Title: COVID–19 Mortgage Relief Act
Policy area: Housing and Community Development

Summary:
COVID-19 Mortgage Relief Act
This bill extends protections for renters and mortgage borrowers provided in response to the COVID-19 (i.e., coronavirus disease 2019) emergency, revises bankruptcy provisions, and expands COVID-19 aid programs to include mortgage servicers.
Mortgage forbearance may be extended to borrowers for up to 12 months. Currently, borrowers may receive 180 days of forbearance, with an extension of up to an additional 180 days. The bill also expands the forbearance provisions to apply to nonfederally backed mortgages.
The bill expands the current moratorium on evictions of renters from property receiving a forbearance to generally protect all such renters, not only renters in federally assisted housing or property that has a federally backed mortgage.
The current moratorium on mortgage foreclosures is extended from 60 days beginning on March 18, 2020, to 6 months after enactment of this bill. The bill also expands this moratorium to include nonfederally backed mortgages.
Additionally, the bill generally revises bankruptcy provisions. COVID-19 aid is excluded from property subject to bankruptcy proceedings and the homestead exemption available to individual debtors is increased, among other protections.
Existing COVID-19 economic aid programs are expanded to include mortgage servicers. The Department of the Treasury must allow mortgage servicers to participate in these programs to receive loans, loan guarantees, and other investments currently offered to eligible businesses, states, and municipalities.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6741 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 6741

     To amend the CARES Act to provide forbearance and foreclosure 
      moratoriums for all mortgage loans, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2020

 Mr. Clay (for himself, Ms. Waters, Mr. Lawson of Florida, Ms. Norton, 
  Mr. Green of Texas, Mr. Lynch, Mr. Garcia of Illinois, Mr. Smith of 
Washington, Mrs. Hayes, Mr. Khanna, Mr. Brown of Maryland, Miss Rice of 
   New York, Mr. Hastings, Mr. Espaillat, Mr. Sherman, Mr. Carson of 
Indiana, Mr. Sires, Ms. Schakowsky, Mr. Meeks, Mr. Higgins of New York, 
Mr. Cohen, Ms. Roybal-Allard, Ms. Judy Chu of California, Mr. Soto, and 
 Ms. Gabbard) introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
   the Judiciary, 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

_______________________________________________________________________

                                 A BILL


 
     To amend the CARES Act to provide forbearance and foreclosure 
      moratoriums for all mortgage loans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MORTGAGE RELIEF.

