IntroReferral
27 April 2009
Calendars
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 52.
Source: Calendars
30 April 2009
Floor
Measure laid before Senate by unanimous consent. (consideration: CR S4915-4938, S4943-4953)
Source: Floor
1 May 2009
Floor
Considered by Senate. (consideration: CR S4999, S5002-5007, S5008, S5011)
Source: Floor
4 May 2009
Floor
Considered by Senate. (consideration: CR S5051-5059)
Source: Floor
5 May 2009
Floor
Considered by Senate. (consideration: CR S5088-5120)
Source: Floor
6 May 2009
Floor
Held at the desk.
Source: Floor
6 May 2009
Floor
Received in the House.
Source: Floor
6 May 2009
Vote
Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 91 - 5. Record Vote Number: 185.(text: CR S5185-5205)
Source: Floor
6 May 2009
Floor
Considered by Senate. (consideration: CR S5173-5175, S5179-5205)
Source: Floor
19 May 2009
Floor
Message on House action received in Senate and at desk: House amendment to Senate bill.
Source: Floor
19 May 2009
Passed
Senate agreed to the House amendment by Unanimous Consent. (consideration: CR S5588-5589)
Source: ResolvingDifferences
19 May 2009
Passed
Resolving differences -- Senate actions: Senate agreed to the House amendment by Unanimous Consent.(consideration: CR S5588-5589)
Source: NotUsed
19 May 2009
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
19 May 2009
Vote
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 54, 1 Present (Roll no. 271). (text: CR H5740-5760)
Source: Floor
19 May 2009
Vote
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 54, 1 Present (Roll no. 271).(text: CR H5740-5760)
Source: Floor
19 May 2009
Floor
Considered under suspension of the rules. (consideration: CR H5740-5765)
Source: Floor
19 May 2009
Vote
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Source: Floor
19 May 2009
Floor
DEBATE - The House proceeded with forty minutes of debate on S. 896.
Source: Floor
19 May 2009
Floor
Mr. Frank (MA) moved to suspend the rules and pass the bill, as amended.
Source: Floor
20 May 2009
Became law
Became Public Law No: 111-22.
Source: President
20 May 2009
President
Signed by President.
Source: President
20 May 2009
Became law
Signed by President.
Source: BecameLaw
20 May 2009
Floor
Presented to President.
Source: Floor
20 May 2009
President
Presented to President.
Source: President
20 May 2009
Action
Cleared for White House.

Votes

6 May 2009 · Bill Passed · On Passage of the Bill S. 896 · Bill Passed · Official source

Yes 91 · No 5 · Abstain — · Absent/not voting 3

Showing the first 4 recorded positions. Vote totals above are complete.

Versions

Enrolled Bill · — · Download file
Public Law · 20 May 2009 · Download file
Engrossed Amendment House · 19 May 2009 · Download file
Engrossed in Senate · 6 May 2009 · Download file
Placed on Calendar Senate · 27 April 2009 · Download file

Documents

13 official files

Enrolled Bill (text)

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Enrolled Bill (text)
Enrolled Bill · EN
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Enrolled Bill (PDF)
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Public Law (text)
Public Law · EN · 20 May 2009
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Public Law (PDF)
Public Law · EN · 20 May 2009
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Public Law
summary · EN · 20 May 2009
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Engrossed Amendment House (text)
Engrossed Amendment House · EN · 19 May 2009
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Engrossed Amendment House (PDF)
Engrossed Amendment House · EN · 19 May 2009
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Engrossed in Senate (text)
Engrossed in Senate · EN · 6 May 2009
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Engrossed in Senate (PDF)
Engrossed in Senate · EN · 6 May 2009
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Passed Senate amended
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Placed on Calendar Senate (text)
Placed on Calendar Senate · EN · 27 April 2009
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Placed on Calendar Senate (PDF)
Placed on Calendar Senate · EN · 27 April 2009
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Introduced in Senate
summary · EN · 27 April 2009
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Related records

related to → Helping Families Save Their Homes Act of 2009
related to ← Helping Families Save Their Homes Act of 2009
amends ← SAMDT 1027
amends ← SAMDT 1028
amends ← SAMDT 1022
amends ← SAMDT 1041
amends ← SAMDT 1015
amends ← SAMDT 1025
amends ← To address safe harbor for certain servicers.

Showing 9 of 31 related records.

Related across the Repo ecosystem

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Direct relationships

Legal framework · Helping Families Save Their Homes Act of 2009 · S. 896 (111th) · US

Identifier matchPROJECTS_FROM
Same us record 111-s-896 projected from PoliticalRepo US row.
Helping Families Save Their Homes Act of 2009

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/111th-congress/senate-bill/896
Open data entity: https://api.congress.gov/v3/bill/111/s/896
us · 111-s-896 · source updated 7 April 2025