Fairness in Housing Recovery Act of 2009

Bill: 111-hr-1295
Sponsor: Rep. Biggert, Judy [R-IL-13]
Introduced: 2009-03-04 in the House
Policy area: Housing and Community Development
Subjects: Administrative law and regulatory procedures
Advisory bodies
Bank accounts, deposits, capital
Banking and financial institutions regulation
Capital gains tax
Computers and information technology
Contracts and agency
Corporate finance and management
Criminal investigation, prosecution, interrogation
Department of Housing and Urban Development
Department of Justice
Department of the Treasury
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
Federal officials
Financial crises and stabilization
Financial services and investments
Fraud offenses and financial crimes
Government corporations and government-sponsored enterprises
Government employee pay, benefits, personnel management
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Housing finance and home ownership
Income tax credits
Income tax exclusion
Interest, dividends, interest rates
Law enforcement administration and funding
Law enforcement officers
Licensing and registrations

Summary:
action_date: 2009-03-04
text: 
Fairness in Housing Recovery Act of 2009 - Shields a servicer from liability for entering into a loan modification or loss mitigation plan for certain mortgages pursuant to guidelines issued by the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 (EESA), if such servicer acts consistent with the fiduciary duty of servicers of pooled residential mortgages required by the Truth in Lending Act.
 
Amends the National Housing Act to replace the Hope for Homeowners Program with a program for insurance of home ownership retention mortgages.
 
Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling
 
Requires the Secretary of Housing and Urban Development (HUD) to provide financial assistance to governmental entities and nonprofit organizations providing home ownership or rental counseling.
 
Requires the Secretary to study and report to Congress on the root causes of default and foreclosure of home loans.
 
Amends the Real Estate Settlement Procedures Act of 1974 to direct the Secretary periodically to prepare a consumer education booklet on real estate settlement practices for federally related mortgage loan applicants.
 
Amends the National Housing Act to prescribe limitations upon participation in origination and mortgagee approval.
 
 Establishes Commission on the Foreclosure and Mortgage Lending Crisis to study and report to Congress on the current legal and regulatory framework governing the housing mortgage lending markets and how it contributed to the increased foreclosure rate.
 
Authorizes appropriations to the Attorney General to combat mortgage fraud.
 
Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act (FCUA) to increase the maximum deposit insurance and borrowing authorities of the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA).
 
Amends the FDIA with respect to systemic risk special assessments.
 
Amends the FCUA to direct the NCUA Board to establish a National Credit Union Share Insurance Fund restoration plan in specified circumstances.
 
Amends the EESA to prohibit the Secretary of the Treasury from making any purchase for which the Secretary receives control-diluting stock.
 
Declares that for a taxpayer who holds an interest in a subsidized residence: (1) the exclusion of gain from sale of principal residence under the Internal Revenue Code shall not apply to any gain from the sale or exchange of such interest, and (2) a specified rate of tax on specified gain shall be twice the rate which would otherwise apply.
 
Amends the Internal Revenue Code to allow a refundable general home buyer credit for residences purchased during 2009 or 2010.
 
Prescribes general conditions for mortgage relief.


Legislative actions:
action_date: 2009-08-19
text: Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
action_date: 2009-03-04
text: Referred to House Judiciary
action_date: 2009-03-04
text: Referred to House Ways and Means
action_date: 2009-03-04
text: Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and 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.
action_date: 2009-03-04
text: Referred to House Financial Services
action_date: 2009-03-04
text: Introduced in House
action_date: 2009-03-04
text: Introduced in House