    (a) Short Title.--This section may be cited as the ``COVID-19 
Mortgage Relief Act''.
    (b) Mortgage Relief.--
            (1) Forbearance and foreclosure moratorium for covered 
        mortgage loans.--Section 4022 of the CARES Act (15 U.S.C. 9056) 
        is amended--
                    (A) by striking ``Federally backed mortgage loan'' 
                each place such term appears and inserting ``covered 
                mortgage loan''; and
                    (B) in subsection (a)--
                            (i) by amending paragraph (2) to read as 
                        follows:
            ``(2) Covered mortgage loan.--The term `covered mortgage 
        loan' means any credit transaction that is secured by a 
        mortgage, deed of trust, or other equivalent consensual 
        security interest on a 1- to 4-unit dwelling or on residential 
        real property that includes a 1- to 4-unit dwelling, except 
        that it shall not include a credit transaction under an open 
        end credit plan other than a reverse mortgage.''; and
                            (ii) by adding at the end the following:
            ``(3) Covered period.--With respect to a loan, the term 
        `covered period' means the period beginning on the date of 
        enactment of this Act and ending 12 months after such date of 
        enactment.''.
            (2) Automatic forbearance for delinquent borrowers.--
        Section 4022(c) of the CARES Act (15 U.S.C. 9056(c)), as 
        amended by paragraph (5) of this subsection, is further amended 
        by adding at the end the following:
            ``(9) Automatic forbearance for delinquent borrowers.--
                    ``(A) In general.--Notwithstanding any other law 
                governing forbearance relief--
                            ``(i) any borrower whose covered mortgage 
                        loan became 60 days delinquent between March 
                        13, 2020, and the date of enactment of this 
                        paragraph, and who has not already received a 
                        forbearance under subsection (b), shall 
                        automatically be granted a 60-day forbearance 
                        that begins on the date of enactment of this 
                        paragraph, provided that a borrower shall not 
                        be considered delinquent for purposes of this 
                        paragraph while making timely payments or 
                        otherwise performing under a trial modification 
                        or other loss mitigation agreement; and
                            ``(ii) any borrower whose covered mortgage 
                        loan becomes 60 days delinquent between the 
                        date of enactment of this paragraph and the end 
                        of the covered period, and who has not already 
                        received a forbearance under subsection (b), 
                        shall automatically be granted a 60-day 
                        forbearance that begins on the 60th day of 
                        delinquency, provided that a borrower shall not 
                        be considered delinquent for purposes of this 
                        paragraph while making timely payments or 
                        otherwise performing under a trial modification 
                        or other loss mitigation agreement.
                    ``(B) Initial extension.--An automatic forbearance 
                provided under subparagraph (A) shall be extended for 
                up to an additional 120 days upon the borrower's 
                request, oral or written, submitted to the borrower's 
                servicer affirming that the borrower is experiencing a 
                financial hardship that prevents the borrower from 
                making timely payments on the covered mortgage loan 
                due, directly or indirectly, to the COVID-19 emergency.
                    ``(C) Subsequent extension.--A forbearance extended 
                under subparagraph (B) shall be extended for up to an 
                additional 180 days, up to a maximum of 360 days 
                (including the period of automatic forbearance), upon 
                the borrower's request, oral or written, submitted to 
                the borrower's servicer affirming that the borrower is 
                experiencing a financial hardship that prevents the 
                borrower from making timely payments on the covered 
                mortgage loan due, directly or indirectly, to the 
                COVID-19 emergency.
                    ``(D) Right to elect to continue making payments.--
                With respect to a forbearance provided under this 
                paragraph, the borrower of such loan may elect to 
                continue making regular payments on the loan. A 
                borrower who makes such election shall be offered a 
                loss mitigation option pursuant to subsection (d) 
                within 30 days of resuming regular payments to address 
                any payment deficiency during the forbearance.
                    ``(E) Right to shorten forbearance.--At a 
                borrower's request, any period of forbearance provided 
                under this paragraph may be shortened. A borrower who 
                makes such a request shall be offered a loss mitigation 
                option pursuant to subsection (d) within 30 days of 
                resuming regular payments to address any payment 
                deficiency during the forbearance.
            ``(10) Automatic forbearance for certain reverse mortgage 
        loans.--
                    ``(A) In general.--When any covered mortgage loan 
                which is also a federally insured reverse mortgage 
                loan, during the covered period, is due and payable due 
                to the death of the last borrower or end of a deferral 
                period or eligible to be called due and payable due to 
                a property charge default, or if the borrower defaults 
                on a property charge repayment plan, or if the borrower 
                defaults for failure to complete property repairs, or 
                if an obligation of the borrower under the Security 
                Instrument is not performed, the mortgagee 
                automatically shall be granted a six-month extension 
                of--
                            ``(i) the mortgagee's deadline to request 
                        due and payable status from the Department of 
                        Housing and Urban Development;
                            ``(ii) the mortgage's deadline to send 
                        notification to the mortgagor or his or her 
                        heirs that the loan is due and payable;
                            ``(iii) the deadline to initiate 
                        foreclosure;
                            ``(iv) any reasonable diligence period 
                        related to foreclosure or the Mortgagee 
                        Optional Election;
                            ``(v) if applicable, the deadline to obtain 
                        the due and payable appraisal; and
                            ``(vi) any claim submission deadline, 
                        including the 6-month acquired property 
                        marketing period.
                    ``(B) Forbearance period.--The mortgagee shall not 
                request due and payable status from the Secretary of 
                Housing and Urban Development nor initiate foreclosure 
                during this six-month period described under 
                subparagraph (A), which shall be considered a 
                forbearance period.
                    ``(C) Extension.--A forbearance provided under 
                subparagraph (B) and related deadline extension 
                authorized under subparagraph (A) shall be extended for 
                an additional 180 days upon--
                            ``(i) the borrower's request, oral or 
                        written, submitted to the borrower's servicer 
                        affirming that the borrower is experiencing a 
                        financial hardship that prevents the borrower 
                        from making payments on property charges, 
                        completing property repairs, or performing an 
                        obligation of the borrower under the Security 
                        Instrument due, directly or indirectly, to the 
                        COVID-19 emergency;
                            ``(ii) a non-borrowing spouse's request, 
                        oral or written, submitted to the servicer 
                        affirming that the non-borrowing spouse has 
                        been unable to satisfy all criteria for the 
                        Mortgagee Optional Election program due, 
                        directly or indirectly, to the COVID-19 
                        emergency, or to perform all actions necessary 
                        to become an eligible non-borrowing spouse 
                        following the death of all borrowers; or
                            ``(iii) a successor-in-interest of the 
                        borrower's request, oral or written, submitted 
