Keys to preserving home ownership in Bushnell, Central Florida foreclosure avoidance workshop. Open to the public.

When: December 20, 2008
Time: 10:00 am to Noon

Where: Bushnell Library
402 N Florida St
Bushnell, FL 33513

RSVP

Free Foreclosure Workshop Open to the Public

Saturday: December 13, 2008
Time: 1:00 pm

Location: Sunrise Dan Pearl Library
10500 W. Oakland Park Blvd.
Sunrise, FL 33351.

The Helpful Hands Foundation is conducting a “STOP FORECLOSURE” Seminar

Date: Thursday, December 4, 2008

Location: Casselberry Library
215 North Oxford Rd.
Casselberry, FL 32707

Time: 6:30 pm – 7:30 pm

The Helpful Hands Foundation is a Fannie Mae Approved non-profit housing counseling agency.

I look forward to seeing you there.

http://www.thhf.org/blog/?p=1327 December 13, 20082:00 PMto3:00 PM

Foreclosure Prevention Workshop for Homeowners in Orlando, Florida

Saturday: December 13, 2008

Time: 2:00 pm – 3:00 pm

Location:
534 S. Chickasaw
Orlando, Fl 32825
in front of Rio Pinar Plaza

Contact Regional Director: Erika Echevestre (407) 908-8125

501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.

(1) LEGISLATIVE FINDINGS AND INTENT.–The Legislature finds that homeowners who are in default on their mortgages, in foreclosure, or at risk of losing their homes due to nonpayment of taxes may be vulnerable to fraud, deception, and unfair dealings with foreclosure-rescue consultants or equity purchasers. The intent of this section is to provide a homeowner with information necessary to make an informed decision regarding the sale or transfer of his or her home to an equity purchaser. It is the further intent of this section to require that foreclosure-related rescue services agreements be expressed in writing in order to safeguard homeowners against deceit and financial hardship; to ensure, foster, and encourage fair dealing in the sale and purchase of homes in foreclosure or default; to prohibit representations that tend to mislead; to prohibit or restrict unfair contract terms; to provide a cooling-off period for homeowners who enter into contracts for services related to saving their homes from foreclosure or preserving their rights to possession of their homes; to afford homeowners a reasonable and meaningful opportunity to rescind sales to equity purchasers; and to preserve and protect home equity for the homeowners of this state.

(2) DEFINITIONS.–As used in this section, the term:

(a) “Equity purchaser” means any person who acquires a legal, equitable, or beneficial ownership interest in any residential real property as a result of a foreclosure-rescue transaction. The term does not apply to a person who acquires the legal, equitable, or beneficial interest in such property:

1. By a certificate of title from a foreclosure sale conducted under chapter 45;

2. At a sale of property authorized by statute;

3. By order or judgment of any court;

4. From a spouse, parent, grandparent, child, grandchild, or sibling of the person or the person’s spouse; or

5. As a deed in lieu of foreclosure, a workout agreement, a bankruptcy plan, or any other agreement between a foreclosing lender and a homeowner.

(b) “Foreclosure-rescue consultant” means a person who directly or indirectly makes a solicitation, representation, or offer to a homeowner to provide or perform, in return for payment of money or other valuable consideration, foreclosure-related rescue services. The term does not apply to:

1. A person excluded under s. 501.212.

2. A person acting under the express authority or written approval of the United States Department of Housing and Urban Development or other department or agency of the United States or this state to provide foreclosure-related rescue services.

3. A charitable, not-for-profit agency or organization, as determined by the United States Internal Revenue Service under s. 501(c)(3) of the Internal Revenue Code, which offers counseling or advice to an owner of residential real property in foreclosure or loan default if the agency or organization does not contract for foreclosure-related rescue services with a for-profit lender or person facilitating or engaging in foreclosure-rescue transactions.

4. A person who holds or is owed an obligation secured by a lien on any residential real property in foreclosure if the person performs foreclosure-related rescue services in connection with this obligation or lien and the obligation or lien was not the result of or part of a proposed foreclosure reconveyance or foreclosure-rescue transaction.

5. A financial institution as defined in s. 655.005 and any parent or subsidiary of the financial institution or of the parent or subsidiary.

