zli12321/Bills huggingface dataset:
Home Owners' Loan Corporation for the 21st Century Act - Establishes the Home Owners' Loan Corporation as an instrumentality of the United States. Authorizes the Corporation to: (1) acquire, in exchange for bonds and subject to specified limitations, home mortgages, obligations, and liens secured by real estate (mortgage relief); and (2) make cash advances to pay the taxes and assessments on the real estate, provide for maintenance, meet incidental transaction expenses, and pay the mortgage, obligation, or lien holder the difference (not to exceed $200) between the face value of the bonds exchanged, plus accrued interest, and the purchase price of the mortgage, obligation, or lien. Requires the homeowner to make mortgage payments to the Corporation. Sets forth 40-year amortization requirements. Authorizes the Corporation to exchange bonds and make cash advances to redeem or recover homes lost by the owners by foreclosure or forced sale.

Date: 2008-03-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to impose on a mortgagee a duty to engage in loss mitigation of covered federally related mortgage loans. Prohibits initiation of foreclosure on such loans if the mortgagee or servicer has at any time failed to comply with the requirements of this Act. Requires a mortgagee or servicer to pursue specified priority loss mitigation activities, with notice to the borrower or mortgagor, before considering secondary loss mitigation activities. Sets forth criteria governing the affordability of scheduled payments due from the borrower pursuant to loss mitigation activities. Requires the mortgagee or servicer to notify the mortgagor in writing within certain deadlines concerning prospective adjustable rate mortgage increases. Requires a mortgagee or servicer to provide the borrower with direct access to authorized loss mitigation personnel. Requires a servicer or mortgagee to forward to a housing counseling agency approved by the Department of Housing and Urban Development the contact information of any borrower whose federally related mortgage loan payment is more than 60 days late. Prohibits a mortgagee for a federally related mortgage loan from requiring a borrower to: (1) limit or waive the right to bring any claims, defenses, demands, proceedings, actions, or causes of action against the mortgagee or servicer as a condition of accepting an offer of any loss mitigation activities; or (2) agree to arbitration as a condition of receiving loan modification activities. Requires the servicer of a federally related mortgage loan to make available without charge, upon borrower's written request, specified account status and documentation.

Date: 2008-04-02
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Reverse Mortgage Proceeds Protection Act - Amends the National Housing Act of 1937 to modify the eligibility criteria for insurance of home equity conversion mortgages (reverse mortgages) of elderly home owners. Excludes from the third party adequate counseling requirement counseling by a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals the waiver of upfront insurance premiums for mortgages to fund long-term care insurance. Authorizes the Secretary of Housing and Urban Development (HUD) to use a portion of reverse mortgage insurance premiums to fund mandatory counseling and disclosure activities, including counseling for homeowners who elect not to take out a home equity conversion mortgage. Directs the Secretary to promulgate regulations to protect elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a precondition to obtaining a home equity conversion mortgage.

Date: 2008-04-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Homeowner Empowerment Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income distributions from individual retirement plans and other qualified retirement plans for payments on the mortgage of a taxpayer's principal residence; (2) require repayments of amounts distributed from such retirement plans over a 12-year period; and (3) waive the 10% penalty on premature distributions from retirement plans for distributions used to pay a mortgage.

Date: 2008-04-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Foreclosure Prevention Act of 2008 - Authorizes appropriations for FY2008 to the Neighborhood Reinvestment Corporation for specified mortgage foreclosure mitigation (namely housing counseling) activities.