                        to the servicer affirming the heir's difficulty 
                        satisfying the reverse mortgage loan due, 
                        directly or indirectly, to the COVID-19 
                        emergency.
                    ``(D) Curtailment of debenture interest.--Where any 
                covered mortgage loan which is also a federally insured 
                reverse mortgage loan is in default during the covered 
                period and subject to a prior event which provides for 
                curtailment of debenture interest in connection with a 
                claim for insurance benefits, the curtailment of 
                debenture interest shall be suspended during any 
                forbearance period provided herein.''.
            (3) Additional foreclosure and repossession protections.--
        Section 4022(c) of the CARES Act (15 U.S.C. 9056(c)) is 
        amended--
                    (A) in paragraph (2), by striking ``may not 
                initiate any judicial or non-judicial foreclosure 
                process, move for a foreclosure judgment or order of 
                sale, or execute a foreclosure-related eviction or 
                foreclosure sale for not less than the 60-day period 
                beginning on March 18, 2020'' and inserting ``may not 
                initiate or proceed with any judicial or non-judicial 
                foreclosure process, schedule a foreclosure sale, move 
                for a foreclosure judgment or order of sale, execute a 
                foreclosure related eviction or foreclosure sale for 
                six months after the date of enactment of the COVID-19 
                HERO Act''; and
                    (B) by adding at the end the following:
            ``(3) Repossession moratorium.--In the case of personal 
        property, including any recreational or motor vehicle, used as 
        a dwelling, no person may use any judicial or non-judicial 
        procedure to repossess or otherwise take possession of such 
        property for six months after date of enactment of this 
        paragraph.''.
            (4) Mortgage forbearance reforms.--Section 4022 of the 
        CARES Act (15 U.S.C. 9056) is amended--
                    (A) in subsection (b), by striking paragraphs (1), 
                (2), and (3) and inserting the following:
            ``(1) In general.--During the covered period, a borrower 
        with a covered mortgage loan who has not obtained automatic 
        forbearance pursuant to this section and who is experiencing a 
        financial hardship that prevents the borrower from making 
        timely payments on the covered mortgage loan due, directly or 
        indirectly, to the COVID-19 emergency may request forbearance 
        on the loan, regardless of delinquency status, by--
                    ``(A) submitting a request, orally or in writing, 
                to the servicer of the loan; and
                    ``(B) affirming that the borrower is experiencing a 
                financial hardship that prevents the borrower from 
                making timely payments on the covered mortgage loan 
                due, directly or indirectly, to the COVID-19 emergency.
            ``(2) Duration of forbearance.--
                    ``(A) In general.--Upon a request by a borrower to 
                a servicer for forbearance under paragraph (1), such 
                forbearance shall be granted by the servicer for the 
                period requested by the borrower, up to an initial 
                length of 180 days, the length of which shall be 
                extended by the servicer, at the request of the 
                borrower for the period or periods requested, for a 
                total forbearance period of up to 12 months.
                    ``(B) Minimum forbearance amounts.--For purposes of 
                granting a forbearance under this paragraph, a servicer 
                may grant an initial forbearance with a term of not 
                less than 90 days, provided that it is automatically 
                extended for an additional 90 days unless the servicer 
                confirms the borrower does not want to renew the 
                forbearance or that the borrower is no longer 
                experiencing a financial hardship that prevents the 
                borrower from making timely mortgage payments due, 
                directly or indirectly, to the COVID-19 emergency.
                    ``(C) Right to shorten forbearance.--At a 
                borrower's request, any period of forbearance described 
                under this paragraph may be shortened. A borrower who 
                makes such a request shall be offered a loss mitigation 
                option pursuant to subsection (d) within 30 days of 
                resuming regular payments to address any payment 
                deficiency during the forbearance.
            ``(3) Accrual of interest or fees.--A servicer shall not 
        charge a borrower any fees, penalties, or interest (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 connection with a forbearance, provided 
        that a servicer may offer the borrower a modification option at 
        the end of a forbearance period granted hereunder that includes 
        the capitalization of past due principal and interest and 
        escrow payments as long as the borrower's principal and 
        interest payment under such modification remains at or below 
        the contractual principal and interest payments owed under the 
        terms of the mortgage contract before such forbearance period 
        except as the result of a change in the index of an adjustable 
        rate mortgage.
            ``(4) Communication with servicers.--Any communication 
        between a borrower and a servicer described under this section 
        may be made in writing or orally, at the borrower's choice.
            ``(5) Communication with borrowers with a disability.--Upon 
        request from a borrower, servicers shall communicate with 
        borrowers who have a disability in the borrower's preferred 
        method of communication. For purposes of this paragraph, the 
        term `disability' has the meaning given that term in the Fair 
        Housing Act, the Americans with Disabilities Act of 1990, or 
        the Rehabilitation Act of 1973.''; and
                    (B) in subsection (c), by amending paragraph (1) to 
                read as follows:
            ``(1) No documentation required.--A servicer of a covered 
        mortgage loan shall not require any documentation with respect 
        to a forbearance under this section other than the borrower's 
        affirmation (oral or written) to a financial hardship that 
        prevents the borrower from making timely payments on the 
        covered mortgage loan due, directly or indirectly, to the 
        COVID-19 emergency. An oral request for forbearance and oral 
        affirmation of hardship by the borrower shall be sufficient for 
        the borrower to obtain or extend a forbearance.''.
            (5) Other servicer requirements during forbearance.--
        Section 4022(c) of the CARES Act (15 U.S.C. 9056(c)), as 
        amended by paragraph (3) of this subsection, is further amended 
        by adding at the end the following:
            ``(4) Forbearance terms notice.--Within 30 days of a 
        servicer of a covered mortgage loan providing forbearance to a 
        borrower under subsection (b) or paragraph (9) or (10), or 10 
        days if the forbearance is for a term of less than 60 days, but 
        only where the forbearance was provided in response to a 
        borrower's request for forbearance or when an automatic 
        forbearance was initially provided under paragraph (9) or (10), 
        and not when an existing forbearance is automatically extended, 
        the servicer shall provide the borrower with a notice in 
        accordance with the terms in paragraph (5).
            ``(5) Contents of notice.--The written notice required 
        under paragraph (4) shall state in plain language--
                    ``(A) the specific terms of the forbearance;
                    ``(B) the beginning and ending dates of the 
                forbearance;
                    ``(C) that the borrower is eligible for up to 12 
                months of forbearance;
                    ``(D) that the borrower may request an extension of 
                the forbearance unless the borrower will have reached 
                the maximum period at the end of the forbearance;
                    ``(E) that the borrower may request that the 
                initial or extended period be shortened at any time;
                    ``(F) that the borrower should contact the servicer 
                before the end of the forbearance period;
                    ``(G) a description of the loss mitigation options 
                that may be available to the borrower at the end of the 
                forbearance period based on the borrower's specific 
                loan;
                    ``(H) information on how to find a housing 
                counseling agency approved by the Department of Housing 
                and Urban Development;
                    ``(I) in the case of a forbearance provided 
                pursuant to paragraph (9) or (10), that the forbearance 
