557 
lishing the terms of the use of such funds prior to 
the disbursement of such funds. 
(2) SECOND
DISBURSEMENT.—The Secretary 
shall disburse all funds made available pursuant to 
this section, and in accordance with the allocations 
established under subsection (c), not later than 180 
days after the date of enactment of this Act. 
(e) PERMISSIBLE USES OF FUND.— 
(1) IN
GENERAL.—Funds made available to 
State housing finance agencies pursuant to this sec-
tion may be used for the purposes established under 
subsection (b), which may include— 
(A) mortgage payment assistance; 
(B) financial assistance to allow a bor-
rower to reinstate their mortgage following a 
period of forbearance; 
(C) principal reduction; 
(D) utility payment assistance, including 
electric, gas, and water payment assistance; 
(E) any program established under the 
Housing Finance Agency Innovation Fund for 
the Hardest Hit Housing Markets; 
(F) reimbursement of funds expended by a 
State or local government during the period be-
ginning on January 21, 2020, and ending on 
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558 
the date that the first funds are disbursed by 
the State under the Housing Assistance Fund, 
for the purpose of providing housing or utility 
assistance to individuals or otherwise providing 
funds to prevent foreclosure or eviction of a 
homeowner or prevent mortgage delinquency or 
loss of housing or critical utilities as a response 
to the coronavirus disease 2019 (COVID–19) 
pandemic; and 
(G) any other assistance to prevent evic-
tion, mortgage delinquency or default, fore-
closure, or the loss of essential utility services. 
(2) ADMINISTRATIVE EXPENSES.—Not greater 
than 10 percent of the amount allocated to a State 
pursuant to subsection (c) may be used by a State 
housing financing agency for administrative ex-
penses. Any amounts allocated to administrative ex-
penses that are no longer necessary for administra-
tive expenses may be used in accordance with para-
graph (1). 
(f) APPROPRIATION.—There is authorized to be ap-
propriated for the fiscal year ending September 30, 2020, 
to remain available until expended or transferred or cred-
ited under subsection (h), $35,000,000,000 to the Hous-
ing Assistance Fund established under subsection (b). 
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559 
(g) USE OF HOUSING FINANCE AGENCY INNOVATION 
FUND
FOR
THE HARDEST HIT HOUSING MARKETS 
FUNDS.—A State housing finance agency may reallocate 
any administrative or programmatic funds it has received 
as an allocation from the Housing Finance Agency Inno-
vation Fund for the Hardest Hit Housing Markets created 
pursuant to section 101(a) of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5211(a)) that have 
not been otherwise allocated or disbursed as of the date 
of enactment of this Act to supplement any administrative 
or programmatic funds received from the Housing Assist-
ance Fund. Such reallocated funds shall not be considered 
when allocating resources from the Housing Assistance 
Fund using the process established under subsection (c) 
and shall remain available for the uses permitted and 
under the terms and conditions established by the contract 
with Secretary created pursuant to subsection (d)(1) and 
the terms of subsection (h). 
(h) RESCISSION OF FUNDS.—Any funds that have 
not been allocated by a State housing finance agency to 
provide assistance as described under subsection (e) by 
December 31, 2030, shall be reallocated by the Secretary 
in the following manner: 
(1) 65 percent shall be transferred or credited 
to the Housing Trust Fund established under sec-
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560 
tion 1338 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 
U.S.C. 4568); and 
(2) 35 percent shall be transferred or credited 
to the Capital Magnet Fund under section 1339 of 
the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992 (12 U.S.C. 4569). 
(i) REPORTING
REQUIREMENTS.—The Secretary 
shall provide public reports not less frequently than quar-
terly regarding the use of funds provided by the Housing 
Assistance Funds. Such reports shall include the following 
data by State and by program within each State, both for 
the past quarter and throughout the life of the program— 
(1) the amount of funds allocated; 
(2) the amount of funds disbursed; 
(3) the number of households and individuals 
assisted; 
(4) the acceptance rate of applicants; 
(5) the average amount of assistance provided 
per household receiving assistance; 
(6) the average length of assistance provided 
per household receiving assistance; 
(7) the income ranges of households for each 
household receiving assistance; and 
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561 
(8) the outcome 12 months after the household 
has received assistance. 
SEC. 108. MORTGAGE FORBEARANCE. 