Date: 2008-04-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Homeownership Protection and Housing Market Stabilization Act of 2008 - Sets forth a licensing and registry system for residential mortgage loan originators. Amends the Truth in Lending Act to require additional creditor disclosures on residential mortgage loans. Expand and Preserve Home Ownership Through Counseling Act - Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling in the Office of the Secretary of Housing and Urban Development (HUD). Amends the Community Reinvestment Act of 1977 to grant community investment credit for certain lender practices. Expanding American Homeownership Act of 2008 - Amends the National Housing Act to revise the single family mortgage insurance program under the Federal Housing Administration (FHA), including Hawaiian home lands and Indian reservations, and home equity conversion (reverse) mortgages. Amends the Economic Stimulus Act of 2008 to grant a temporary increase in the maximum loan guaranty amount for veterans' housing loans guaranteed by Secretary of Veterans Affairs. Directs the Secretary of Defense to implement a mortgage foreclosure prevention counseling program for members of the Armed Forces returning from active duty abroad.Amends the Servicemembers Civil Relief Act to extend the period of protection against mortgage foreclosures. Amends the Truth in Lending Act to: (1) require escrow and impound accounts for periodic payments for certain credit transactions; and (2) set forth property appraisal requirements. Authorizes appropriations for federal prosecution of mortgage fraud. Federal Housing Finance Reform Act of 2008 - Amends the Housing and Community Development Act of 1992 to establish: (1) the Federal Housing Finance Agency (FHFA) to exercise oversight authority over the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal National Mortgage Association (Fannie Mae) (enterprises) ; and (2) the Federal Housing Enterprise Board. Prescribes: (1) minimum and critical capital levels for regulated entities; and (2) special enforcement powers. Requires the FHFA Director to establish standards for enterprise assets and liabilities. Abolishes: (1) the Office of Federal Housing Enterprise Oversight; and (2) the Federal Housing Finance Board. Transfers their functions, personnel, and property to the FHFA. Terminates enterprise-related functions of HUD.

Date: 2008-04-22
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Homeowner Opportunity Act of 2008 - Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the National Housing Act to make permanent certain increases in the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Expresses the sense of the Congress to encourage Fannie Mae and Freddie Mac to securitize mortgages acquired under the increased conforming loan limits to the extent that such securitizations do not impose additional costs for mortgages originated, purchased, or securitized under the existing limits, or interfere with the goal of adding liquidity to the market. Amends the National Housing Act to: (1) increase the mortgage loan limit for mortgage insurance in high-cost areas; and (2) direct the Secretary of Housing and Urban Development to publish the median house prices and mortgage principal obligation limits for all areas each year.

Date: 2008-05-05
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Protecting Tenants at Foreclosure Act of 2008 - States that any immediate successor in interest to residential property in foreclosure assumes such interest subject to: (1) giving the existing bona fide tenant at least 90-day notice to vacate; and (2) specified rights of such tenant to occupy the premises until the end of the remaining term of the lease. Amends the United States Housing Act of 1937 to require a housing assistance payment contract to provide that in the case of an owner who is an immediate successor in interest pursuant to foreclosure: (1) during the initial term of the lease vacating the property prior to sale shall not constitute other good cause for termination of the lease; but (2) in subsequent lease terms, vacating the property prior to sale may constitute good cause if the property is unmarketable while occupied, or if such owner will occupy the unit as a primary residence. Authorizes a housing assistance payment contract entered into by the public housing agency and the owner of a dwelling unit to provide that the immediate successor in interest to property in foreclosure in which a housing assistance recipient resides, assumes such interest subject to the lease between the prior owner and the tenant, and subject to the housing assistance payments contract between the prior owner and the public housing agency for the occupied unit.

Date: 2008-05-05
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Employers Financial Literacy Act - Amends the Internal Revenue Code to allow small business taxpayers a tax credit for up to 35% of the costs of providing continuing financial education to their employees. Grants a preference to such small businesses in the awarding of federal contracts or assistance.

Date: 2008-05-05
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Fair and Justifiable Credit Card Interest Rate Act of 2008 - Amends the Truth in Lending Act to prohibit the annual percentage rate applicable to any extension of credit on a credit card account under an open end consumer credit plan from exceeding 20%.

Date: 2008-05-07
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Prohibits an individual from purchasing or leasing any housing acquired using federal loan or grant funds made available for use under the Neighborhood Stabilization Act of 2008, or any dwelling unit in any such housing, if such individual has been convicted under federal or state law of a drug-dealing offense, a sex offense, or mortgage fraud. Requires each state, metropolitan city, and urban county that is provided such loan or grant amounts, notwithstanding any other preferences required or authorized under such Act for use of such amounts, to give highest priority to providing housing for disabled veterans.

Date: 2008-05-13
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Personal Lines of Insurance Fairness Act of 2008 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from furnishing to any person, and any person from using or obtaining, either a consumer report or consumer information for use in making any decision to underwrite or rate any personal lines of insurance. Exempts from such prohibition insurance information derived from specified data bases, including property loss, driver history, and medical history .