                was automatically provided and how to contact the 
                servicer to make arrangements for further assistance, 
                including any renewal; and
                    ``(J) where applicable, that the forbearance is 
                subject to an automatic extension including the terms 
                of any such automatic extensions and when any further 
                extension would require a borrower request.
            ``(6) Treatment of escrow accounts.--During any forbearance 
        provided under this section, a servicer shall pay or advance 
        funds to make disbursements in a timely manner from any escrow 
        account established on the covered mortgage loan.
            ``(7) Notification for borrowers.--During the period that 
        begins 90 days after the date of the enactment of this 
        paragraph and ends at the end of the covered period, each 
        servicer of a covered mortgage loan shall be required to--
                    ``(A) make available in a clear and conspicuous 
                manner on their web page accurate information, in 
                English and Spanish, for borrowers regarding the 
                availability of forbearance as provided under 
                subsection (b); and
                    ``(B) notify every borrower whose payments on a 
                covered mortgage loan are delinquent in any oral 
                communication with or to the borrower that the borrower 
                may be eligible to request forbearance as provided 
                under subsection (b), except that such notice shall not 
                be required if the borrower already has requested 
                forbearance under subsection (b).
            ``(8) Certain treatment under respa.--As long as a 
        borrower's payment on a covered mortgage loan was not more than 
        30 days delinquent on March 13, 2020, a servicer may not deem 
        the borrower as delinquent while a forbearance granted under 
        subsection (b) is in effect for purposes of the application of 
        sections 6 and 10 of the Real Estate Settlement Procedures Act 
        and any applicable regulations.''.
            (6) Post-forbearance loss mitigation.--
                    (A) Amendment to cares act.--Section 4022 of the 
                CARES Act (15 U.S.C. 9056) is amended by adding at the 
                end the following:
    ``(d) Post-Forbearance Loss Mitigation.--
            ``(1) Notice of availability of additional forbearance.--
        With respect to any covered mortgage loan as to which 
        forbearance under this section has been granted and not 
        otherwise extended, including by automatic extension, a 
        servicer shall, no later than 30 days before the end of the 
        forbearance period, in writing, notify the borrower that 
        additional forbearance may be available and how to request such 
        forbearance, except that no such notice is required where the 
        borrower already has requested an extension of the forbearance 
        period, is subject to automatic extension pursuant to 
        subsection (b)(2)(B), or no additional forbearance is 
        available.
            ``(2) Loss mitigation offer before expiration of 
        forbearance.--No later than 30 days before the end of any 
        forbearance period that has not been extended or 30 days after 
        a request by a consumer to terminate the forbearance, which 
        time shall be before the servicer initiates or engages in any 
        foreclosure activity listed in subsection (c)(2), including 
        incurring or charging to a borrower any fees or corporate 
        advances related to a foreclosure, the servicer shall, in 
        writing--
                    ``(A) offer the borrower a loss mitigation option, 
                without the charging of any fees or penalties other 
                than interest, such that the borrower's principal and 
                interest payment remains the same as it was prior to 
                the forbearance, subject to any adjustment of the index 
                pursuant to the terms of an adjustable rate mortgage, 
                and that either--
                            ``(i) defers the payment of total 
                        arrearages, including any escrow advances, to 
                        the end of the existing term of the loan, 
                        without the charging or collection of any 
                        additional interest on the deferred amounts; or
                            ``(ii) extends the term of the mortgage 
                        loan, and capitalizes, defers, or forgives all 
                        escrow advances and other arrearages,
                provided, however, that the servicer may offer the 
                borrower a loss mitigation option that reduces the 
                principal and interest payment on the loan and 
                capitalizes, defers, or forgives all escrow advances or 
                arrearages if the servicer has information indicating 
                that the borrower cannot resume the pre-forbearance 
                mortgage payments; and
                    ``(B) concurrent with the loss mitigation offer in 
                subparagraph (A), notify the borrower that the borrower 
                has the right to be evaluated for other loss mitigation 
                options if the borrower is not able to make the payment 
                under the option offered in subparagraph (A).
            ``(3) Evaluation for loss mitigation prior to foreclosure 
        initiation.--Before a servicer may initiate or engage in any 
        foreclosure activity listed in subsection (c)(2), including 
        incurring or charging to a borrower any fees or corporate 
        advances related to a foreclosure on the basis that the 
        borrower has failed to perform under the loss mitigation offer 
        in paragraph (2)(A) within the first 90 days after the option 
        is offered, including a failure to accept the loss mitigation 
        offer in paragraph (2)(A), the servicer shall--
                    ``(A) unless the borrower has already submitted a 
                complete application that the servicer is reviewing--
                            ``(i) notify the borrower in writing of the 
                        documents and information, if any, needed by 
                        the servicer to enable the servicer to consider 
                        the borrower for all available loss mitigation 
                        options; and
                            ``(ii) exercise reasonable diligence to 
                        obtain the documents and information needed to 
                        complete the borrower's loss mitigation 
                        application; and
                    ``(B) upon receipt of a complete application or if, 
                despite the servicer's exercise of reasonable 
                diligence, the loss mitigation application remains 
                incomplete sixty days after the notice in paragraph 
                (2)(A) is sent, conduct an evaluation of the complete 
                or incomplete loss mitigation application without 
                reference to whether the borrower has previously 
                submitted a complete loss mitigation application and 
                offer the borrower all available loss mitigation 
                options for which the borrower qualifies under 
                applicable investor guidelines, including guidelines 
                regarding required documentation.
            ``(4) Effect on future requests for loss mitigation 
        review.--An application, offer, or evaluation for loss 
        mitigation under this section shall not be the basis for the 
        denial of a borrower's application as duplicative or for a 
        reduction in the borrower's appeal rights under Regulation X 
        (12 C.F.R. 1024) in regard to any loss mitigation application 
        submitted after the servicer has complied with the requirements 
        of paragraphs (2) and (3).
            ``(5) Safe harbor.--Any loss mitigation option authorized 
        by the Federal National Mortgage Association, the Federal Home 
        Loan Corporation, or the Federal Housing Administration that 
        either--
                    ``(A) defers the payment of total arrearages, 
                including any escrow advances, to the end of the 
                existing term of the loan, without the charging or 
                collection of any additional interest on the deferred 
                amounts; or
                    ``(B) extends the term of the mortgage loan, and 
                capitalizes, defers, or forgives all escrow advances 
                and other arrearages, without the charging of any fees 
                or penalties beyond interest on any amount capitalized 
                into the loan principal,
        shall be deemed to comply with the requirements of paragraph 
        (1)(B).
            ``(6) Home retention options for certain reverse mortgage 
        loans.--
                    ``(A) In general.--For a covered mortgage loan 
                which is also a federally insured reverse mortgage 
                loan, a servicer's conduct shall be deemed to comply 
                with this section provided that if the loan is eligible 
