zli12321/Bills huggingface dataset:
(This measure has not been amended since it was introduced. The summary of that version is repeated here.) Red Flag Program Clarification Act of 2010 - Amends the Fair Credit Reporting Act, with respect to federal agency (red flag) guidelines regarding identity theft and the users of consumer reports, to define creditor to mean one that regularly and in the ordinary course of business: (1) obtains or uses consumer reports, directly or indirectly, in connection with a credit transaction; (2) furnishes information to certain consumer reporting agencies in connection with a credit transaction; or (3) advances funds to or on behalf of a person, based on the person's obligation to repay the funds or on repayment from specific property pledged by or on the person's behalf. Includes in the definition any other type of creditor as the federal agency (banking agency, National Credit Union Administration, or the Federal Trade Commission [FTC]) having authority over that creditor may determine appropriate, if the creditor offers or maintains accounts subject to a reasonably foreseeable risk of identity theft. Excludes from the definition of creditor, however, any creditor that advances funds on behalf of a person for expenses incidental to a service the creditor provides to that person.

Date: 2010-11-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Notice Pleading Restoration Act of 2010 - States that the law governing a dismissal or striking of all or any part of a pleading containing a claim for failure to state a claim, indefiniteness, or insufficiency or a judgment on the pleadings shall be in accordance with the Federal Rules of Civil Procedure as interpreted by the Supreme Court in decisions issued before May 20, 2007, except as provided expressly by an Act of Congress enacted before, on, or after enactment of this Act, including the Private Securities Litigation Reform Act of 1995. (Thus finds Bell Atlantic Corp. v. Twombly, decided on May 21, 2007, and Ashcroft v. Iqbal to be inconsistent with the Federal Rules of Civil Procedure and finds further that the appropriate procedure for disposing of factually unmeritorious claims is summary judgment as the Supreme Court held in Swierkiewicz v. Sorema N.A. and Leatherman v. Tarrant County.)

Date: 2010-12-22
Topic: Domestic Commerce (Consumer Finance)
Subject: Law
Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act of 2011 - Directs the Inspector General (IG) of the Federal Housing Finance Agency to submit quarterly reports to Congress on the IG's activities with respect to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and their activities and condition while they are in conservatorship status. Amends the Housing and Community Development Act of 1992 to give the Federal Housing Finance Agency IG: (1) direct hire authority; and (2) law enforcement authority exempt from the condition that the Attorney General make an initial determination of the IG's eligibility to exercise such authority.

Date: 2011-01-05
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Housing Opportunity and Mortgage Equity Act of 2011 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence; (2) is owned or guaranteed by the particular GSE; and (3) was originated on or before enactment of this Act. Specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage. Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance. Prohibits any requirement of a property appraisal.

Date: 2011-01-20
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Fannie Mae and Freddie Mac Transparency Act of 2011 - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to provide that, during any period in which either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) is under conservatorship or receivership, it shall be considered an agency subject to the public information disclosure requirements of the Freedom of Information Act.

Date: 2011-01-26
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Legal Eligibility for Granting A Loan Act of 2011 - Requires each applicant for a single-family home mortgage to provide the lender information to verify the applicant's citizenship or alien status through the E-Verify program if the home mortgage is to be: (1) newly insured under the Federal Housing Administration (FHA) mortgage insurance program of the Department of Housing and Urban Development (HUD); (2) newly purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac); or (3) newly made, insured, or guaranteed by the Secretary of Veterans Affairs (VA) or by any other agency or entity of the federal government.

Date: 2011-02-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Fair Access to Credit Scores Act of 2011 - Amends the Fair Credit Reporting Act to require consumer reporting agencies to disclose any information in the consumer's file concerning credit scores or other related risk scores or predictors when the consumer requests a free annual disclosure (credit report). Requires all consumer reporting agencies to maintain information in the consumer's file concerning such scores or predictors for at least one year from the date on which such information is placed in the file. Directs the Comptroller General to study bankruptcy risk scores used by consumer reporting agencies, including an analysis of: (1) the factors used to determine such scores; (2) how bankruptcy risk scores impact the ability of consumers to receive loans; and (3) actions that consumers can take to improve such scores.