(a) FINDINGS.— 
(1) FINDINGS.—Congress finds that— 
(A) the collection of debts involves the use 
of the mails and wires and other instrumental-
ities of interstate commerce; 
(B) at times of major disaster or emer-
gency, the income of consumers is often im-
paired and their necessary daily expenses often 
increase; 
(C) temporary forbearance benefits not 
only consumer and small business debtors, but 
also other creditors by avoiding downward col-
lateral price spirals triggered by an increase in 
foreclosure activity; 
(D) without forbearance, many consumers 
and small businesses are unlikely to be able to 
pay their obligations according to their original 
terms and are likely to default on obligations or 
file for bankruptcy, resulting in reduced recov-
eries for creditors, and in the case of bank-
ruptcy, no recovery of unaccrued interest; 
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562 
(E) with forbearance, creditors are likely 
to realize greater long-term value because con-
sumers and small businesses will be more likely 
to be able to repay their obligations after the 
major disaster or emergency has subsided; 
(F) the legislative and administrative re-
sponse to major disasters and emergencies may 
consist of multiple components divided among 
different statutes and programs; and 
(G) when evaluating whether property has 
been taken from a person without just com-
pensation, a holistic evaluation of the burdens 
and benefits of all legislative and administrative 
responses, including indirect benefits from mac-
roeconomic stabilization, is appropriate. 
(2) FURTHER FINDINGS REGARDING MORTGAGE 
FORBEARANCE.—Congress further finds that— 
(A) ensuring that consumers are able to 
remain in their residences reduces the disrup-
tions and economic harm caused by such disas-
ters and emergencies by ensuring that con-
sumers are able to continue their existing em-
ployment, education, childcare, and healthcare 
arrangements, which are often geographically- 
based; 
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563 
(B) temporary forbearance on residential 
mortgages is therefore critical to fostering eco-
nomic recovery and stability in the wake of 
major disasters or emergencies; 
(C) temporary mortgage forbearance dur-
ing a declared disaster benefits not only mort-
gagors, but also mortgagees because mortga-
gors’ ability to pay is likely to be restored after 
a disaster or emergency subsides, so forbear-
ance may increase mortgagors’ total recovery. 
Without forbearance, mortgagors are likely to 
default or file for bankruptcy, resulting in sig-
nificant losses for mortgagees; and 
(D) temporary mortgage forbearance dur-
ing a declared disaster also benefits the mortga-
gees of other properties because housing prices 
are geographically and serially correlated so an 
increase in foreclosures can drive down the 
value of collateral for all mortgage lenders, fur-
ther destabilizing the economy. 
(3) FURTHER FINDINGS REGARDING MORTGAGE 
SERVICERS.—Congress further finds that— 
(A) mortgage servicers are often contrac-
tually obligated to advance scheduled mortgage 
payments to securitization investors, irrespec-
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564 
tive of whether the servicer collects the payment 
from the mortgagor; 
(B) mortgage servicers are often thinly 
capitalized and with limited capacity for engag-
ing in large scale advancing of payments to 
securitization investors; 
(C) securitization investors have long been 
aware of servicers’ thin capitalization; 
(D) in the wake of the 2008 financial cri-
sis, several servicers had difficulty obtaining 
sufficiently liquidity to make advances; 
(E) mortgage servicing is a heavily regu-
lated industry; 
(F) in response to the 2008 financial cri-
sis, Congress created a safe harbor for mort-
gage servicers that undertook loan modifica-
tions; 
(G) in response to the 2008 financial cri-
sis, the Home Affordable Modification Program 
paid mortgage servicers to undertake loan 
modifications; 
(H) as part of the 2012 joint State-Fed-
eral National Mortgage Settlement, mortgage 
servicers committed to undertaking loan modi-
fications; and 
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565 
(I) investors in mortgage securitizations 
are or should be aware of servicers’ thin cap-
italization, liquidity constraints, the extent and 
history of servicing regulation and therefore do 
not have a reasonable expectation that the 
terms of servicing contracts will be enforceable 
at times of national financial crisis. 
(4) DETERMINATION.—It is the sense of the 
Congress that, on the basis of the findings described 
under paragraphs (1), (2), and (3), the Congress de-
termines that the provisions of this Act are nec-
essary and proper for the purpose of carrying into 
execution the powers of the Congress to regulate 
commerce among the several States and to establish 
uniform bankruptcy laws. 
(b) PROHIBITION ON FORECLOSURES AND REPOS-
SESSIONS DURING THE COVID–19 EMERGENCY.— 
(1) PROHIBITION
ON
FORECLOSURES.—The 
Real Estate Settlement Procedures Act of 1974 (12 
U.S.C. 2601 et seq.) is amended— 
(A) in section 3 (12 U.S.C. 2602)— 
(i) in paragraph (8), by striking 
‘‘and’’ at the end; 
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566 
(ii) in paragraph (9), by striking the 
period at the end and inserting ‘‘; and’’; 
and 
(iii) by adding at the end the fol-
lowing: 
‘‘(10) the term ‘COVID–19 emergency’ means 
the period that begins upon the date of the enact-
ment of this Act and ends on the date of the termi-
nation by the Federal Emergency Management 
Agency of the emergency declared on March 13, 
2020, by the President under the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 
U.S.C. 4121 et seq.) relating to the Coronavirus 
Disease 2019 (COVID–19) pandemic.’’; and 
(B) 
in 
section 
6(k)(1) 
(12 
U.S.C. 
