Senate Approves Foreclosure Prevention Bill; Homeless Assistance Program Consolidation Attached

摘要

The Senate approved a mortgage foreclosure prevention bill (S. 896) May 6 that also incorporates legislation to reauthorize and consolidate the McKinney-Vento Act homeless assistance grant programs.rnThe vote was 91-5　The foreclosure prevention provisions include changes to the FHA HOPE for Homeowners (H4H) mortgage refinancing program, protections for tenants in foreclosed properties, loss mitigation requirements for Section 502 guaranteed rural home loans, and a safe harbor for servicers which modify home mortgages.rnIn a related development, the Obama Administration announced additional details on its Making Home Affordable foreclosure prevention program on May 14.