                to be called due and payable due to a property charge 
                default, the mortgagee shall, as a precondition to 
                sending a due and payable request to the Secretary or 
                initiating or continuing a foreclosure process--
                            ``(i) make a good faith effort to 
                        communicate with the borrower regarding 
                        available home retention options to cure the 
                        property charge default, including encouraging 
                        the borrower to apply for home retention 
                        options; and
                            ``(ii) consider the borrower for all 
                        available home retention options as allowed by 
                        the Secretary.
                    ``(B) Permissible repayment plans.--The Secretary 
                shall amend its allowable home retention options to 
                permit a repayment plan of up to 120 months in length, 
                and to permit a repayment plan without regard to prior 
                defaults on repayment plans.
                    ``(C) Limitation on interest curtailment.--The 
                Secretary may not curtail interest paid to mortgagees 
                who engage in loss mitigation or home retention actions 
                through interest curtailment during such loss 
                mitigation or home retention review or during the 
                period when a loss mitigation or home retention plan is 
                in effect and ending 90 days after any such plan 
                terminates.''.
                    (B) Amendment to housing act of 1949.--Section 505 
                of the Housing Act of 1949 (42 U.S.C. 1475) is 
                amended--
                            (i) by striking the section heading and 
                        inserting ``loss mitigation and foreclosure 
                        procedures'';
                            (ii) in subsection (a), by striking the 
                        section designation and all that follows 
                        through ``During any'' and inserting the 
                        following:
    ``Sec. 505. (a) Moratorium--(1) In determining a borrower's 
eligibility for relief, the Secretary shall make all eligibility 
decisions based on the borrower's household's income, expenses, and 
circumstances.
    ``(2) During any'';
                            (iii) by redesignating subsection (b) as 
                        subsection (c); and
                            (iv) by inserting after subsection (a) the 
                        following new subsection:
    ``(b) Loan Modification.--(1) Notwithstanding any other provision 
of this title, for any loan made under section 502 or 504, the 
Secretary may modify the interest rate and extend the term of such loan 
for up to 30 years from the date of such modification.
    ``(2) At the end of any moratorium period granted under this 
section or under the COVID-19 HERO Act, the Secretary shall determine 
whether the borrower can reasonably resume making principal and 
interest payments after the Secretary modifies the borrower's loan 
obligations in accordance with paragraph (1).''.
            (7) Multifamily mortgage forbearance.--Section 4023 of the 
        CARES Act (15 U.S.C. 9057) is amended--
                    (A) by striking ``Federally backed multifamily 
                mortgage loan'' each place such term appears and 
                inserting ``multifamily mortgage loan'';
                    (B) in subsection (b), by striking ``during'' and 
                inserting ``due, directly or indirectly, to'';
                    (C) in subsection (c)(1)--
                            (i) in subparagraph (A), by adding ``and'' 
                        at the end; and
                            (ii) by striking subparagraphs (B) and (C) 
                        and inserting the following:
                    ``(B) provide the forbearance for up to the end of 
                the period described under section 4024(b).'';
                    (D) by redesignating subsection (f) as subsection 
                (g);
                    (E) by inserting after subsection (e) the 
                following:
    ``(f) Treatment After Forbearance.--With respect to a multifamily 
mortgage loan provided a forbearance under this section, the servicer 
of such loan--
            ``(1) shall provide the borrower with a 12-month period 
        beginning at the end of such forbearance to become current on 
        the payments under such loan;
            ``(2) may not charge any late fees, penalties, or other 
        charges with respect to payments on the loan that were due 
        during the forbearance period, if such payments are made before 
        the end of the 12-month period; and
            ``(3) may not report any adverse information to a credit 
        rating agency (as defined under section 603 of the Fair Credit 
        Reporting Act with respect to any payments on the loan that 
        were due during the forbearance period, if such payments are 
        made before the end of the 12-month period.)''; and
                    (F) in subsection (g), as so redesignated--
                            (i) in paragraph (2)--
                                    (I) by striking ``that--'' and all 
                                that follows through ``(A) is secured 
                                by'' and inserting ``that is secured 
                                by'';
                                    (II) by striking ``; and'' and 
                                inserting a period; and
                                    (III) by striking subparagraph (B); 
                                and
                            (ii) by amending paragraph (5) to read as 
                        follows:
            ``(5) Covered period.--With respect to a loan, the term 
        `covered period' has the meaning given that term under section 
        4022(a)(3).''.
            (8) Renter protections during forbearance period.--A 
        borrower that receives a forbearance pursuant to section 4022 
        or 4023 of the CARES Act (15 U.S.C. 9056 or 9057) may not, for 
        the duration of the forbearance--
                    (A) evict or initiate the eviction of a tenant 
                solely for nonpayment of rent or other fees or charges; 
                or
                    (B) charge any late fees, penalties, or other 
                charges to a tenant for late payment of rent.
            (9) Extension of gse patch.--
                    (A) Non-applicability of existing sunset.--Section 
                1026.43(e)(4)(iii)(B) of title 12, Code of Federal 
                Regulations, shall have no force or effect.
                    (B) Extended sunset.--The special rules in section 
                1026.43(e)(4) of title 12, Code of Federal Regulations, 
                shall apply to covered transactions consummated prior 
                to June 1, 2022, or such later date as the Director of 
                the Bureau of Consumer Financial Protection may 
                determine, by rule.
            (10) Servicer safe harbor from investor liability.--
                    (A) Safe harbor.--
                            (i) In general.--A servicer of covered 
                        mortgage loans or multifamily mortgage loans 
                        shall be deemed not to have violated any duty 
                        or contractual obligation owed to investors or 
                        other parties regarding such mortgage loans on 
                        account of offering or implementing in good 
                        faith forbearance during the covered period or 
                        offering or implementing in good faith post-
                        forbearance loss mitigation (including after 
                        the expiration of the covered period) in 
                        accordance with the terms of sections 4022 and 
                        4023 of the CARES Act to borrowers, 
                        respectively, on covered or multifamily 
                        mortgage loans that it services and shall not 
                        be liable to any party who is owed such a duty 
                        or obligation or subject to any injunction, 
                        stay, or other equitable relief to such party 
                        on account of such offer or implementation of 
                        forbearance or post-forbearance loss 
                        mitigation.
                            (ii) Other persons.--Any person, including 
                        a trustee of a securitization vehicle or other 
                        party involved in a securitization or other 
                        investment vehicle, who in good faith 
                        cooperates with a servicer of covered or 
                        multifamily mortgage loans held by that 
                        securitization or investment vehicle to comply 
                        with the terms of section 4022 and 4023 of the 
                        CARES Act, respectively, to borrowers on 
                        covered or multifamily mortgage loans owned by 
                        the securitization or other investment vehicle 