2605(k)(1))— 
(i) in subparagraph (D), by striking 
‘‘or’’ at the end; 
(ii) by redesignating subparagraph 
(E) as subparagraph (G); and 
(iii) by inserting after subparagraph 
(D) the following: 
‘‘(E) commence or continue any judicial 
foreclosure action or non-judicial foreclosure 
process or any action to evict a consumer fol-
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567 
lowing a foreclosure during the COVID–19 
emergency or the 180-day period following such 
emergency (except that such prohibition shall 
not apply to a mortgage secured by a dwelling 
that the servicer has determined after exer-
cising reasonable diligence is vacant or aban-
doned); 
‘‘(F) fail to toll the time in a foreclosure 
process on a property during the COVID–19 
emergency or the 180-day period following such 
emergency (except that such prohibition shall 
not apply to a mortgage secured by a dwelling 
that the servicer has determined after exer-
cising reasonable diligence is vacant or aban-
doned); or’’. 
(2) REPOSSESSION PROHIBITION.—During the 
COVID–19 emergency and for the 180-day period 
following such emergency, a servicer of a consumer 
loan secured by a manufactured home or a motor ve-
hicle may not repossess such home or vehicle. 
(c) FORBEARANCE
OF
RESIDENTIAL
MORTGAGE 
LOAN PAYMENTS FOR SINGLE FAMILY PROPERTIES (1– 
4 UNITS).—Section 6 of the Real Estate Settlement Pro-
cedures Act of 1974 (12 U.S.C. 2605) is amended by add-
ing at the end the following: 
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568 
‘‘(n) FORBEARANCE DURING THE COVID–19 EMER-
GENCY.— 
‘‘(1) CONSUMER RIGHT TO REQUEST A FOR-
BEARANCE.— 
‘‘(A) REQUEST
FOR
FORBEARANCE.—A 
borrower experiencing a financial hardship dur-
ing the COVID–19 emergency may request for-
bearance from any mortgage obligation, regard-
less of delinquency status, by submitting a re-
quest to the borrower’s servicer, either orally or 
in writing, affirming that the borrower is expe-
riencing hardship during the COVID–19 emer-
gency. A borrow shall not be required to provide 
any additional documentation to receive such 
forbearance. 
‘‘(B) LENGTH OF FORBEARANCE; EXTEN-
SION.—A forbearance requested pursuant to 
subparagraph (A) shall be provided for a period 
of 180 days, and may be extended upon request 
of the borrower for an additional 180 days. 
‘‘(C) TREATMENT
OF
TENANTS.—A bor-
rower receiving a forbearance under this sub-
section with respect to a mortgage secured by 
a dwelling that has tenants, whether or not the 
borrower also lives in the dwelling, shall provide 
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the tenants with rent relief for a period not less 
than the period covered by the forbearance. 
‘‘(2) AUTOMATIC
FORBEARANCE
FOR
DELIN-
QUENT BORROWERS.— 
‘‘(A) IN GENERAL.—Notwithstanding any 
other law governing forbearance relief, during 
the COVID–19 emergency, any borrower who is 
or becomes 60 days or more delinquent on a 
mortgage obligation shall automatically be 
granted a 180-day forbearance, which may be 
extended upon request of the borrower for an 
additional 180 days. Such a borrower may elect 
to continue making regular payments by noti-
fying the servicer of the mortgage obligation of 
such election. 
‘‘(B) 
NOTICE
TO
BORROWER.—The 
servicer of a mortgage obligation placed in for-
bearance pursuant to subparagraph (A) shall 
provide the borrower written notification of the 
forbearance and its duration as well as informa-
tion about available loss mitigation options and 
the right to end the forbearance and resume 
making regular payments. 
‘‘(C) TREATMENT OF PAYMENTS DURING 
FORBEARANCE.—Any payments made by the 
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570 
borrower during the forbearance period shall be 
credited to the borrower’s account in accord-
ance with section 129F of the Truth in Lending 
Act (15 U.S.C. 1639f) or as the borrower may 
otherwise instruct that is consistent with the 
terms of the mortgage loan contract. 