Date: 2008-05-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Home Retention and Economic Stabilization Act of 2008 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brought by any creditor, servicer, or holder of an eligible deferred-foreclosure mortgage, during a specified deferment period. Declares invalid any foreclosure action or proceeding regarding a deferred-foreclosure mortgage if the creditor or servicer fails to notify the consumer: (1) at least 30 days before instituting the action or proceeding; and (2) at least once during each subsequent 30-day period until the foreclosure becomes final. Prescribes procedures governing: (1) initiating foreclosure deferment; (2) payment notices during the deferment period; and (3) the manner of consumer payment during the deferment period. Amortizes over the life of the mortgage the difference between the amount of monthly payment due under the eligible deferred-foreclosure mortgage and the deferment payment amount. Prohibits a creditor or servicer from imposing any late fee or other fee or charge during the deferment period. Requires the creditor or servicer to provide the consumer with separate, written notification, distinct from all other correspondence, regarding: (1) any interest rate increase with respect to a sub-prime mortgage; (2) any minimum monthly payment increase with respect to a negative amortization mortgage; (3) clear and conspicuous disclosure of the good faith estimate of the monthly payment applicable after the adjustment or reset date; and (4) a list of alternatives available to consumers prior to the date of adjustment or increase. Authorizes appropriations for the Neighborhood Reinvestment Corporation to implement foreclosure mitigation activities.

Date: 2008-05-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Saving Family Homes Act of 2008 - Grants eligible mortgagors subject to foreclosure proceedings the right to continue to occupy forclosed properties subject to the payment of fair market rent for a period of 20 years that begins upon the commencement of occupancy of such property.

Date: 2008-05-21
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Temporary FHA Direct Endorsement Lender Participation Act of 2008 - Amends the Economic Stimulus Act of 2008 to require the Secretary of Housing and Urban Development to authorize the participation of mortgage brokers and lenders meeting certain criteria as direct endorsement mortgagees under the FHA single family mortgage insurance program for mortgages approved by the end of 2008.

Date: 2008-06-12
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Responsible Investment for Home Ownership Act of 2008 - Amends the Internal Revenue Code to: (1) establish tax-exempt Home Ownership Mortgage Expense Accounts; (2) allow a tax deduction for contributions to such accounts; (3) allow tax-free distributions from such accounts for the financing or remodeling of a principal residence; and (4) set forth rules for such accounts relating to prohibited transactions, rollover contributions, and account termination. Prohibits illegal aliens making tax deductible contributions to such accounts.

Date: 2008-06-25
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Extends the Department of Veterans Affairs (VA) demonstration projects on the guaranteeing of veterans' adjustable rate and hybrid adjustable rate mortgage loans in a manner similar to which the Secretary of Housing and Urban Development insures such mortgages under the National Housing Act.

Date: 2008-07-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Armed forces and national security
Extends the Department of Veterans Affairs (VA) demonstration projects on the guaranteeing of veterans' adjustable rate and hybrid adjustable rate mortgage loans in a manner similar to which the Secretary of Housing and Urban Development insures such mortgages under the National Housing Act.

Date: 2008-07-17
Topic: Domestic Commerce (Consumer Finance)
Subject: Armed forces and national security
Financial Disclosure Integrity Act - Amends the Ethics in Government Act of 1978 to require the annual financial disclosure reports of certain federal officers and employees to include mortgages secured by real properties which are the personal residences of the reporting individuals or their spouses. Requires the reporting of any liability consisting of such a mortgage to include applicable interest rate payments during the preceding calendar year and the number of years (or portions) remaining on the mortgage. Requires in the financial report a brief description, the date, and category of value of any purchase, sale, or exchange of such a property during a preceding calendar year.