6. A licensed mortgage broker, mortgage lender, or correspondent mortgage lender that provides mortgage counseling or advice regarding residential real property in foreclosure, which counseling or advice is within the scope of services set forth in chapter 494 and is provided without payment of money or other consideration other than a mortgage brokerage fee as defined in s. 494.001.

(c) “Foreclosure-related rescue services” means any good or service related to, or promising assistance in connection with:

1. Stopping, avoiding, or delaying foreclosure proceedings concerning residential real property; or

2. Curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation.

(d) “Foreclosure-rescue transaction” means a transaction:

1. By which residential real property in foreclosure is conveyed to an equity purchaser and the homeowner maintains a legal or equitable interest in the residential real property conveyed, including, without limitation, a lease option interest, an option to acquire the property, an interest as beneficiary or trustee to a land trust, or other interest in the property conveyed; and

2. That is designed or intended by the parties to stop, avoid, or delay foreclosure proceedings against a homeowner’s residential real property.

(e) “Homeowner” means any record title owner of residential real property that is the subject of foreclosure proceedings.

(f) “Residential real property” means real property consisting of one-family to four-family dwelling units, one of which is occupied by the owner as his or her principal place of residence.

(g) “Residential real property in foreclosure” means residential real property against which there is an outstanding notice of the pendency of foreclosure proceedings recorded pursuant to s. 48.23.

(3) PROHIBITED ACTS.–In the course of offering or providing foreclosure-related rescue services, a foreclosure-rescue consultant may not:

(a) Engage in or initiate foreclosure-related rescue services without first executing a written agreement with the homeowner for foreclosure-related rescue services; or

(b) Solicit, charge, receive, or attempt to collect or secure payment, directly or indirectly, for foreclosure-related rescue services before completing or performing all services contained in the agreement for foreclosure-related rescue services.

(4) FORECLOSURE-RELATED RESCUE SERVICES; WRITTEN AGREEMENT.–

(a) The written agreement for foreclosure-related rescue services must be printed in at least 12-point uppercase type and signed by both parties. The agreement must include the name and address of the person providing foreclosure-related rescue services, the exact nature and specific detail of each service to be provided, the total amount and terms of charges to be paid by the homeowner for the services, and the date of the agreement. The date of the agreement may not be earlier than the date the homeowner signed the agreement. The foreclosure-rescue consultant must give the homeowner a copy of the agreement to review not less than 1 business day before the homeowner is to sign the agreement.

(b) The homeowner has the right to cancel the written agreement without any penalty or obligation if the homeowner cancels the agreement within 3 business days after signing the written agreement. The right to cancel may not be waived by the homeowner or limited in any manner by the foreclosure-rescue consultant. If the homeowner cancels the agreement, any payments that have been given to the foreclosure-rescue consultant must be returned to the homeowner within 10 business days after receipt of the notice of cancellation.

(c) An agreement for foreclosure-related rescue services must contain, immediately above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:

HOMEOWNER’S RIGHT OF CANCELLATION

YOU MAY CANCEL THIS AGREEMENT FOR FORECLOSURE-RELATED RESCUE SERVICES WITHOUT ANY PENALTY OR OBLIGATION WITHIN 3 BUSINESS DAYS FOLLOWING THE DATE THIS AGREEMENT IS SIGNED BY YOU.

THE FORECLOSURE-RESCUE CONSULTANT IS PROHIBITED BY LAW FROM ACCEPTING ANY MONEY, PROPERTY, OR OTHER FORM OF PAYMENT FROM YOU UNTIL ALL PROMISED SERVICES ARE COMPLETE. IF FOR ANY REASON YOU HAVE PAID THE CONSULTANT BEFORE CANCELLATION, YOUR PAYMENT MUST BE RETURNED TO YOU NO LATER THAN 10 BUSINESS DAYS AFTER THE CONSULTANT RECEIVES YOUR CANCELLATION NOTICE.

TO CANCEL THIS AGREEMENT, A SIGNED AND DATED COPY OF A STATEMENT THAT YOU ARE CANCELING THE AGREEMENT SHOULD BE MAILED (POSTMARKED) OR DELIVERED TO (NAME) AT (ADDRESS) NO LATER THAN MIDNIGHT OF (DATE) .

