Financial Services Committee Approves FHA Refinancing Bill For Homeowners Facing Foreclosure

摘要

The House Financial Services Committee has approved a bill (H.R. 5830) to provide up to $300 billion in FHA-insured mortgages to refinance loans for homeowners at risk of foreclosure. Separately, the committee approved a measure (H.R. 5579) to encourage servicers of pooled home loans to implement loan modifications or workout plans to avoid foreclosures on troubled loans. The bill says that in the absence of contractual provisions to the contrary, a servicer wouldn't be liable for entering into qualified modifications or workout plans. Such a modification or plan would have to remain in place for at least five years, unless the borrower sells or refinances the property sooner, and it could not involve negative amortization or require the borrower to pay additional points or fees. The committee also approved a bill (H.R. 5818) to provide $15 billion in loans and grants to states to acquire and redevelop foreclosed housing. (For a related report, see p. 273.)