Date: 2011-02-17
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Gulf Coast Health Monitoring and Research Program Act of 2011 - Amends the Public Health Service Act to require the Secretary of Health and Human Services (HHS) to establish a short-term and long-term comprehensive health screening, monitoring, and research program of: (1) oil spill workers and vulnerable residents, and (2) food safety affected by the oil spill in the Gulf of Mexico. Directs the Secretary to appoint the Gulf Coast Health Research Advisory Committee in order to: (1) offer high-quality scientific research advice to the program established under this Act, including proactive advice regarding each federal agency's long-term monitoring and research objectives relating to workers and vulnerable residents at risk from the Deepwater Horizon disaster and other oil spills; and (2) provide a forum for ensuring that health concerns of workers and the public are considered in determining the priorities for scientific research. Requires the Secretary to ensure that members of the Advisory Committee do not have any conflicts of interest. Requires the Advisory Committee to: (1) provide advice on the development and implementation of the health research program; (2) respond to requests for advice from the appropriate federal official on matters within the Advisory Committee's expertise; and (3) as appropriate, review reports or other documents submitted to the appropriate federal officials pursuant to this Act to obtain information on protecting the health and safety of cleanup workers and vulnerable communities. Authorizes the Secretary to compel BP PLC to provide health-related data and information collected by or on behalf of BP PLC, except to the extent such data or information is protected from disclosure under federal law.

Date: 2011-02-28
Topic: Domestic Commerce (Consumer Finance)
Subject: Health
Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums.

Date: 2011-03-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Preventing Homeowners from Foreclosure Act of 2011 - Directs the Secretary of Housing and Urban Development (HUD) to implement a competitive grants program for states and local governmental entities to establish mediation programs to assist mortgagors under home mortgages facing foreclosure on such mortgages. Requires the program to provide the mortgagor with a referral and contact information for a paid or pro bono attorney or a HUD-certified housing counselor. Requires grant recipients to establish an outreach program to raise homeowner awareness of the existence of the foreclosure mediation program, including a telephone hotline, a World Wide Web site, or both.

Date: 2011-03-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Small Business Credit Card Act of 2011 - Amends the Truth in Lending Act to cover any qualified small business as a consumer with respect to a credit card account under an open end credit plan (thereby extending credit card protections under such Act to small businesses). Defines "qualified small business" under the Act as any business concern having 50 or fewer employees, whether or not: (1) the credit card account is in the name of an individual or a business entity, and (2) any credit transaction involving such account is for business or personal purposes. Permits a qualified small business to elect to opt out of coverage by the Act. Exempts from coverage by the Act any credit transaction in which the total amount financed exceeds $50,000 (currently $25,000). Requires certain creditor disclosures before opening any account under an open end consumer credit plan for a qualified small business. Prohibits a creditor from: (1) discriminating against any business concern having 50 or fewer employees in connection with any credit card account under an open end credit plan; or (2) requiring any qualified small business to make an opt-out election as a condition for opening a credit card account, or for providing more advantageous terms for such an account.

Date: 2011-03-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Emergency Mortgage Relief and Neighborhood Stabilization Programs Cost Recoupment Act of 2011 - Amends the Dodd-Frank Street Reform and Consumer Protection Act to direct the Secretary of the Treasury, in order to offset the costs of assistance under the Emergency Mortgage Relief and Neighborhood Stabilization Programs, to make risk-based assessments in the total amount of $2.5 billion on financial companies: (1) that manage hedge funds with $10 billion or more in assets under management on a consolidated basis; or (2) with $50 billion or more in total consolidated assets.