IMPORTANT: IT IS RECOMMENDED THAT YOU CONTACT YOUR LENDER OR MORTGAGE SERVICER BEFORE SIGNING THIS AGREEMENT. YOUR LENDER OR MORTGAGE SERVICER MAY BE WILLING TO NEGOTIATE A PAYMENT PLAN OR A RESTRUCTURING WITH YOU FREE OF CHARGE.

(d) The inclusion of the statement does not prohibit the foreclosure-rescue consultant from giving the homeowner more time in which to cancel the agreement than is set forth in the statement, provided all other requirements of this subsection are met.

(e) The foreclosure-rescue consultant must give the homeowner a copy of the signed agreement within 3 hours after the homeowner signs the agreement.

(5) FORECLOSURE-RESCUE TRANSACTIONS; WRITTEN AGREEMENT.–

(a)1. A foreclosure-rescue transaction must include a written agreement prepared in at least 12-point uppercase type that is completed, signed, and dated by the homeowner and the equity purchaser before executing any instrument from the homeowner to the equity purchaser quitclaiming, assigning, transferring, conveying, or encumbering an interest in the residential real property in foreclosure. The equity purchaser must give the homeowner a copy of the completed agreement within 3 hours after the homeowner signs the agreement. The agreement must contain the entire understanding of the parties and must include:

a. The name, business address, and telephone number of the equity purchaser.

b. The street address and full legal description of the property.

c. Clear and conspicuous disclosure of any financial or legal obligations of the homeowner that will be assumed by the equity purchaser.

d. The total consideration to be paid by the equity purchaser in connection with or incident to the acquisition of the property by the equity purchaser.

e. The terms of payment or other consideration, including, but not limited to, any services that the equity purchaser represents will be performed for the homeowner before or after the sale.

f. The date and time when possession of the property is to be transferred to the equity purchaser.

2. A foreclosure-rescue transaction agreement must contain, above the signature line, a statement in at least 12-point uppercase type that substantially complies with the following:

I UNDERSTAND THAT UNDER THIS AGREEMENT I AM SELLING MY HOME TO THE OTHER UNDERSIGNED PARTY.

3. A foreclosure-rescue transaction agreement must state the specifications of any option or right to repurchase the residential real property in foreclosure, including the specific amounts of any escrow payments or deposit, down payment, purchase price, closing costs, commissions, or other fees or costs.

4. A foreclosure-rescue transaction agreement must comply with all applicable provisions of 15 U.S.C. ss. 1600 et seq. and related regulations.

(b) The homeowner may cancel the foreclosure-rescue transaction agreement without penalty if the homeowner notifies the equity purchaser of such cancellation no later than 5 p.m. on the 3rd business day after signing the written agreement. Any moneys paid by the equity purchaser to the homeowner or by the homeowner to the equity purchaser must be returned at cancellation. The right to cancel does not limit or otherwise affect the homeowner’s right to cancel the transaction under any other law. The right to cancel may not be waived by the homeowner or limited in any way by the equity purchaser. The equity purchaser must give the homeowner, at the time the written agreement is signed, a notice of the homeowner’s right to cancel the foreclosure-rescue transaction as set forth in this subsection. The notice, which must be set forth on a separate cover sheet to the written agreement that contains no other written or pictorial material, must be in at least 12-point uppercase type, double-spaced, and read as follows:

NOTICE TO THE HOMEOWNER/SELLER

PLEASE READ THIS FORM COMPLETELY AND CAREFULLY. IT CONTAINS VALUABLE INFORMATION REGARDING CANCELLATION RIGHTS.

BY THIS CONTRACT, YOU ARE AGREEING TO SELL YOUR HOME. YOU MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE 5:00 P.M. OF THE THIRD BUSINESS DAY FOLLOWING RECEIPT OF THIS NOTICE.

THIS CANCELLATION RIGHT MAY NOT BE WAIVED IN ANY MANNER BY YOU OR BY THE PURCHASER.

ANY MONEY PAID DIRECTLY TO YOU BY THE PURCHASER MUST BE RETURNED TO THE PURCHASER AT CANCELLATION. ANY MONEY PAID BY YOU TO THE PURCHASER MUST BE RETURNED TO YOU AT CANCELLATION.

