H.R. 7326 · 110th Congress
Systematic Foreclosure Prevention and Mortgage Modification Act
- Stage
- In committee
- Sponsor
- Maxine Waters
- Introduced
- 2008-12-10
- Latest action
- 2008-12-10 · Introduced in House
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.