US Congress Senate Bill 2854 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on September 18 2014 - 25% progression, died in committee
Action: 2014-09-18 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Preserving American Homeownership Act of 2014 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure. Requires a shared equity mortgage modification to: reduce by specified action the loan-to-value ratio of a covered mortgage to 100% or less within 3 years; reduce the interest rate if such a reduction of principal would not result in an affordable reduced monthly payment; reduce to a specified amount any periodic payment the homeowner is required to make; require the homeowner to pay the investor, upon refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of the equity value of the real property, subject to certain conditions; be designed to deliver maximal net present value to the investor; and be based on specified factors.

Preserving American Homeownership Act of 2014

Sen. Robert Menendez [D-NJ]

Sen. Richard Blumenthal [D-CT]

Sen. Jack Reed [D-RI]

Sen. Elizabeth Warren [D-MA]

Date	Chamber	Action
2014-09-18	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/2854/all-info
Text	https://www.congress.gov/113/bills/s2854/BILLS-113s2854is.pdf