TO CANCEL, SIGN THIS FORM AND RETURN IT TO THE PURCHASER BY 5:00 P.M. ON (DATE) AT (ADDRESS) . IT IS BEST TO MAIL IT BY CERTIFIED MAIL OR OVERNIGHT DELIVERY, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF THE SIGNED FORM AND YOUR POST OFFICE RECEIPT.

I (we) hereby cancel this transaction.

Seller’s Signature

Printed Name of Seller

Seller’s Signature

Printed Name of Seller

Date

(c) In any foreclosure-rescue transaction in which the homeowner is provided the right to repurchase the residential real property, the homeowner has a 30-day right to cure any default of the terms of the contract with the equity purchaser, and this right to cure may be exercised on up to three separate occasions. The homeowner’s right to cure must be included in any written agreement required by this subsection.

(d) In any foreclosure-rescue transaction, before or at the time of conveyance, the equity purchaser must fully assume or discharge any lien in foreclosure as well as any prior liens that will not be extinguished by the foreclosure.

(e) If the homeowner has the right to repurchase the residential real property, the equity purchaser must verify and be able to demonstrate that the homeowner has or will have a reasonable ability to make the required payments to exercise the option to repurchase under the written agreement. For purposes of this subsection, there is a rebuttable presumption that the homeowner has a reasonable ability to make the payments required to repurchase the property if the homeowner’s monthly payments for primary housing expenses and regular monthly principal and interest payments on other personal debt do not exceed 60 percent of the homeowner’s monthly gross income.

(f) If the homeowner has the right to repurchase the residential real property, the price the homeowner pays may not be unconscionable, unfair, or commercially unreasonable. A rebuttable presumption, solely between the equity purchaser and the homeowner, arises that the foreclosure-rescue transaction was unconscionable if the homeowner’s repurchase price is greater than 17 percent per annum more than the total amount paid by the equity purchaser to acquire, improve, maintain, and hold the property. Unless the repurchase agreement or a memorandum of the repurchase agreement is recorded in accordance with s. 695.01, the presumption arising under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.

(6) REBUTTABLE PRESUMPTION.–Any foreclosure-rescue transaction involving a lease option or other repurchase agreement creates a rebuttable presumption, solely between the equity purchaser and the homeowner, that the transaction is a loan transaction and the conveyance from the homeowner to the equity purchaser is a mortgage under s. 697.01. Unless the lease option or other repurchase agreement, or a memorandum of the lease option or other repurchase agreement, is recorded in accordance with s. 695.01, the presumption created under this subsection shall not apply against creditors or subsequent purchasers for a valuable consideration and without notice.

(7) VIOLATIONS.–A person who violates any provision of this section commits an unfair and deceptive trade practice as defined in part II of this chapter. Violators are subject to the penalties and remedies provided in part II of this chapter, including a monetary penalty not to exceed $15,000 per violation.

· Promissory Note Discovery

· Rescind Your Mortgage

· Truth In Lending Act – PDF

· Mortgage Forgiveness Debt Relief

· Foreclosure Dismissal

· RESPA ACT – Loan Regulations

· Foreclosure Counseling Assistance

· Foreclosure Prevention Act of 2008

Title: A bill to provide needed housing reform and for other purposes.

H.R. 3221: Foreclosure Prevention Act of 2008 Direct Congressional Link

Latest Major Action: Became Public Law No: 110-289 7/30/2008

SUMMARY AS OF:

5/8/2008–House agreed to Senate amendment with amendment.

American Housing Rescue and Foreclosure Prevention Act of 2008 – Title I: FHA Housing Stabilization and Homeownership Retention – FHA Housing Stabilization and Homeownership Retention Act of 2008 – Subtitle A: Homeownership Retention – (Sec. 112) Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages.

Instructs the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence.

Sets forth mortgagor eligibility criteria, including mortgagor certification that: (1) the residence is the only residence in which the mortgagor has any present ownership interest; (2) the mortgagor has not intentionally defaulted on the existing mortgage, nor knowingly, willfully, and with actual knowledge furnished material information known to be false for the purpose of obtaining the existing mortgage.

Requires waiver or forgiveness of all: (1) prepayment penalties; and (2) fees and penalties related to default or delinquency on existing mortgages.

Sets forth terms for required: (1) reduction of indebtedness under an existing senior mortgage; (2) extinguishment of debt by refinancing; and (3) treatment of multiple mortgage liens.