Date: 2011-03-17
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
GSE Subsidy Elimination Act of 2011 - Amends the Housing and Community Development Act of 1992 to require the Director of the Federal Housing Finance Agency to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) to charge a guarantee fee in connection with any guarantee of the timely payment of principal and interest on securities, notes, and other obligations based on or backed by mortgages on residential real properties designed principally for occupancy of from one to four families. Requires the fee to be set at an amount that appropriately reflects risk of loss as well as the cost of capital allocated to similar assets held by other fully private regulated financial institutions. Directs the Director to require each GSE to increase its guarantee fee gradually over two years in a manner sufficient to comply with this Act.

Date: 2011-03-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
GSE Credit Risk Equitable Treatment Act of 2011 - Amends the Securities Exchange Act of 1934 to require that credit risk retention regulations ensure that there is no difference in the treatment of asset-backed securities securitized by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporatioin (Freddie Mac) (government-sponsored enterprises or GSEs), solely because of securitization by the GSE, from the treament of other asset-backed securities securitized by any other entity.

Date: 2011-03-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
GSE Portfolio Risk Reduction Act of 2011 - Amends the Housing and Community Development Act of 1992 to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) from owning mortgage assets in excess of: (1) $700 billion one year after enactment of this Act; (2) $600 billion two years after enactment of this Act; (3) $475 billion three years after enactment of this Act; (4) $350 billion four years after enactment of this Act; and (5) $250 billion five years after enactment of this Act.

Date: 2011-03-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
GSE Debt Issuance Approval Act of 2011 - Amends the Housing and Community Development Act of 1992 to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) from issuing any debt security, obligation, or instrument unless it gets advance approval from the Secretary of the Treasury.

Date: 2011-03-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
GSE Mission Improvement Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal goals for housing, single-family housing, multifamily special affordable housing, discretionary adjustment of housing goals, the duty to serve underserved markets and other requirements, and the monitoring and enforcement of compliance with housing goals.

Date: 2011-03-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
GSE Risk and Activities Limitation Act of 2011 - Amends the Housing and Community Development Act of 1992 to prohibit the Director of the Federal Housing Finance Agency from approving any new products of the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (Government-sponsored enterprises or GSEs) during any term of conservatorship or receivership.

Date: 2011-03-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Aiding Those Facing Foreclosure Act of 2011 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to use otherwise unobligated amounts under the Troubled Asset Relief Program (TARP) to enable nonprofit counseling intermediaries and nonprofit legal organizations to provide legal assistance to homeowners of owner-occupied homes consisting of from one to four dwelling units whose mortgages are in default or delinquency, in danger of default or delinquency, or subject to or at risk of foreclosure (including any deed in lieu of foreclosure or short sale).

Date: 2011-03-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure, otherwise authorized under state law, against a covered mortgagor unless the mortgagee: (1) has used its best efforts to determine whether the mortgagor is eligible for a qualified loan modification, and to offer one if this is the case; and (2) has made certain documentation available to an ineligible mortgagor regarding a loan modification calculation or net present value calculation, the loan origination, any pooling and servicing agreement, the mortgagor's payment history, as well as specific alternatives to foreclosure, including qualified loan modifications, workout agreements, and short sales. Requires a covered mortgagee to use its best efforts to suspend any foreclosure proceeding initiated before enactment of this Act, and to toll any deadlines limiting the mortgagor's rights. Prohibits any sale of the property under the mortgage or the entry of judgment against the mortgagor. Requires the mortgagee to reevaluate an eligible mortgagee's application for a qualified loan modification and, if the mortgagor is eligible, offer one. Requires the Secretary of the Treasury, the Secretary of Housing and Urban Development (HUD), and the Director of the Bureau of Consumer Financial Protection (CFPB) to ensure that any home loan modification protocol includes a dispute resolution procedure. Declares any sale of property in violation of this Act void. Makes failure to comply with this Act a bar to foreclosure under state law. Prohibits loan modification fees and sets forth rules governing foreclosure-related fees. Directs the Secretary of HUD to: (1) establish a program to make competitive grants to state and local governments to establish mediation programs that assist mortgagors facing foreclosure, and (2) develop and implement a plan to monitor conditions and trends in home ownership and the mortgage industry and the effectiveness of public and private efforts to reduce mortgage defaults and foreclosures. Directs the Secretary of the Treasury, out of funds received or to be received from the sale of warrants under the Emergency Economic Stabilization Act of 2008, to transfer and credit $1 billion to the Housing Trust Fund established under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