Date: 2008-07-22
Topic: Domestic Commerce (Consumer Finance)
Subject: Government operations and politics
Seasoned Customer CTR Exemption Act of 2008 - Amends federal money and finance law to: (1) repeal certain discretionary exemptions of depository institutions from currency transaction reporting (CTR) requirements; and (2) instruct the Secretary of the Treasury to prescribe regulations that exempt any depository institution from filing certain mandatory reports of currency transactions with a qualified customer. Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, including a sole proprietorship, or is registered as and eligible to do business within the United States or a state; and (2) has maintained a deposit account with the depository institution for at least two months, or has engaged, using such account, in multiple currency transactions subject to federal CTR requirements. Requires such regulations to require a depository institution to file a one-time notice of designation of exemption for each of its qualified customers. Authorizes the Secretary to: (1) suspend, reject, or revoke any qualified customer exemption notice; and (2) set conditions under which exempt qualified customers of an insured depository institution that is merged with, or acquired by another insured depository institution, will continue to be treated as designated exempt qualified customers of the surviving or acquiring institution. Revises certain mandatory exemptions from CTR requirements. Requires the Secretary to exempt a depository institution from domestic CTR requirements without requiring the depository institution to either file a notice of designation of exemption, or to annually review the information supporting the exemption, with respect to transactions between the depository institution and specified categories of entities. Specifies additions to such categories of entities. Permits a depository institution to elect to report such exempted transactions without being subject to any penalty, liability, enforcement remedy, or supervisory criticism for such reporting.

Date: 2008-07-31
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 - (Sec. 2) Amends the National Housing Act to make exceptions to the prohibition against mortgage insurance for mortgages involving a downpayment using funds furnished by: (1) the seller or any party that benefits financially from the transaction (seller-financed downpayment); or (2) any third party that is reimbursed by the seller or any such party. Makes eligible for mortgage insurance, in spite of a seller-financed downpayment, any mortagors with credit scores equivalent to a FICO score of: (1) 680 or more; (2) at least 620 but less than 680; or (3) 619 or less. Prescribes conditions for mortgage insurance in the latter two situations. Requires entities participating in a governmental or private nonprofit program that provides downpayment assistance for such a mortgage to offer and make available, before loan closing, counseling about the responsibilities and financial management involved in homeownership. Authorizes the Secretary of Housing and Urban Development to impose civil money penalties for improperly influencing appraisals. (Sec. 3) Prohibits the Secretary from implementing: (1) risk-based premiums designed for mortgage lenders to offer a Federal Housing Administration (FHA)-insured product that provides a range of mortgage insurance premium pricing based upon a specified risk that the insurance contract represents; or (2) any other risk-based premium product for mortgage insurance on a single family residence where the premium price for such new product is based upon the borrower's Decision Credit Score. Makes an exception from such prohibition for flexible risk-based premiums. Authorizes the Secretary to establish, for a mortgagor whose FICO credit score is under 600, a mortgage insurance premium structure with a variable rate that reflects the mortgagor's credit risk, if the basis for determining such rate is established before the mortgage is executed. Requires notice to mortgagees and to Congress before such a premium structure is established or changed. Requires the Secretary to consider specified factors when premiums are established and collected under a flexible risk-based premium structure. Authorizes the Secretary to provide for variations in such rates according to the credit risk associated with the type of mortgage product that is being insured. Requires the Secretary to make payment incentives to a mortgagor, in the form of certain refunds, upon payment in full of timely mortgage payments. Authorizes the Secretary, for mortgages with a flexible risk-based premium, to establish a higher annual premium in lieu of a higher up-front premium.

Date: 2008-07-31
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Expanding Access to Foreclosure Counseling Act of 2008 - Amends the Foreclosure Prevention Act of 2008, Division B of the Housing and Economic Recovery Act of 2008, with regard to priority consideration the Neighborhood Reinvestment Corporation (NRC) is required to give when making grants to Department of Housing and Urban Development-approved counseling intermediaries which target loss mitigation counseling services to minority and low-income homeowners or provide such services in neighborhoods with high concentrations of minority and low-income homeowners. Revises the requirement that the NRC give priority consideration to counseling intermediaries and legal organizations that provide legal assistance in the 100 metropolitan statistical areas (MSAs) with the highest home foreclosure rates. Requires the NRC, in the case of any of such MSAs which do not have adequate counseling intermediaries and legal organizations providing such legal assistance, to give priority consideration to counseling intermediaries and legal organizations that: (1) do provide such legal assistance in areas near such MSA; and (2) have the capacity to provide it also in such MSA.