                        shall not be liable to any party who is owed 
                        such a duty or obligation or subject to any 
                        injunction, stay, or other equitable relief to 
                        such party on account of its cooperation with 
                        an offer or implementation of forbearance 
                        during the covered period or post-forbearance 
                        loss mitigation, including after the expiration 
                        of the covered period.
                    (B) Standard industry practice.--During the covered 
                period, notwithstanding any contractual restrictions, 
                it is deemed to be standard industry practice for a 
                servicer to offer forbearance or loss mitigation 
                options in accordance with the terms of sections 4022 
                and 4023 of the CARES Act to borrowers, respectively, 
                on all covered or multifamily mortgage loans it 
                services.
                    (C) Rule of construction.--Nothing in this 
                paragraph may be construed as affecting the liability 
                of a servicer or other person for actual fraud in the 
                servicing of a mortgage loan or for the violation of a 
                State or Federal law.
                    (D) Definitions.--In this paragraph:
                            (i) Covered mortgage loan.--The term 
                        ``covered mortgage loan'' has the meaning given 
                        that term under section 4022(a) of the CARES 
                        Act.
                            (ii) Covered period.--The term ``covered 
                        period'' has the meaning given that term under 
                        section 4023(g) of the CARES Act.
                            (iii) Multifamily mortgage loan.--The term 
                        ``multifamily mortgage loan'' has the meaning 
                        given that term under section 4023(g) of the 
                        CARES Act.
                            (iv) Servicer.--The term ``servicer''--
                                    (I) has the meaning given the term 
                                under section 6(i) of the Real Estate 
                                Settlement Procedures Act of 1974 (12 
                                U.S.C. 2605(i)); and
                                    (II) means a master servicer and a 
                                subservicer, as such terms are defined, 
                                respectively, under section 1024.31 of 
                                title 12, Code of Federal Regulations.
                            (v) Securitization vehicle.--The term 
                        ``securitization vehicle'' has the meaning 
                        given that term under section 129A(f) of the 
                        Truth in Lending Act (15 U.S.C. 1639a(f)).
            (11) Amendments to national housing act.--Section 306(g)(1) 
        of the National Housing Act (12 U.S.C. 1721(a)) is amended--
                    (A) in the fifth sentence, by inserting after 
                ``issued'' the following: ``, subject to any pledge or 
                grant of security interest of the Federal Reserve under 
                section 4003(a) of the CARES Act (Public Law 116-136; 
                134 Stat. 470; 15 U.S.C. 9042(a)) and to any such 
                mortgage or mortgages or any interest therein and the 
                proceeds thereon, which the Association may elect to 
                approve''; and
                    (B) in the sixth sentence--
                            (i) by striking ``or (C)'' and inserting 
                        ``(C)''; and
                            (ii) by inserting before the period the 
                        following: ``, or (D) its approval and honoring 
                        of any pledge or grant of security interest of 
                        the Federal Reserve under section 4003(a) of 
                        the CARES Act and to any such mortgage or 
                        mortgages or any interest therein and proceeds 
                        thereon as''.
            (12) Bankruptcy protections.--
                    (A) Bankruptcy protections for federal coronavirus 
                relief payments.--Section 541(b) of title 11, United 
                States Code, is amended--
                            (i) in paragraph (9), in the matter 
                        following subparagraph (B), by striking ``or'';
                            (ii) in paragraph (10)(C), by striking the 
                        period at the end and inserting ``; or''; and
                            (iii) by inserting after paragraph (10) the 
                        following:
            ``(11) payments made under Federal law relating to the 
        national emergency declared by the President under the National 
        Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the 
        coronavirus disease 2019 (COVID-19).''.
                    (B) Protection against discriminatory treatment of 
                homeowners in bankruptcy.--Section 525 of title 11, 
                United States Code, is amended by adding at the end the 
                following:
    ``(d) A person may not be denied any forbearance, assistance, or 
loan modification relief made available to borrowers by a mortgage 
creditor or servicer because the person is or has been a debtor, or has 
received a discharge, in a case under this title.''.
                    (C) Increasing the homestead exemption.--Section 
                522 of title 11, United States Code, is amended--
                            (i) in subsection (d)(1), by striking 
                        ``$15,000'' and inserting ``$100,000''; and
                            (ii) by adding at the end the following:
    ``(r) Notwithstanding any other provision of applicable 
nonbankruptcy law, a debtor in any State may exempt from property of 
the estate the property described in subsection (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.''.
                    (D) 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--
            ``(1) has made payments under a confirmed plan for at least 
        1 year; and
            ``(2) who is experiencing or has experienced a material 
        financial hardship due, directly or indirectly, to the 
        coronavirus disease 2019 (COVID-19) pandemic.''.
                    (E) Expanded eligibility for chapter 13.--Section 
                109(e) of title 11, United States Code, is amended--
                            (i) by striking ``$250,000'' each place the 
                        term appears and inserting ``$850,000''; and
                            (ii) by striking ``$750,000'' each place 
                        the term appears and inserting ``$2,600,000''.
                    (F) Extended cure period for homeowners harmed by 
                covid-19 pandemic.--
                            (i) In general.--Chapter 13 of title 11, 
                        United States Code, is amended by adding at the 
                        end thereof the following:
``Sec. 1331. Special provisions related to COVID-19 pandemic
    ``(a) Notwithstanding subsections (b)(2) and (d) of section 1322, 
if the debtor is experiencing or has experienced a material financial 
hardship due, directly or indirectly, to the coronavirus disease 2019 
(COVID-19) pandemic, a plan may provide for the curing of any default 
within a reasonable time, not to exceed 7 years after the time that the 
first payment under the original confirmed plan was due, and 
maintenance of payments while the case is pending on any unsecured 
claim or secured claim on which the last payment is due after the 
expiration of such time. Any such plan provision shall not affect the 
applicable commitment period under section 1325(b).
    ``(b) For purposes of sections 1328(a) and 1328(b), any cure or 
maintenance payments under subsection (a) that are made after the end 
of the period during which the plan provides for payments (other than 
payments under subsection (a)) shall not be treated as payments under 
the plan.
    ``(c) Notwithstanding section 1329(c), a plan modified under 
section 1329 at the debtor's request may provide for cure or 
maintenance payments under subsection (a) over a period that is not 
longer than 7 years after the time that the first payment under the 
original confirmed plan was due.
    ``(d) Notwithstanding section 362(c)(2), during the period after 
the debtor receives a discharge and the period during which the plan 
provides for the cure of any default and maintenance of payments under 
the plan, section 362(a) shall apply to the holder of a claim for which 
a default is cured and payments are maintained under subsection (a) and 
to any property securing such claim.
    ``(e) Notwithstanding section 1301(a)(2), the stay of section 
1301(a) terminates upon the granting of a discharge under section 1328 
with respect to all creditors other than the holder of a claim for 
which a default is cured and payments are maintained under subsection 
(a).''.
                            (ii) Table of contents.--The table of 
                        sections of chapter 13, title 11, United States 
                        Code, is amended by adding at the end thereof 
                        the following:

``Sec. 1331. Special provisions related to COVID-19 pandemic.''.
                            (iii) Application.--The amendments made by 
                        this paragraph shall apply only to any case 
                        under title 11, United States Code, commenced 
                        before 3 years after the date of enactment of 
                        this Act and pending on or commenced after such 
                        date of enactment, in which a plan under 
                        chapter 13 of title 11, United States Code, was 
                        not confirmed before March 27, 2020.
            (13) Liquidity for mortgage servicers and residential 
        rental property owners.--
                    (A) In general.--Section 4003 of the CARES Act (15 
                U.S.C. 9042), is amended by adding at the end the 
                following:
    ``(i) Liquidity for Mortgage Servicers.--
            ``(1) In general.--Subject to paragraph (2), the Secretary 
        shall ensure that servicers of covered mortgage loans (as 
        defined under section 4022) and multifamily mortgage loans (as 
        defined under section 4023) are provided the opportunity to 
        participate in the loans, loan guarantees, or other investments 
        made by the Secretary under this section. The Secretary shall 
        ensure that servicers are provided with access to such 
        opportunities under equitable terms and conditions regardless 
        of their size.
            ``(2) Mortgage servicer eligibility.--In order to receive 
        assistance under subsection (b)(4), a mortgage servicer shall--
                    ``(A) demonstrate that the mortgage servicer has 
                established policies and procedures to use such funds 
                only to replace funds used for borrower assistance, 
                including to advance funds as a result of forbearance 
                or other loss mitigation provided to borrowers;
                    ``(B) demonstrate that the mortgage servicer has 
                established policies and procedures to provide 
                forbearance, post-forbearance loss mitigation, and 
                other assistance to borrowers in compliance with the 
                terms of section 4022 or 4023, as applicable;
                    ``(C) demonstrate that the mortgage servicer has 
                established policies and procedures to ensure that 
                forbearance and post-forbearance assistance is 
                available to all borrowers in a non-discriminatory 
                fashion and in compliance with the Fair Housing Act, 
                the Equal Credit Opportunity Act, and other applicable 
                fair housing and fair lending laws; and
                    ``(D) comply with the limitations on compensation 
                set forth in section 4004.
            ``(3) Mortgage servicer requirements.--A mortgage servicer 
        receiving assistance under subsection (b)(4) may not, while the 
        servicer is under any obligation to repay funds provided or 
        guaranteed under this section--
                    ``(A) pay dividends with respect to the common 
                stock of the mortgage servicer or purchase an equity 
                security of the mortgage servicer or any parent company 
                of the mortgage servicer if the security is listed on a 
                national securities exchange, except to the extent 
                required under a contractual obligation that is in 
                effect on the date of enactment of this subsection; or
                    ``(B) prepay any debt obligation.''.
                    (B) Credit facility for residential rental property 
                owners.--
                            (i) In general.--The Board of Governors of 
                        the Federal Reserve System shall--
                                    (I) establish a facility, using 
                                amounts made available under section 
                                4003(b)(4) of the CARES Act (15 U.S.C. 
                                9042(b)(4)), to make long-term, low-
                                cost loans to residential rental 
                                property owners as to temporarily 
                                compensate such owners for documented 
                                financial losses caused by reductions 
                                in rent payments; and
                                    (II) defer such owners' required 
                                payments on such loans until after six 
                                months after the date of enactment of 
                                this Act.
                            (ii) Requirements.--A borrower that 
                        receives a loan under this subsection may not, 
                        for the duration of the loan--
                                    (I) evict or initiate the eviction 
                                of a tenant solely for nonpayment of 
                                rent or other fees or charges;
                                    (II) charge any late fees, 
                                penalties, or other charges to a tenant 
                                for late payment of rent; and
                                    (III) with respect to a person or 
                                entity described under clause (iv), 
                                discriminate on the basis of source of 
                                income.
                            (iii) Report on residential rental property 
                        owners.--The Board of Governors shall issue a 
                        report to the Congress containing the 
                        following, with respect to each property owner 
                        receiving a loan under this subsection:
                                    (I) The number of borrowers that 
                                received assistance under this 
                                subsection.
                                    (II) The average total loan amount 
                                that each borrower received.
                                    (III) The total number of rental 
                                units that each borrower owned.
                                    (IV) The average rent charged by 
                                each borrower.
                            (iv) Report on large residential rental 
                        property owners.--The Board of Governors shall 
                        issue a report to Congress that identifies any 
                        person or entity that in aggregate owns or 
                        holds a controlling interest in any entity 
                        that, in aggregate, owns--
                                    (I) more than 100 rental units that 
                                are located within a single 
                                Metropolitan Statistical Area;
                                    (II) more than 1,000 rental units 
                                nationwide; or
                                    (III) rental units in three or more 
                                States.
                    (C) Mortgage performance data.--Section 4003(c) of 
                the CARES Act (Public Law 116-136) is amended by adding 
                at the end the following:
            ``(4) Mortgage performance data.--
                    ``(A) Monthly report.--
                            ``(i) In general.--A servicer of a 
                        residential mortgage loan receiving a loan, 
                        loan guarantee, or any other investment under 
                        this section shall, beginning in the first 
                        month in which the loan, loan guarantee, or 
                        investment was received, collect and provide 
                        loan-level data to the Bureau of Consumer 
                        Financial Protection on a monthly basis with 
                        respect all residential mortgage loans serviced 
                        by the servicer.
                            ``(ii) Contents.--Each monthly report 
                        required under this subparagraph shall contain 
                        identifying information and loan performance 
                        data for the most recent month as well as 
                        cumulative data since the servicer began 
                        reporting under this paragraph.
                            ``(iii) Time period for reports.--Reports 
                        under this paragraph shall be provided by a 
                        servicer every month in which a loan, loan 
                        guarantee, or any other investment under this 
                        section has been received and for 2 years 
                        following such receipt.
                    ``(B) Identifying information.--Each monthly report 
                required under subparagraph (A) shall include the 
                following loan-level identifying information:
                            ``(i) Demographic data, for each borrower, 
                        including race, ethnicity, sex, and age.
                            ``(ii) The location of the property, 
                        including by State, Metropolitan Statistical 
                        Area, postal code, census tract, and 
                        Metropolitan District, if applicable.
                            ``(iii) Loan origination information, 
                        including original unpaid principal balance, 
                        original interest rate, first payment date, 
                        original loan term, and lien status (first or 
                        subordinate).
                            ``(iv) Loan type and type of loan 
                        purchaser, as described under section 304 of 
                        the Home Mortgage Disclosure Act of 1975 (12 
                        U.S.C. 2803) and the rules issued to carry out 
                        such section.
                    ``(C) Loan performance data.--Each monthly report 
                required under subparagraph (A) shall include the 
                following loan-level loan performance data:
                            ``(i) Current loan information, including 
                        current actual unpaid principal balance, 
                        current interest rate, current loan delinquency 
                        status (based on the number of days the 
                        borrower is delinquent in payments based on the 
                        due date of the last paid loan payment), loan 
                        performance status (including current, 
                        forbearance, repayment plan, referred to 
                        foreclosure, trial modification, permanent 
                        modification, or foreclosed), and the date of 
                        the event leading to such status.
                            ``(ii) Loss mitigation information, 
                        including--
                                    ``(I) whether the loan is currently 
                                being evaluated for loss mitigation, 
                                and if so the date upon which the 
                                current loss mitigation process was 
                                initiated and the date of complete 
                                application, if any
                                    ``(II) the disposition of any 
                                previous loss mitigation evaluation 
                                reported pursuant to subclause (I) and 
                                the date of disposition, including--
                                            ``(aa) denied;
                                            ``(bb) temporary or short-
                                        term agreement, such as a 
                                        repayment agreement or 
                                        forbearance, and the length of 
                                        such agreement (in months);
                                            ``(cc) trial loan 
                                        modification;
                                            ``(dd) permanent loan 
                                        modification; or
                                            ``(ee) other type of loss 
                                        mitigation; and
                                    ``(III) for each permanent 
                                modification--
                                            ``(aa) whether the 
                                        permanent modification included 
                                        one or more of--