Date: 2011-04-12
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Prompt Decision for Qualification of Short Sale Act of 2011 - Amends the Truth in Lending Act to consider approved a mortgagor's written request to a mortgage loan servicer for a short sale of a dwelling or residential real property if the mortgagor has not received, within 45 days after the servicer's receipt of the request, a written notification of whether the request has been approved, specified changes are required, or additional information is required. Declares this Act inapplicable to certain residential mortgages entered into before enactment of this Act which explicitly provide a procedure or terms for a short sale approval.

Date: 2011-04-12
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Right to Rent Act of 2011 - Grants eligible mortgagors subject to foreclosure proceedings the right to continue to occupy foreclosed properties subject to the payment of fair market rent for a period of five years that begins upon the commencement of occupancy of such property. Instructs the Secretary of Housing and Urban Development (HUD) to: (1) monitor compliance with this Act, (2) provide assistance to eligible mortgagors in exercising their rights under this Act, and (3) conduct outreach activities to inform eligible mortgagors of this Act.

Date: 2011-04-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Consumer Rental Purchase Agreement Act - (Sec. 3) Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost and a payment schedule; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, waiver of consumer claims or defenses, and other specified kinds of provisions; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) clear and conspicuous rental-purchase advertising disclosures. Shields "rental-purchase agreements" from laws regulating: (1) a credit sale and a consumer lease as defined in the Truth in Lending Act, or (2) an extension of credit or a transaction giving rise to a debt incurred in connection with the purchase of a thing of value. Exempts from jurisdiction of this Act rental-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with government agencies or instrumentalities. Declares that the consumer shall acquire ownership of a property that is the subject of the rental-purchase agreement, and the rental-purchase agreement shall terminate, upon the consumer's compliance with specified total cost payment requirements ,or any early payment option provided in the rental purchase agreement, and upon payment of any past due payments and fees. Grants federal district courts jurisdiction over actions brought under this Act. Permits an action for civil liability against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which it relates, including, but not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement. Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations. Grants enforcement powers to the Federal Trade Commission (FTC) and to state attorneys general. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act. Provides that a term or provision of state law is not inconsistent with this Act if it affords greater protection and benefit to the consumer than is provided under this Act as determined by the Board, on its own motion or upon the petition of any interested party. Declares this Act to supersede state law to the extent that such law: (1) regulates a rental-purchase agreement as a security interest, credit sale, retail installment sale, conditional sale or any other form of consumer credit, or that imputes to a rental-purchase agreement the creation of a debt or extension of credit; or (2) requires the disclosure of a percentage rate calculation, including a time-price differential, an annual percentage rate, or an effective annual percentage rate. Shields from civil or criminal liability under this Act the United States and its departments or agencies, and any state, state agency, or state political subdivision.

Date: 2011-04-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Produce the Note Act of 2011 - Prohibits commencement of any foreclosure in connection with certain residential mortgages unless the person commencing the foreclosure complies with specified prerequisites, including identification of the actual holder of the mortgage note, the originating mortgage lender and all subsequent assignees, and other all parties who have an interest in the real estate subject to the mortgage or in the mortgage or its proceeds. Requires the person commencing the foreclosure to: (1) notify the mortgagor, in writing, not less than five days before any action is taken to commence foreclosure; and (2) certify to the court, in the case of a judicial foreclosure, or to the office of the state to which notice is required under state law, that such notice has been provided.