Date: 2008-08-01
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Nationwide Mortgage Fraud Coordinator Act of 2008 - Requires the Director of the Federal Bureau of Investigation (FBI) to assign the Chief of its Financial Crimes Section, Criminal Investigative Division, to be the Nationwide Mortgage Fraud Coordinator, who shall oversee all FBI activities related to investigation of mortgage fraud. Directs the Coordinator to: (1) establish regional task forces, consisting of the voluntary participation of federal, state, and local law enforcement and prosecutorial agencies, to organize initiatives to address mortgage fraud; (2) train such agencies; (3) collect and disseminate mortgage fraud data; and (4) perform other related functions. Authorizes the Coordinator to: (1) establish a toll-free hotline and other information systems for receiving reports and informing the public about mortgage fraud; and (2) creating a database of mortgage industry license suspensions and revocations. Authorizes the Department of Justice, upon consideration of any recommendations by the Coordinator, to: (1) propose legislation to federal, state, and local legislative bodies to assist in the detection, investigation, and prosecution of mortgage fraud, including measures to address mortgage loan procedures and property appraiser practices; and (2) make recommendations to Congress as to the need for additional resources to combat mortgage fraud.

Date: 2008-09-09
Topic: Domestic Commerce (Consumer Finance)
Subject: Crime and law enforcement
Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008, to require the Director of the Federal Housing Finance Agency to prohibit any golden parachute payment on or after enactment of this Act with respect to any executive officer or member of the board of directors of: (1) the Federal National Mortgage Association (Fannie Mae) and any affiliate; (2) Federal Home Loan Mortgage Corporation (Freddie Mac) and any affiliate; and (3) any Federal Home Loan Bank.

Date: 2008-09-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
All Bonuses Left Behind Act of 2008 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008, to prohibit a golden parachute payment or indemnification payment to any executive officer or member of the board of directors of the Federal National Mortgage Association (Fannie Mae) or of the Federal Home Loan Mortgage Corporation (Freddie Mac), except pursuant to federal law that specifically: (1) names the individual to whom the payment is to be made; and (2) identifies the payment or payments.

Date: 2008-09-15
Topic: Domestic Commerce (Consumer Finance)
Taxpayer Reimbursement Act of 2008 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Federal Housing Finance Regulatory Reform Act of 2008, to require the Director of the Federal Housing Finance Agency to suspend temporarily any allocations by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) upon: (1) the appointment of a conservator or receiver, and for the duration of a conservatorship or receivership; or (2) a finding that the federal government has not been fully reimbursed for the costs of such a conservatorship. Repeals the reduced percentages for calendar years 2010 and 2011 to require the use of 100% of certain Fannie Mae and Freddie Mac allocations to reimburse the Treasury for payments on bonds of the HOPE for Homeowners Program for calendar 2009-2001. Suspends the annual goals and duties established for Fannie Mae or Freddie Mac during any period it is in conservatorship or receivership.

Date: 2008-09-18
Topic: Domestic Commerce (Consumer Finance)
Loan Shark Prevention Act - Amends the Truth in Lending Act to limit: (1) the annual percentage rate (APR) applicable to any extension of credit to a maximum of 8 percentage points above the interest rate on tax underpayments established under the Internal Revenue Code; and (2) the amount of any fee or charge that a creditor may impose, under the terms of a credit transaction, to $15. Declares that, in the case of any credit card account under an open end consumer credit plan, no fee (including any annual fee, late payment fee, or over-the-limit fee) may be imposed on such account until 30 days after the obligor receives a specific notice of the imposition of such fee. Requires such a notice to explain how, when, and why a fee will be imposed and what options the obligor may have for addressing the fee or any reason for it, including the prevention of any future imposition of such fee.

Date: 2008-09-18
Topic: Domestic Commerce (Consumer Finance)
Credit Card Safety Star Act of 2008 - Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to promulgate rules to implement a Safety Star System, with one to five stars, to allow consumers to compare quickly and easily the terms, conditions, and levels of safety associated with various open end credit plan agreements. Specifies a point structure for rating credit cards. Assigns an automatic one-star rating (the lowest level of safety) to any open end credit plan: (1) that allows the card issuer to modify the terms of the agreement with a cardholder at any time or periodically for unspecified or unstated reasons; or (2) under which other accounts, or changes by a third party in the cardholder's credit rating, are used as a basis for adverse changes in the agreement (including universal default). Establishes the Credit Card Safety Star Advisory Commission.