‘‘(3) REQUIREMENTS FOR SERVICERS.— 
‘‘(A) NOTIFICATION.— 
‘‘(i) IN GENERAL.—Each servicer of a 
federally related mortgage loan shall notify 
the borrower of their right to request for-
bearance under paragraph (1)— 
‘‘(I) not later than 14 days after 
the date of enactment of this sub-
section; and 
‘‘(II) until the end of COVID–19 
emergency— 
‘‘(aa) on each periodic state-
ment provided to the borrower; 
and 
‘‘(bb) in any oral or written 
communication by the servicer 
with or to the borrower. 
‘‘(ii) MANNER OF NOTIFICATION.— 
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571 
‘‘(I) WRITTEN
NOTIFICATION.— 
Any 
written 
notification 
required 
under this section— 
‘‘(aa) shall be provided— 
‘‘(AA) in English and 
Spanish and in any addi-
tional languages in which 
the servicer communicates, 
including the language in 
which the loan was nego-
tiated, to the extent known 
by the servicer; and 
‘‘(BB) at least as clear-
ly and conspicuously as the 
most clear and conspicuous 
disclosure on the document; 
‘‘(bb) shall include the noti-
fication of the availability of lan-
guage assistance and housing 
counseling produced by the Fed-
eral Housing Finance Agency 
under subsection (o); and 
‘‘(cc) may be provided by 
first-class mail or electronically, 
if the borrower has otherwise 
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572 
consented to electronic commu-
nication with the servicer and has 
not revoked such consent. 
‘‘(II) ORAL NOTIFICATION.—Any 
oral notification required under clause 
(i) shall be provided in the language 
the servicer otherwise uses to commu-
nicate with the borrower. 
‘‘(III) 
WRITTEN
TRANS-
LATIONS.—In providing written notifi-
cations 
in 
languages 
other 
than 
English 
under 
subclause 
(I), 
a 
servicer may rely on written trans-
lations developed by the Federal 
Housing Finance Agency or the Bu-
reau. 
‘‘(B) OTHER REQUIREMENTS.— 
‘‘(i) 
FORBEARANCE
REQUIRED.— 
Upon receiving a request for forbearance 
from a consumer under paragraph (1) or 
placing a borrower in automatic forbear-
ance under paragraph (2), a servicer shall 
provide the forbearance for not less than 
180 days, and an additional 180 days at 
the request of the borrower, provided that 
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573 
the borrower will have the option to dis-
continue the forbearance at any time. 
‘‘(ii) PROHIBITION
ON
FEES, PEN-
ALTIES, AND INTEREST.—During the pe-
riod of a forbearance under this sub-
section, no fees, penalties or additional in-
terest beyond the amounts scheduled or 
calculated as if the borrower made all con-
tractual payments on time and in full 
under the terms of the mortgage contract 
in effect at the time the borrower enters 
into the forbearance shall accrue. 
‘‘(iii) TREATMENT
OF
ESCROW
PAY-
MENTS.—If a borrower in forbearance 
under this subsection is required to make 
payments to an escrow account, the 
servicer shall pay or advance the escrow 
disbursements in a timely manner (defined 
as on or before the deadline to avoid a 
penalty), regardless of the status of the 
borrower’s payments. The servicer may col-
lect any resulting escrow shortage or defi-
ciency from the borrower after the forbear-
ance period ends, in a lump sum payment, 
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574 
spread over 60 months, or capitalized into 
the loan, at the borrower’s election.’’. 
(d) NOTIFICATION OF LANGUAGE ASSISTANCE AND 
HOUSING COUNSELING.—Section 6 of the Real Estate 
Settlement Procedures Act of 1974 (12 U.S.C. 2605), as 
amended by subsection (c), is further amended by adding 
at the end the following: 
‘‘(o) NOTIFICATION OF LANGUAGE ASSISTANCE AND 
HOUSING COUNSELING.— 
‘‘(1) IN GENERAL.—The Federal Housing Fi-
nance Agency shall, within 30 days of the date of 
enactment of this Act, make available a document 
providing notice of the availability of language as-
sistance and housing counseling in substantially the 
same form, and in at least the same languages, as 
the existing Language Translation Disclosure. 
‘‘(2) MINIMUM REQUIREMENT.—The document 
described under subsection (a) shall include the no-
tice in at least all the languages for which Federal 
Housing Finance Agency currently has translations 
on its existing Language Translation Disclosure 
available. 
‘‘(3) PROVISION TO SERVICERS.—The Federal 
Housing Finance Agency shall make this document 
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575 
available to servicers to fulfill their requirements 
under subsection (n).’’. 