Date: 2011-04-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Bank Accessibility Act - Amends the Community Reinvestment Act of 1977 with respect to the requirement that, in examining a financial institution, the appropriate federal financial supervisory agency assess and take into account the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods. Requires the appropriate federal financial supervisory agency, in making such an assessment, to consider as factors: (1) the branch distribution of such institutions in low- to moderate-income communities; and (2) the services provided to borrowers in such communities by such institutions, including free check cashing and debit card and ATM services. Requires the consideration of such factors to be weighted to account for approximately 33% of the institutions's rating. Requires the appropriate federal financial supervisory agency to prescribe regulations that, in the case of any regulated financial institution receiving a low rating with respect to such factors, deny any of the institution's merger or expansion requests; and (2) impose a civil money penalty on the institution. Requires deposit of collected civil monetary penalties in accounts made available to carry out the appropriate federal financial supervisory agency's responsibilities under the Community Reinvestment Act of 1977. Requires the appropriate federal financial supervisory agency to prescribe regulations that reward a regulated financial institution that receives a high rating with respect to such factors.

Date: 2011-04-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Ending Taxpayer Subsidies for Yachts Act - Amends the Internal Revenue Code to deny a tax deduction for interest paid on a mortgage for a second residence of a taxpayer if that residence is a boat.

Date: 2011-05-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Preserving Equal Access to Mortgage Finance Programs Act - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to increase limitations on the maximum original principal obligation of mortgages that may purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac). Increases such limitations in areas where 125% (currently, 115%) of the median price of residences of a particular size exceed existing mortgage purchase limitations for such residence size. Gives the Director of the Federal Housing Finance Agency (FHFA) discretion to prevent or limit a decrease in the limitation on the maximum original principal obligation of a mortgage that may be purchased by the corporation for an area. Amends the National Housing Act to raise limitations on the maximum principal obligation of mortgages that may be insured by the Secretary of Housing and Urban Development (HUD). Gives the Secretary discretion to prevent or limit a decrease in the maximum dollar amount limitation for any area from taking place for any such area.

Date: 2011-05-05
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Authorizes a financial institution, when verifying the identity of a non-U.S. citizen or national who is seeking to open a bank account, to accept only: (1) a Social Security number, (2) a passport number and the country of issuance, (3) an alien identification card number, or (4) any combination of such items. Prohibits a financial institution, for such verification purposes, from accepting identification documents issued by a foreign government, other than an unexpired passport.

Date: 2011-05-05
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 - Amends the Trust Indenture Act of 1939 to include within its purview mortgage-backed securities and their servicers. Imposes upon each servicer of a mortgage-backed security a fiduciary duty, not waivable by an investor, to protect the economic interests of the investors as a whole in an asset-backed security. Provides for removal of an indenture trustee that is a servicer of mortgage-backed securities if at least 50% of the investors petition the court for such removal. Authorizes amendment of a pooling and servicing agreement with respect to any mortgage-backed security without the consent of a majority of the security holders if at least 25% of them petition the court for such action. Defines such an agreement as any contract establishing the transaction rights and duties of the parties to a mortgage-backed securitization transaction. Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to promulgate specified requirements governing mortgage related securities. Amends the Truth In Lending Act (TILA) to prohibit the servicer of a securitized residential mortgage loan (or an affiliate) from owning or holding any interest in any other residential mortgage loan that is secured by a consensual security interest on the same dwelling or residential real property that is subject to the security interest that secures the securitized residential mortgage loan. Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to require all fees charged for a real estate settlement service in connection with a transaction involving a federally related mortgage loan, or incurred in connection with servicing such loan, to be reasonably related to the cost of providing the service. Sets forth specified prohibitions, restrictions, or requirements for: (1) use of subsidiaries and insourcing, (2) force-placed insurance, (3) disclosures related to insurance coverage information, and (4) loss mitigation. Amends TILA to: (1) prescribe the treatment of mistaken loan payments during the period that servicing of a loan is in transition, and (2) set limitations upon foreclosure proceedings. Amends the Fair Debt Collection Practices Act to: (1) bring within its purview a securitized residential mortgage loan and its servicer, and (2) subject to civil liability a debt collector who violates such Act in connection with a debt secured by a consumer's residence. Directs: (1) federal banking agencies to promulgate independent capital reserve standards for affiliates of mortgage-backed securities servicers, and (2) the SEC to promulgate regulations regarding treatment of delinquent loans.