Date: 2008-09-18
Topic: Domestic Commerce (Consumer Finance)
Independent Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Independent Fannie Mae and Freddie Mac Investigative Commission to investigate and issue a final report on the period following the savings and loan crisis of the 1980s to the present. Requires the Commission to investigate: (1) the policies, practices, and board decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from the 1990s through the present that led to their financial instability and subsequent federal conservatorship; (2) Fannie Mae and Freddie Mac's involvement, if any, in the creation and proliferation of the securitized mortgage instrument, and how such instrument affected their solvency; (3) the role of their boards of directors in developing their accounting and financial risk policies; (4) the actions of each board member or members, executive officer or officers, or the board member or members and executive officer or officers responsible for making the financial decisions to grow the enterprises' portfolios of subprime mortgage loans; and (5) the board member or members, executive officer or officers, or the board member or members and executive officer or officers responsible for making the decisions that may have encouraged the proliferation of the subprime mortgage industry.

Date: 2008-09-22
Topic: Domestic Commerce (Consumer Finance)
Government-Sponsored Enterprises Free Market Reform Act of 2008 - Sets a deadline for the Director of the Federal Housing Finance Agency to terminate the conservatorship of either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) if the Director determines that it is financially viable. (Refers to both Fannie Mae and Freddie Mac as enterprises.) Requires the Director to appoint the Federal Housing Finance Agency immediately as receiver of either enterprise if it is found not to be financially viable. Restricts the authority of an enterprise to acquire mortgage assets following its emergence from conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprises. Amends the Economic Stimulus Act of 2008 to repeal the temporary conforming loan limit increase for the enterprises.Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities.Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index.Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits.Requires the enterprises to pay state and local taxes.Instructs the Director to assess each enterprise for the amount necessary to recoup to the federal government the full value of the benefit the enterprise receives from federal guarantees for its obligations and financial viability. Directs the Comptroller General to study and report to Congress on a risk-based pricing mechanism to determine accurately the value of the benefit the enterprises receive from such federal guarantees. Requires the wind down and dissolution of an enterprise whose charter is not renewed.

Date: 2008-09-25
Topic: Domestic Commerce (Consumer Finance)
Preserve Our Neighborhoods Act of 2008 - Cites conditions under which a local government may purchase from the Secretary of the Treasury at the price of $1 per mortgage a group of at least 25 available mortgages, each of which is secured by real property. Requires the Secretary to make available to the public, at 90-day intervals, a list of all parcels of real estate, identified by specific address, that are available for purchase. Authorizes the Secretary to sell such mortgages. Applies the National Historic Preservation Act with respect to the rights in property acquired by local governments as a result of the foreclosure of mortgages purchased under this Act.

Date: 2008-09-26
Topic: Domestic Commerce (Consumer Finance)
Housing Options Made Effective Act or the HOME Act - Requires the mortgagee of a residential mortgage to: (1) file a specified notice of default before foreclosure; and (2) make direct contact with, or exercise due diligence to contact, the borrower to provide foreclosure avoidance options. Prescribes loan modification and workout plan duties for loan servicers. Requires that timely payments made under a loan modification or workout plan be reported to the appropriate consumer reporting agency and included in the borrower's consumer file and consumer report. Requires a covered residential mortgage agreement to grant the borrower and the mortgagee the right to negotiate a loan modification or workout plan if: (1) the mortgage is in payment default or payment default is reasonably foreseeable; or (2) the mortgagee's anticipated recovery under a loan workout plan exceeds the anticipated recovery through foreclosure on a net present value basis. Prohibits the mortgagee from refusing partial mortgage payments. Requires the mortgagee to credit such partial payments to the borrower's account . States that mortgagee acceptance of partial payments does not affect determination of mortgage default. Sets forth the rights of renters in a property foreclosure, including a tenant right to occupy the property under a lease entered into prior to foreclosure. Requires a mortgagee, where a judicial or non-judicial foreclosure has been initiated, to file a notice of sale in a public filing or recordation office before the foreclosure sale.

Date: 2008-09-26
Topic: Domestic Commerce (Consumer Finance)
Tax Refund Anticipation Loan Consumer Protection Act - Amends the Truth in Lending Act to prescribe advertising and disclosure requirements for tax refund anticipation loans. Prohibits an advertisement for an income tax refund anticipation loan from: (1) describing such a loan as a tax refund or rebate; or (2) advertising or soliciting tax preparation services as including the possibility of obtaining an immediate or rapid income tax refund or rebate if the refund or rebate involves an income tax refund anticipation loan origination. Requires an advertisement for an income tax refund anticipation loan to disclose: (1) fees imposed by the originator in connection with the loan origination; (2) the applicable annual percentage rate (APR) and fees; and (3) the name of the creditor if other than the originator. Sets forth contract and disclosure requirements for income tax refund anticipation loan origination services. Instructs the Board of Governors of the Federal Reserve System to publish model disclosure forms to implement this Act.