(e) UNITED STATES DEPARTMENT OF AGRICULTURE 
DIRECT LOAN PROGRAM.—Section 505 of the Housing 
Act of 1949 (42 U.S.C. 1475) is amended— 
(1) by redesignating subsection (b) as sub-
section (c); and 
(2) by inserting after subsection (a) the fol-
lowing: 
‘‘(b) LOAN MODIFICATION.— 
‘‘(1) IN GENERAL.—The Secretary shall imple-
ment a loan modification program to modify the 
terms of outstanding loans for borrowers who face 
financial hardship. 
‘‘(2) 
AFFORDABLE
PAYMENTS.—The 
Sec-
retary’s loan modification program under paragraph 
(1) shall be designed so as to provide affordable pay-
ments for borrowers. In defining ‘affordable pay-
ments’ the Secretary shall consult definitions of af-
fordability promulgated by the Federal Housing Fi-
nance Authority, the Department of Housing and 
Urban Development, and the Bureau of Consumer 
Financial Protection. 
‘‘(3) ADDITIONAL PROGRAM REQUIREMENTS.— 
The Secretary’s loan modification program under 
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576 
paragraph (1) shall allow for measures including ex-
tension of the remaining loan term to up to 480 
months and a reduction in interest rate to the mar-
ket interest rate as defined by regulations of the 
Secretary. The modification program shall be avail-
able for borrowers in a moratorium and for bor-
rowers not already in a moratorium who qualify 
under the terms established by the Secretary. The 
Secretary may also establish reasonable additional 
measures for providing affordable loan modifications 
to borrowers’’; 
(3) in subsection (c), as so redesignated, by 
adding at the end the following: ‘‘Acceleration of the 
promissory note and initiation of foreclosure pro-
ceedings shall not terminate a borrower’s eligibility 
for a moratorium, loan reamortization, special serv-
icing, or other foreclosure alternative.’’; and 
(4) by adding at the end the following: 
‘‘(d) REQUIREMENT.—The Secretary shall comply 
with subsection (k)(1), (n), and (o) of section 6 of the 
Real Estate Settlement Procedures Act of 1974 with re-
spect to any single-family loans it holds or services.’’. 
(f) FORBEARANCE
OF
RESIDENTIAL
MORTGAGE 
LOAN PAYMENTS FOR MULTIFAMILY PROPERTIES (5+ 
UNITS).— 
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577 
(1) IN
GENERAL.—During the COVID–19 
emergency, a multifamily borrower experiencing a fi-
nancial hardship due, directly or indirectly, to the 
COVID–19 emergency may request a forbearance 
under the terms set forth in this section. 
(2) REQUEST FOR RELIEF.—A multifamily bor-
rower may submit a request for forbearance under 
paragraph (1) to the borrower’s servicer, either oral-
ly or in writing, affirming that the multifamily bor-
rower is experiencing hardship during the COVID– 
19 emergency. 
(3) FORBEARANCE PERIOD.— 
(A) IN GENERAL.—Upon receipt of an oral 
or written request for forbearance from a multi-
family borrower, a servicer shall— 
(i) document the financial hardship; 
(ii) provide the forbearance for not 
less than 180 days; and 
(iii) provide the forbearance for an ad-
ditional 180 days upon the request of the 
borrower at least 30 days prior to the end 
of the forbearance period described under 
subparagraph (A). 
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578 
(B) RIGHT
TO
DISCONTINUE.—A multi-
family borrower shall have the option to dis-
continue the forbearance at any time. 
(4) RENTER PROTECTIONS.—During the term 
of a forbearance under this section, a multifamily 
borrower may not— 
(A) evict a tenant for nonpayment of rent; 
or 
(B) apply or accrue any fees or other pen-
alties on renters for nonpayment of rent. 
(5) OBLIGATION
TO
BRING
THE
LOAN
CUR-
RENT.—A multifamily borrower shall bring a loan 
placed in forbearance under this section current 
within the earlier of— 
(A) 12 months after the conclusion of the 
forbearance period; or 
(B) receipt of any business interruption in-
surance proceeds by the multifamily borrower. 
(6) DEFINITION.—For the purposes of this sub-
section, the term ‘‘multifamily borrower’’ means a 
borrower of a residential mortgage loan that is se-
cured by a lien against a property comprising five or 
more dwelling units. 
(g) FEDERAL
RESERVE
CREDIT
FACILITY
FOR 
MORTGAGE SERVICERS.— 
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(1) IN GENERAL.—The Board of Governors of 
the Federal Reserve System and the Secretary of the 
Treasury, pursuant to the authority granted under 
section 13(3) of the Federal Reserve Act, directly 
(or indirectly through an intermediary, such as the 
Federal National Mortgage Association, the Federal 
Home Loan Mortgage Corporation, the Government 
National Mortgage Association, an insured deposi-
tory institution, non-depository lending institution, 
or a special purpose vehicle)— 
(A) shall extend credit to mortgage 
servicers and other obligated advancing parties 
that in each case have liquidity needs due to the 
COVID–19 emergency or compliance with this 
Act with respect to mortgage loans (the ‘‘af-
fected mortgages’’); and 
(B) may extend further credit to mortgage 
servicers for other liquidity needs due to the ac-
tual or imminent delinquency or default on 
mortgage loans due to the COVID–19 emer-
gency. 