Date: 2011-05-05
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
FHA Reform Act of 2011 - Authorizes the Secretary of Housing and Urban Development (HUD) to require specified mortgagees to indemnify HUD for payment of a mortgage insurance claim if the mortgage was not originated or underwritten in accordance with HUD requirements. Authorizes the Secretary to require a mortgagee to indemnify HUD for loss regardless of when an insurance claim is paid if fraud or misrepresentation was involved in connection with the mortgage origination or underwriting. Authorizes the Secretary to terminate approval of a mortgagee to originate or underwrite single family mortgages if the mortgagee's rate of early defaults and claims is excessive. Establishes within the Federal Housing Administration (FHA) a Deputy Assistant Secretary for Risk Management and Regulatory Affairs responsible for all matters relating to managing and mitigating the risk to HUD mortgage insurance funds and for ensuring the performance of HUD-insured mortgages. Abolishes the position of the FHA chief risk officer. Directs the Secretary to review and identify to Congress any mortgagees with a significant or rapid increase in early defaults and claims with respect to all mortgages they have originated on housing located in any particular geographic area or areas. Directs the Secretary to require mortgagees of HUD-insured single-family or multifamily housing to notify HUD if they terminate or discontinue mortgage purchases from another mortgagee based upon any determination, evidence, or report of fraud or material misrepresentation in connection with the origination of such mortgages. Prescribes conditions compelling the Secretary to review and reduce certain cash investment requirements (down payment requirements) binding upon mortgages or mortgagors. Revises eligibility requirements for mortgage insurance, including insurance for a home equity conversion mortgage (reverse mortgage) for elderly homeowners. Revises requirements for early mortgage default and foreclosure information collected by the Secretary for mortgage lender analysis. Authorizes the Secretary to reimburse servicers of certain HUD-insured residential mortgages for the costs of obtaining the services of specified independent third parties, including a HUD-approved housing counseling agency, to make in-person contact, at no charge, with mortgagors whose payments are 60 or more days past due, solely to provide specified information. Directs the Secretary, in providing reimbursements, to give priority to independent third parties serving mortgagors in areas experiencing a mortgage foreclosure rate and unemployment rate higher than the national average. Revises maximum mortgage amount limits for multifamily housing that includes elevator-type structures with sound standards of construction and design. Directs the Secretary to provide refunds of unearned premium charges paid at the time of insurance for mortgage insurance to or on behalf of mortgagors under certain mortgages on one-to-four family dwellings.

Date: 2011-05-24
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Medical Debt Responsibility Act of 2011 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from making any report containing information related to a single fully paid or settled medical debt of $2,500 or less that had been characterized as delinquent, charged off, or in collection for credit reporting purposes, which, from the date of payment or settlement, antedates the report by more than 45 calendar days.

Date: 2011-06-02
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Fannie Mae and Freddie Mac Investigative Commission to investigate and make recommendations to Congress regarding certain decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) that led to financial instability and federal conservatorship. Requires the Commission to analyze specified topics, including: (1) the role of the enterprises in expanding homeownership and in helping housing market recovery; (2) enterprise involvement in the development of faulty risk standards, accounting practices, and the creation and proliferation of the securitized mortgage instrument, and how such instrument affected the solvency of such enterprises; (3) the role of the respective boards of directors in voting for the policies relating to risk assessments, subprime mortgages, and the international securitization of mortgages; and (4) compensation, stock options, and financial benefits that accrued to executive officers and members of the boards of directors. Requires the enterprises and the Director of the Federal Housing Finance Agency to grant the Commission access to requested records and information.

