US Congress Senate Bill 967 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 16-1-1)
Status: Introduced on May 12 2011 - 25% progression, died in committee
Action: 2011-05-12 - 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]

Regulation of Mortgage Servicing Act of 2011 - Requires a mortgage servicer to assign one case manager to each borrower that seeks a mortgage loan modification or an alternative to foreclosure. Requires the case manager to: (1) manage the communication between the servicer and the borrower, and (2) make decisions about the borrower's eligibility for a loan modification or an alternative to foreclosure. Prohibits a servicer from initiating a foreclosure action against a borrower unless the servicer has performed specified tasks related to offering the borrower, if eligible, a loan modification or an alternative to foreclosure. Requires a servicer to suspend a foreclosure action initiated before the enactment of this Act until such tasks have been performed. Prohibits a servicer, during the suspension period, from: (1) sending the borrower a notice of foreclosure, (2) conducting or scheduling a sale of the real property securing the mortgage, or (3) causing final judgment to be entered against the borrower. Prescribes requirements a servicer must meet in order to be deemed to have made a reasonable effort to obtain necessary information to determine a borrower's eligibility for a loan modification or an alternative to foreclosure. Requires a servicer, before notifying a borrower of his or her ineligibility for a loan modification or an alternative to foreclosure, to obtain the services of an independent reviewer to review the borrower's file and determine whether or not the borrower is eligible. Makes a violation of this Act a bar to a foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation.

Regulation of Mortgage Servicing Act of 2011

Sen. Jeff Merkley [D-OR]	Sen. Daniel Akaka [D-HI]	Sen. Richard Blumenthal [D-CT]	Sen. Richard Durbin [D-IL]
Sen. Al Franken [D-MN]	Sen. Daniel Inouye [D-HI]	Sen. Amy Klobuchar [D-MN]	Sen. Frank Lautenberg [D-NJ]
Sen. Carl Levin [D-MI]	Sen. Claire McCaskill [D-MO]	Sen. Robert Menendez [D-NJ]	Sen. Jack Reed [D-RI]
Sen. Bernard Sanders [I-VT]	Sen. Jeanne Shaheen [D-NH]	Sen. Olympia Snowe [R-ME]	Sen. Jim Webb [D-VA]
Sen. Sheldon Whitehouse [D-RI]	Sen. Ron Wyden [D-OR]

Date	Chamber	Action
2011-05-12	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB3595 (Related) 2012-01-12 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
HB3789 (Related) 2012-02-09 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/967/all-info
Text	https://www.congress.gov/112/bills/s967/BILLS-112s967is.pdf