(2) NON-COMPLIANT SERVICERS.—A mortgage 
servicer shall not be eligible for assistance under 
paragraph (1) if the provider is in violation of any 
requirement under this Act, and fails to promptly 
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cure any such violation upon notice or discovery 
thereof. 
(3) PAYMENTS
AND
PURCHASES.—Credit ex-
tended under paragraph (1)(A) shall be in an 
amount sufficient to— 
(A) cover— 
(i) the pass-through payment of prin-
cipal and interest to mortgage-backed se-
curities holders; 
(ii) the payment of taxes and insur-
ance to third parties; and 
(iii) the temporary reimbursement of 
modification costs and fees due to servicers 
that will be deferred until such time as a 
forbearance period terminates, due in each 
case on, or in respect of, such affected 
mortgage loans or related mortgage-backed 
securities; 
(B) purchase affected mortgages from 
pools of securitized mortgages 
(4) COLLATERAL.—The credit authorized by 
this section shall be secured by the pledgor’s interest 
in accounts receivable, loans, or related interests re-
sulting from the payment advances made on the af-
fected mortgages by the mortgage servicers. 
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available to address the liquidity concern ad-
dressed by this section. 
(8) AMENDMENTS
TO
NATIONAL
HOUSING 
ACT.—Section 306(g)(1) of the National Housing 
Act (12 U.S.C. 1721(g)(1)) is amended— 
(A) by inserting the following new sentence 
after the fourth sentence in the paragraph: ‘‘In 
any case in which (I) the President declares a 
major disaster or emergency for the nation or 
any area that in either case has been affected 
by damage or other adverse effects of sufficient 
severity and magnitude to warrant major dis-
aster assistance under the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act 
or other Federal law, (II) upon request of an 
Issuer of any security, the Association elects to 
extend to the Issuer one or more of the disaster 
assistance or emergency programs that the As-
sociation determines to be available to account 
for the Issuer’s failure or anticipated failure to 
receive from the mortgagor the full amount of 
principal and interest due, then (III) the Asso-
ciation may elect not to declare the Issuer to be 
in default because of such request for such dis-
aster or emergency assistance.’’; 
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(B) by inserting after the word ‘‘issued’’ in 
the sixth sentence, as redesignated, the fol-
lowing: ‘‘subject to any pledge or grant of secu-
rity interest of the pledgor’s interest in and to 
any such mortgage or mortgages or any interest 
therein and the proceeds thereon, which the As-
sociation may elect to approve;’’; and 
(C) by inserting after the word ‘‘issued’’ in 
the seventh sentence, as redesignated, the fol-
lowing: ‘‘, or (D) its approval and honoring of 
any pledge or grant of security interest of the 
pledgor’s interest in and to any such mortgage 
or mortgages or any interest therein and pro-
ceeds thereon.’’. 
(h) SAFE HARBOR.— 
(1) IN GENERAL.—Notwithstanding any other 
provision of law, whenever a servicer of residential 
mortgages of residential mortgage-backed securi-
ties— 
(A) grants a borrower relief under section 
6(n) and 6(p) of the Real Estate Settlement 
Procedures Act of 1974 with respect to a resi-
dential mortgage originated before April 1, 
2020, 
including 
a 
mortgage 
held 
in 
a 
securitization or other investment vehicle, and 
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584 
(B) the servicer or trustee or issuer owes 
a duty to investors or other parties regarding 
the standard for servicing such mortgage, 
the servicer shall be deemed to have satisfied the 
such a duty, and the servicer shall not be liable to 
any party who is owed such a duty and shall not be 
subject to any injunction, stay, or other equitable re-
lief to such party, based upon its good faith compli-
ance with the provisions of 6(n) and 6(p) of the Real 
Estate Settlement Procedures Act of 1974. Any per-
son, including a trustee or issuer, who cooperates 
with a servicer when such cooperation is necessary 
for the servicer to implement the provisions of 6(n) 
and 6(p) of the Real Estate Settlement Procedures 
Act of 1974 shall be protected from liability in the 
same manner. 
(2) STANDARD INDUSTRY PRACTICE.—Compli-
ance with 6(n) and 6(p) of the Real Estate Settle-
ment Procedures Act of 1974 during the COVID–19 
emergency shall constitute standard industry prac-
tice for purposes of all Federal and State laws. 