Date: 2011-06-02
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Promise Neighborhoods Act of 2011 - Directs the Secretary of Education to award competitive, matching Promise Neighborhood Partnership grants to nonprofit organizations that partner with a local educational agency (LEA) to implement a comprehensive continuum of supports and services that engage community partners in improving the academic achievement, health and social development, and college and career readiness of children that live in distressed neighborhoods with underperforming schools. Directs the Secretary to award competitive, matching Promise School grants to LEAs that partner with nonprofit organizations, and Indian or charter schools that partner with nonprofit organizations or institutions of higher education, to implement school-centered strategies and integrated student supports that leverage community partnerships to improve student achievement and development in schools with high concentrations of low-income children. Authorizes the Secretary to renew Promise Neighborhood Partnership grants and Promise School grants if the grantees demonstrate significant success in: (1) ensuring children's school readiness; (2) improving their academic outcomes; (3) increasing their college and career readiness; and (4) improving their health, mental health, and social and emotional well-being. Requires this Act's grantees to evaluate their programs continuously and improve them based on data and outcomes. Directs the Secretary to evaluate this Act's grant programs and disseminate research on best practices for improving the academic achievement of children living in our most distressed communities. Authorizes the Secretary to award matching planning grants to entities eligible for this Act's other grants.

Date: 2011-06-02
Topic: Domestic Commerce (Consumer Finance)
Subject: Education
Home Inspection Act of 2011 - Directs the Bureau of Consumer Financial Protection (CFPB) of the Federal Reserve System to prescribe regulations to prohibit any lender from making any federally related mortgage loan under which a home inspection is conducted in connection with settlement of the mortgage loan unless the inspection is conducted by a home inspector licensed, certified, approved, or otherwise regulated by the inspector's home state or the state in which the real property is located. Amends the Real Estate Settlement Procedures Act of 1974, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to direct the CFPB to include home inspection information in settlement forms.

Date: 2011-06-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Transparency and Security in Mortgage Registration Act of 2011 - Amends the National Housing Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from purchasing, acquiring, newly lending on the security of, newly investing in securities consisting of, or otherwise newly dealing in any Mortgage Electronic Registration System, Inc. (MERS) mortgage or mortgages. Prohibits the Government National Mortgage Association (Ginnie Mae) from newly guaranteeing the payment of principal of or interest on any trust certificate or other security based or backed by a trust or pool that contains, or purchase or acquire, any MERS mortgage. Directs Fannie Mae, Freddie Mac, and Ginnie Mae to require all their current MERS mortgages to be assigned to the proper servicer, holder, or creditor. Directs the Secretary of Housing and Urban Development (HUD) to study: (1) the impacts of the lack of electronic records and uniform standards found in local land title recordation systems currently used in the various states; (2) any progress states have made in developing electronic land title recordation systems containing uniform standards; (3) the current oversight role of the federal government in the transfer and recordation of land titles; and (4) the feasibility of creating a federal land title recordation system for property transfers that would maintain all previous records of the land-property without invalidating, interfering with, or preempting state real property law governing the transfer and perfection of land title.

Date: 2011-07-06
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
GSE Legal Fee Reduction Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the Director of the Federal Housing Finance Agency (FHFA) to establish requirements prescribing the procedures and terms for advancement of amounts by a government-sponsored enterprise (GSE) for qualified indemnification payments for the benefit of any entity-affiliated party. (The GSEs the FHFA supervises are the Federal National Mortgage Association [Fannie Mae], the Federal Home Loan Mortgage Corporation [Freddie Mac], the Federal Home Loan Banks, and the Office of Finance.) Requires the Director to require any GSE obligated to make such a payment to propose criteria for determining whether the liability or legal expenses for which such payment is to be made are reasonable. Requires prompt review and approval or disapproval of such proposed criteria. Requires the Director to require each GSE to adopt bylaws requiring any entity-affiliated party accused of fraud, moral turpitude, or breach of fiduciary duty to post collateral, security, bonding or other assurances of repayment. Requires the Director to prohibit a GSE from using any Treasury funds to satisfy any settlement, judgment, order, or penalty. Requires settlement costs to be satisfied out of the sale of GSE assets. Requires the Director to prohibit a GSE from entering into any consent decree or settlement of a claim, proceeding, or action involving an entity-affiliated party that will result in any qualified indemnification payments exceeding an aggregate of $1 million before 30 days after notice of the decree or settlement to specified congressional committees.

