H. Res. 205: Providing for further consideration of H.R. 1106 – Helping Families Save Their Homes Act of 2009

COMMITTEE ACTION: REPORTED BY A VOICE VOTE on Wednesday, March 4, 2009.
FLOOR ACTION: ADOPTED BY A VOICE VOTE OF 239 - 181 on Thursday, March 5, 2009.

MANAGERS: Hastings (FL)/Foxx

111th Congress 
1st Session

H.RES 205

[Report No. 111-23]

 

Providing for further consideration of H.R. 1106 – Helping Families Save Their Homes Act of 2009

  1. Provides that amendment number 1 printed in House Report 111-21 shall be considered as perfected by the modification printed in the report of the Rules Committee accompanying this resolution.

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RESOLUTION

            Resolved, That during further consideration of the bill (H.R. 1106) to prevent mortgage foreclosures and enhance mortgage credit availability, pursuant to House Resolution 190, amendment number 1 printed in House Report 111-21 shall be considered as perfected by the modification printed in the report of the Committee on Rules accompanying this resolution.

 

SUMMARY OF MODIFICATION CONSIDERED AS ADOPTED

            The modification would (1) allow a court to consider, in lieu of reducing mortgage principal, lowering the interest rate to reduce the debtor’s mortgage payments according to the Administration’s Homeowner Affordability and Stability Plan as implemented on March 4, 2009; (2) give the mortgage holder a greater proportion of the appreciation in a home on a graduated basis if it is sold during the 5-year period that the case is pending; and (3) provide that when a debtor seeks to reduce a mortgage’s principal, the court must determine whether such relief is in good faith based on whether debtor was offered a mortgage modification under the Administration’s plan and the debtor was able to afford payments under such plan.

Text of Modification