(3) DEFINITIONS.—As used in this sub-
section— 
(A) the term ‘‘servicer’’ has the meaning 
given that term under section 6(i)(2) of the 
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Real Estate Settlement Procedures Act of 1974 
(12 U.S.C. 2605(i)(2)); and 
(B) the term ‘‘securitization vehicle’’ has 
the meaning given that term under section 
129A(f)(3) of the Truth in Lending Act (15 
U.S.C. 1639a(f)(3)). 
(4) RULE OF CONSTRUCTION.—No provision of 
paragraph (1) or (2) shall be construed as affecting 
the liability of any servicer or person for actual 
fraud in servicing of a loan or for the violation of 
a State or Federal law. 
(i) POST-PANDEMIC MORTGAGE REPAYMENT OP-
TIONS.—Section 6 of the Real Estate Settlement Proce-
dures Act of 1974 (12 U.S.C. 2605), as amended by sub-
section (d), is further amended by adding at the end the 
following: 
‘‘(p) POST-PANDEMIC MORTGAGE REPAYMENT OP-
TIONS.—With respect to a federally related residential 
mortgage loan, before the end of any forbearance provided 
under subsection (n), servicers shall— 
‘‘(1) evaluate the borrower’s ability to return to 
making regular mortgage payments; 
‘‘(2) if the borrower is able to return to making 
regular mortgage payments at the end of the for-
bearance period— 
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‘‘(A) modify the borrower’s loan to extend 
the term for the same period as the length of 
the forbearance, with all payments that were 
not made during the forbearance distributed at 
the same intervals as the borrower’s existing 
payment schedule and evenly distributed across 
those intervals, with no penalties, late fees, ad-
ditional interest accrued beyond the amounts 
scheduled or calculated as if the borrower made 
all contractual payments on time and in full 
under the terms of the mortgage contract in ef-
fect at the time the borrower entered into the 
forbearance, and with no modification fee 
charged to the borrower; or 
‘‘(B) if the borrower elects to modify the 
loan to capitalize a resulting escrow shortage or 
deficiency, the servicer may modify the bor-
rower’s loan by re-amortizing the principal bal-
ance and extending the term of the loan suffi-
cient to maintain the regular mortgage pay-
ments; and 
‘‘(C) notify the borrower in writing of the 
extension, including provision of a new payment 
schedule and date of maturity, and that the 
borrower shall have the election of prepaying 
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587 
the suspended payments at any time, in a lump 
sum or otherwise; 
‘‘(3) if the borrower is financially unable to re-
turn to making periodic mortgage payments as pro-
vided for in the mortgage contract at the end of the 
COVID–19 emergency— 
‘‘(A) evaluate the borrower for all loan 
modification options, without regard to whether 
the borrower has previously requested, been of-
fered, or provided a loan modification or other 
loss mitigation option and without any require-
ment that the borrower come current before 
such evaluation or as a condition of eligibility 
for such modification, including— 
‘‘(i) further extending the borrower’s 
repayment period; 
‘‘(ii) reducing the principal balance of 
the loan; or 
‘‘(iii) other modification or loss miti-
gation options available to the servicer 
under the terms of any investor require-
ments and existing laws and policies; and 
‘‘(B) if the borrower qualifies for such a 
modification, the service shall offer a loan with 
such terms as to provide a loan with such terms 
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589 
borrower made all contractual payments on 
time and in full under the terms of the mort-
gage contract in effect at the time the borrower 
entered into the forbearance; and 
‘‘(C) if the borrower is unable to resume 
payments on the trial modification at the end of 
the forbearance period, re-evaluate the borrower 
for all available loan modifications under para-
graph 3, without any requirement that the bor-
rower become current before such evaluation or 
as a condition of eligibility for such modifica-
tion.’’. 
(j) CLAIMS OF AFFECTED INVESTORS AND OTHER 
PARTIES.—Any action asserting a taking under the Fifth 
Amendment to the Constitution of the United States as 
a result of this subsection shall be brought not later than 
180 days after the end of the COVID–19 emergency. 
(k) EXTENSION OF THE GSE PATCH.—The Director 
of the Bureau of Consumer Financial Protection shall re-
vise section 1026.43(e)(4)(iii)(B) of title 12, Code of Fed-
eral Regulations, to extend the sunset of the special rule 
provided under such section 1026.43(e)(4) until January 
1, 2022, or such later date as may be determined by the 
Bureau. 