Date: 2008-09-27
Topic: Domestic Commerce (Consumer Finance)
Consumer Credit Safety Commission Act of 2008 - Establishes the Consumer Credit Safety Commission to promulgate consumer credit safety rules that: (1) ban abusive, fraudulent, unfair, deceptive, predatory, anticompetitive, or otherwise anti-consumer practices or product features for creditors; (2) place restrictions on consumer credit practices or product features to reduce the likelihood that they may be provided in a manner inconsistent with this Act; and (3) establish requirements for clear and adequate information appropriate to advance the objectives of this Act. Directs the Commission to: (1) establish and maintain a best practices guide for providers of consumer credit; (2) conduct, or award grants or contracts for, continuing studies and investigations of consumer credit industry practices; (3) help consumer credit providers to develop consumer credit safety standards or guidelines; and (4) establish and operate a consumer credit customer hotline to register complaints and receive information on how to combat anti-consumer credit. Directs the Commission to establish a program to promote federal-state cooperation to implement this Act. Sets forth civil and criminal penalties for acts prohibited by this Act.

Date: 2008-10-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Mortgage Credit Repair Act of 2008 - Amends the Fair Credit Reporting Act to define "front end ratio" as a ratio that indicates what portion of an individual's income is used to make mortgage payments, calculated by dividing an individual's gross monthly income by their housing expenses, particularly the mortgage principal, interest, taxes, and insurance (PITI). Prohibits a consumer reporting agency from making a consumer report containing cases under title 11 or under the Bankruptcy Act that antedate the report by more than three years when certain criteria are met. Includes among such criteria that a consumer's front-end debt ratio on a mortgage instrument originated or refinanced on or after January 1, 2003, was 37% or higher for at least six months before and continuing through the time that the bankruptcy is filed. Prohibits a consumer reporting agency from making a consumer report containing any adverse information excluding bankruptcy, but including closed accounts, amounts in collections, accounts charged to profit or loss, repossessions, and foreclosures, if certain circumstances have occurred.

Date: 2008-10-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Amends the Emergency Economic Stabilization Act to revise the process for exercising the authority of the Secretary of the Treasury to make purchases of troubled assets in any amount in excess of the $350 billion previously obligated. Changes the Joint Resolution of Disapproval, regarding the exercise of such authority, to a Joint Resolution of Approval. Prohibits the Secretary, that is, from exercising any authority to make any such purchases unless a joint resolution approving the plan is enacted into law.

Date: 2008-11-19
Topic: Domestic Commerce (Consumer Finance)
Financial Literacy Improvement Act of 2008 - Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to award formula matching grants to states or partnerships between states and experienced nonprofit providers of financial literacy or personal finance education programs. Requires grantees to use 25% of the grant funds to: (1) develop financial literacy standards and assessments for at least three grade levels; (2) create teacher training programs to embed financial literacy or personal finance education into core academic subjects; and (3) evaluate the impact such education has on students' financial literacy. Requires the remaining grant funds to be used for subgrants to local educational agencies (LEAs) or partnerships between LEAs and community organizations, local businesses, or other educational entities to implement such financial literacy activities, including student assessments and teacher training. Amends the Higher Education Act of 1965 to direct the Secretary to award competitive grants to institutions of higher education (IHEs) or partnerships between IHEs and experienced nonprofit providers of financial literacy or personal finance education programs for activities that increase student knowledge in consumer, economic, and personal financial concepts.

Date: 2008-11-19
Topic: Domestic Commerce (Consumer Finance)
Systematic Foreclosure Prevention and Mortgage Modification Act - Directs the Chairperson of the Federal Deposit Insurance Corporation (FDIC) to establish a systematic foreclosure prevention and mortgage modification program by: (1) paying mortgage servicers $1,000 to cover expenses for each loan modified according to specified standards; and (2) sharing up to 50% of any losses incurred if a modified loan should subsequently re-default.

