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- S.73
S.73: Systematic Foreclosure Prevention and Mortgage Modification Act
About This Bill
- This bill was introduced in the 111th Congress
- This bill is primarily about housing and community development
- Introduced Jan. 6, 2009
- Latest Major Action Jan. 6, 2009
Bill Sponsor
Bill Summary
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.
(Source: Library of Congress)
What Lawmakers Are Saying About This Bill
Bill Actions
| Date | Description |
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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| Jan. 6, 2009 |
Introduced in the Senate by Dianne Feinstein (D-Calif.) |