Date: 2011-07-06
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Fannie Mae and Freddie Mac Taxpayer Payback Act of 2011 - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to prohibit a reduction in the rate of dividends paid on the Variable Liquidation Preference Senior Preferred Stock of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) purchased by the Secretary of the Treasury.

Date: 2011-07-07
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Removing GSEs Charters During Receivership Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to authorize the Federal Housing Finance Agency (FHFA), as a receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs), to revoke the charters of such enterprises. Requires the FHFA to revoke the particular GSE's charter not later than the winbding up or termination of the limited-life regulated entity established with respect to such GSE Repeals the current prohibition against revocation, annulment, or termination of a GSE's charter by the receiver.

Date: 2011-07-07
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Housing Trust Fund Elimination Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to abolish the HOPE Reserve Fund, Housing Trust Fund, and Capital Magnet Fund and make available any amounts in such funds to the Secretary of the Treasury for use in reducing the federal budget deficit. Repeals requirements that the Federal Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) make allocations for the Housing Trust Fund and the Capital Magnet Fund.

Date: 2011-07-07
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
RESPA Home Warranty Clarification Act of 2012 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to state that no prohibited kickback or unearned fee incident to a real estate settlement service involving a federally related mortgage loan shall be deemed to include, or be deemed to have included, homeowner warranties or similar residential service contracts for the repair or replacement of home system components or home appliances. Requires any person that pays another person not employed by the person for selling, advertising, marketing, or processing, or performing an inspection in connection with, a homeowner warranty or similar residential service contract for the repair or replacement of home system components or home appliances, to include a specified statement reflecting this Act in any such warranty or contract incident to a transaction involving the origination of a federally related mortgage loan. Requires any person who has contracted to receive payment from a provider of such services for recommending the purchase of a home warranty or similar residential service contract, and is not an employee of such provider, to give the potential purchaser, upon first recommending such a purchase, a written notice informing the individual that such person has received or will receive compensation from the warranty company for the residential service. Allows the individual to opt out of purchasing such a warranty or service contract, or to purchase it from another provider.

Date: 2011-07-07
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Cap the GSE Bailout Act of 2011 - Limits the funds that may be provided to the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or any Federal Home Loan Bank (government sponsored enterprises or GSEs) as part of the Amended and Restated Senior Preferred Stock Purchase Agreement to the greater of: (1) $200 billion; or (2) $200 billion plus the cumulative total of deficiency amounts of the GSE for calendar quarters in calendar 2010, 2011, and 2012, less any surplus amount as of December 31, 2012.

Date: 2011-07-08
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Declares that, for mortgages originated during FY2012 and FY2013, if the dollar amount limit on the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) for any size residence for any area is less than the limit in effect for 2008 under the Economic Stimulus Act of 2008, the maximum dollar amount limit on the principal obligation of such a mortgage shall be such maximum limit in effect for 2008 (in effect, an increase in the limit on the maximum original mortgage principal obligation from the FY2012 or FY2013 level to the 2008 level). Makes a similar declaration (and mortgage principal limit increase), for mortgages for which the mortgagee issues credit approval during FY2012 and FY2013, about the dollar amount limit on the maximum original principal obligation of a mortgage that may be insured by the Secretary of Housing and Urban Development (HUD).

Date: 2011-07-13
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Preserving Consumer's Mortgage Origination Choices Act of 2011 - Amends the Truth in Lending Act (TILA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to provide that no provision of TILA shall be construed as prohibiting a mortgage broker from compensating a mortgage originator based on the principal amount of the loan, when compensation is paid directly or indirectly to the mortgage broker by the consumer in connection with such transaction. Authorizes a mortgage originator, when requested by a borrower as the originator is producing a mortgage, to forfeit or contribute toward bona fide third party expenses or origination fees up to 30% of earned compensation to avoid making a high-cost mortgage to a consumer, to make technical corrections, or for any other reason that results in a lower cost to the consumer than if such forfeiture or contribution did not take place.

Date: 2011-07-13
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development