Date: 2008-12-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Homeowners' Protection Act of 2008 - Amends the federal bankruptcy code to eliminate the pre-petition credit counseling requirement for a debtor under chapter 13 (Adjustment of Debts of an Individual with Regular Income) who is facing foreclosure, if the debtor submits to the court a certification that the debtor has received notice that the holder of a claim secured by the debtor's principal residence may commence foreclosure. Allows modification of the rights of claim holders, in the event of a foreclosure notice for a chapter 13 debtor, among other means by: (1) reducing a claim to equal the value of the debtor's interest in the residence securing such claim, and any adjustments to a related adjustable rate of interest; (2) waiving early repayment or prepayment penalties; and (3) extending the repayment period. Denies debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of such claim as reduced and modified or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith. Excludes from final discharge of a debtor from all debts: (1) any payments to claim holders whose rights are modified under this Act; and (2) any unpaid portion of a claim as reduced.

Date: 2008-12-10
Topic: Domestic Commerce (Consumer Finance)
Amends the Economic Stimulus Act of 2008 to extend through December 31, 2009: (1) the increased ceiling amount for mortgages purchased by either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the temporary loan limit increase for Federal Housing Administration (FHA)-insured mortgages in specified high-cost areas for which a borrower received credit approval.

Date: 2008-11-20
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Pell Grant Equity Act of 2007 - Amends the Higher Education Act of 1965 to make the formula for calculation of an individual Pell Grant which includes, in part, the sum of the student's tuition, inapplicable for the 2007-2008 academic year. (Thus suspends for such year the "tuition sensitivity provision" which prohibits maximum Pell Grant awards to students attending low-tuition institutions of higher education even if their income is low enough to otherwise qualify for the maximum award.) Amends the Federal Family Education Loan program to lower from 23% to 22% for FY2008 the percentage of a borrower's student loan payment made subsequent to default that a guaranty agency may retain for deposit in its operating fund if the Secretary of Education has already reimbursed it for such default.

Date: 2007-02-28
Topic: Domestic Commerce (Consumer Finance)
Subject: Education
Consumer Rental-Purchase Agreement Act of 2007 - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures. Declares that an action for civil liability may be brought 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 and to state attorneys general. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.

Date: 2007-03-28
Topic: Domestic Commerce (Consumer Finance)
Subject: Commerce
Federal Housing Enterprise Regulatory Reform Act of 2007 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency, headed by a Director, which shall have authority over: the Federal Home Loan Banks, the Finance Facility, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac). Establishes the Federal Housing Enterprise Board, without executive authority, to advise the Director. Sets forth operating, administrative, and regulatory provisions of the Agency, including: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) mandatory affordable housing focused portfolios; (5) risk-based capital test; (6) capital classifications and undercapitalized enterprises; (7) enforcement actions and penalties; (8) golden parachutes and (9) mandatory reporting of fraudulent loans. Amends the Federal National Mortgage Association Charter Act to require registration of enterprise securities. Requires prior approval by the Director for any initial enterprise product offering. Sets forth conforming loan limitations for Fannie Mae and Freddie Mac (enterprises). Makes it the duty of such enterprises to increase mortgage investments liquidity and improve the distribution of investment capital available for mortgage financing for underserved markets. Instructs the Director to establish an annual home purchase goal for the purchase by each enterprise of mortgage financing of owner-occupied single family dwelling units. Prescribes requirements for prompt corrective and enforcement actions. Amends the Federal Home Loan Bank Act to: (1) revise criteria for Federal Home Loan Bank Board directors, providing for at least two independent directors; and (2) establish the Federal Home Loan Bank Finance Facility. Authorizes the Facility to issue and service consolidated Federal Home Loan Bank obligations. Exempts the Federal Home Loan Banks from certain securities reporting requirements. Authorizes reduction of Federal Home Loan Bank districts by voluntary merger. Transfers to such Facility the functions of the Office of Finance of the Federal Home Loan Banks. Abolishes: (1) the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development; and (2) the Federal Housing Finance Board. Requires the Director to review annually the Freddie Mac Foundation and the Office of Corporate Giving of the Federal National Mortgage Corporation ("Fannie Mae Foundation") to ensure that they are not engaged in impermissible lobbying activities.

Date: 2007-04-12
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development