(l) DEFINITIONS.—In this section: 
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590 
(1) 
COVID–19 
EMERGENCY.—The 
term 
‘‘COVID–19 emergency’’ means the period that be-
gins upon the date of the enactment of this Act and 
ends on the date of the termination by the Federal 
Emergency Management Agency of the emergency 
declared on March 13, 2020, by the President under 
the Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act (42 U.S.C. 4121 et seq.) relat-
ing to the Coronavirus Disease 2019 (COVID–19) 
pandemic. 
(2) MANUFACTURED HOME.—The term ‘‘manu-
factured home’’has the meaning given that term 
under section 603 of the National Manufactured 
Housing Construction and Safety Standards Act of 
1974 (42 U.S.C. 5402). 
(3) MOTOR VEHICLE.—The term ‘‘motor vehi-
cle’’ has the meaning given that term under Section 
1029(f) of the Consumer Financial Protection Act of 
2010 (12 U.S.C. 5519(f)). 
(4) RESIDENTIAL MORTGAGE LOAN.—The term 
‘‘residential mortgage loan’’ means any consumer 
credit transaction that is secured by a mortgage, 
deed of trust, or other equivalent consensual security 
interest on residence consisting of a single dwelling 
unit that is occupied by the mortgagor. 
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591 
SEC. 109. BANKRUPTCY PROTECTIONS. 
(a) INCREASING THE HOMESTEAD EXEMPTION.— 
(1) HOMESTEAD EXEMPTION.—Section 522 of 
title 11, United States Code, is amended— 
(A) in subsection (d)(1), by striking 
‘‘$15,000’’ and inserting ‘‘$100,000’’; and 
(B) by adding at the end the following: 
‘‘(r) Notwithstanding any other provision of applica-
ble nonbankruptcy law, a debtor in any State may exempt 
from property of the estate the property described in sub-
section (d)(1) not to exceed the value in subsection (d)(1) 
if the exemption for such property permitted by applicable 
nonbankruptcy law is lower than that amount.’’. 
(b) EFFECT OF MISSED MORTGAGE PAYMENTS ON 
DISCHARGE.—Section 1328 of title 11, United States 
Code, is amended by adding at the end the following: 
‘‘(i) A debtor shall not be denied a 
discharge under this section because, as of 
the date of discharge, the debtor did not 
make 6 or fewer payments directly to the 
holder of a debt secured by real property. 
‘‘(j) Notwithstanding subsections (a) and (b), upon 
the debtor’s request, the court shall grant a discharge of 
all debts provided for in the plan that are dischargeable 
under subsection (a) if the debtor— 
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‘‘(1) has made payments under a confirmed 
plan for at least 1 year; and 
‘‘(2) is experiencing a loss of income or increase 
in expenses due, directly or indirectly, to the 
coronavirus disease 2019 (COVID–19) pandemic.’’. 
(c) MODIFICATION OF CHAPTER 13 PLAN DUE TO 
HARDSHIP CAUSED BY COVID–19 PANDEMIC.—Section 
1329 of title 11, United States Code, is amended by add-
ing at end the following: 
‘‘(d)(1) Subject to paragraph (3), for a plan con-
firmed prior to the date of enactment of this subsection, 
the plan may be modified upon the request of the debtor 
if— 
‘‘(A) the debtor is experiencing or has experi-
enced a material financial hardship due, directly or 
indirectly, to the coronavirus disease 2019 (COVID– 
19) pandemic; and 
‘‘(B) the modification is approved after notice 
and a hearing. 
‘‘(2) A modification under paragraph (1) may include 
extending the period of time for payments on claims not 
later than 7 years after the date on which the first pay-
ment under the original confirmed plan was due. 
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‘‘(3) Sections 1322(a), 1322(b), 1323(c), and the re-
quirements of section 1325(a) shall apply to any modifica-
tion under paragraph (1).’’. 
(d) APPLICABILITY.— 
(1) The amendments made by subsections (a) 
and (b) shall apply to any case commenced before, 
on, or after the date of enactment of this Act. 
(2) The amendment made by subsection (c) 
shall apply to any case for which a plan has been 
confirmed under section 1325 of title 11, United 
States Code, before the date of enactment of this 
Act. 
SEC. 110. DEBT COLLECTION. 
(a) TEMPORARY DEBT COLLECTION MORATORIUM 
DURING THE COVID–19 EMERGENCY PERIOD.— 
(1) IN
GENERAL.—The Fair Debt Collection 
Practices Act (15 U.S.C. 1692 et seq.) is amended 
by inserting after section 812 the following: 
‘‘§ 812A. Temporary debt collection moratorium dur-
ing the COVID–19 emergency period 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) CONSUMER.—The term ‘consumer’ means 
any natural person obligated or allegedly obligated 
to pay any debt. 
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