                                                    ``(AA) additions of 
                                                delinquent payments and 
                                                fees to loan balances;

                                                    ``(BB) interest 
                                                rate reductions and 
                                                freezes;

                                                    ``(CC) term 
                                                extensions;

                                                    ``(DD) reductions 
                                                of principal; or

                                                    ``(EE) deferrals of 
                                                principal; and

                                            ``(bb) whether the total 
                                        monthly principal and interest 
                                        payment, as a result of the 
                                        permanent modification--

                                                    ``(AA) increased;

                                                    ``(BB) remained the 
                                                same;

                                                    ``(CC) decreased 
                                                less than 10 percent;

                                                    ``(DD) decreased 
                                                between 10 and 20 
                                                percent; or

                                                    ``(EE) decreased 20 
                                                percent or more.

                    ``(D) Forbearance data.--Each monthly report 
                required under subparagraph (A) shall include, with 
                respect to each loan for which a forbearance has been 
                reported under subparagraph (C)(i), forbearance-
                specific data, including--
                            ``(i) the total months of total forbearance 
                        granted to date; and
                            ``(ii) the number of renewals of 
                        forbearance to date.
                    ``(E) Public availability of aggregate data.--
                            ``(i) In general.--Using data submitted by 
                        servicers under this paragraph, the Director of 
                        the Bureau of Consumer Financial Protection 
                        shall make available aggregate data by servicer 
                        for each State, Metropolitan Statistical Area, 
                        and Metropolitan Division, as defined by the 
                        Office of Management and Budget. Such aggregate 
                        data shall be provided monthly by the Director 
                        to Congress and posted on the Bureau of 
                        Consumer Financial Protection's website.
                            ``(ii) Exception for certain personally 
                        identifiable data.--If aggregate data described 
                        under clause (i) is nonetheless reasonably 
                        personally identifiable, the Director may 
                        report the aggregate data by servicer on the 
                        next larger geographic unit (such that, for 
                        example, data would not be reported by 
                        Municipal Division but only by Metropolitan 
                        Statistical Area and State).
                    ``(F) Implementation.--The Director of the Bureau 
                of Consumer Financial Protection shall, within 60 days 
                of the date of enactment of this paragraph, and in 
                consultation with the Director of the Federal Housing 
                Finance Agency and the Comptroller of the Currency, 
                prescribe the format and method of submission of the 
                data required under this paragraph. The Director of the 
                Bureau may prescribe rules for the collection of the 
                data in order to ensure accuracy, transparency, and 
                complete data collection, including the collection and 
                reporting of additional data elements, but may not 
                require reporting of fewer data elements than 
                prescribed by this paragraph nor less frequent 
                reporting than required by this paragraph.
                    ``(G) Definitions.--In this paragraph:
                            ``(i) COVID-19 emergency.--The term `COVID-
                        19 emergency' means the national emergency 
                        concerning the novel coronavirus disease 
                        (COVID-19) outbreak declared by the President 
                        on March 13, 2020, under the National 
                        Emergencies Act (50 U.S.C. 1601 et seq.).
                            ``(ii) Residential mortgage loan.--The term 
                        `residential mortgage loan' has the meaning 
                        given that term under section 103(dd) of the 
                        Truth in Lending Act (15 U.S.C. 1602(dd)).
                            ``(iii) Servicer.--The term `servicer' has 
                        the meaning given in section 6(i) of the Real 
                        Estate Settlement Procedures Act of 1974 (12 
                        U.S.C. 2605(i)).''.
                                 <all>