Requires debt service payments due under a mortgage insured under this Act to be substantially reduced from the debt service payments due under the existing mortgage or mortgages.

Requires the mortgage to provide that the HUD Secretary retain a lien on the residence which shall: (1) be subordinate to the mortgage insured under this Act, but senior to all other existing mortgages on it; and (2) secure the repayment.

Instructs the Oversight Board to prohibit borrowers from granting a new second lien on the mortgaged property during the first five years the mortgage is insured under this Act.

Requires the mortgagee to document and verify mortgagor income.

Requires a mortgage insured under this Act to: (1) bear interest at a single fixed rate for the entire mortgage term; and (2) involve a principal obligation that does not exceed the limitation that would be allowable for a mortgage insured pursuant to the Economic Stimulus Act of 2008.

Requires the Oversight Board to establish specified underwriting standards for mortgages insured under this Act, including a limitation on origination fees.

Sets forth criteria for appraisal independence. Subjects violations of such criteria to civil monetary penalties.

Prohibits the aggregate original principal obligation of all mortgages insured under this Act from exceeding $300 billion.

Directs: (1) the Oversight Board and the HUD Secretary to monitor independent quality reviews of designated underwriters; and (2) the Inspector General of HUD to conduct an annual compliance audit of the mortgage insurance program under this Act.

Requires the HUD Secretary to ensure that securities based on and backed by a pool or trust composed of mortgages insured under this Act are available to be guaranteed by the Government National Mortgage Association (GNMA) for timely payment of principal and interest.

Makes the insurance of each mortgage under this Act the obligation of the Special Risk Insurance Fund established by this Act.

Sets forth a sunset date of two years after enactment of this Act for commitments to insure under it.

Authorizes appropriations for FY2008-FY2009, including specified funds earmarked for: (1) counseling for veterans recently returning from active duty in the Armed Forces; and (2) the Neighborhood Reinvestment Corporation (NRC).

Repeals the limitation on the aggregate number of home equity conversion mortgages for elderly homeowners insured under this Act.

(Sec. 113) Directs the Board of Governors of the Federal Reserve System to study and report to specified congressional committees on the need for an auction or bulk refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under the NHA.

(Sec. 114) Establishes a temporary increase in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs.

(Sec. 115) Requires the Securities and Exchange Commission (SEC) to study and report to Congress on: (1) fair value accounting standards applicable to financial institutions with respect to residential mortgages at risk of foreclosure and mortgage-backed securities involving such mortgages; (2) the effects of such accounting standards upon such institutions’ balance sheets and capacity to provide refinancing to residential mortgagors at risk of foreclosure, including residential mortgagors during periods of market value declines and increased foreclosures; and (3) the advisability and feasibility of modifications of such standards during periods of market fluctuation in order to maintain the institution’s ability to continue to carry mortgages on residential property at risk of foreclosure and assure the availability of credit to refinance such mortgages.

(Sec. 116) Instructs the Comptroller General of the United States to study and report to Congress on the effects of tightening credit markets upon prospective first-time homebuyers in selected communities that have been most detrimentally affected by subprime mortgage foreclosure crises and predatory mortgage lending.

Subtitle B: Office of Housing Counseling – Expand and Preserve Home Ownership Through Counseling Act – (Sec. 132) Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling.

(Sec. 133) Amends the Housing and Urban Development Act of 1968 to: (1) prescribe homeownership and rental counseling procedures and requirements; (2) direct the Secretary to make grants to qualified organizations for homeownership or rental counseling assistance; and (3) require such organizations to use only HUD-certified counselors.

(Sec. 136) Directs the HUD Secretary to study and report to Congress on the root causes of home loan defaults and foreclosures, including the role of escrow accounts in helping prime and nonprime borrowers avoid defaults and foreclosures.

(Sec. 138) Amends the Real Estate Settlement Procedures Act of 1974 to require a revamping of a public information booklet regarding federally related mortgage loans, with specified contents.

Subtitle C: Combating Mortgage Fraud – (Sec. 151) Authorizes appropriations for FY2008-FY2012 for federal prosecution of mortgage fraud.

Title II: FHA Reform and Manufactured Housing Loan Insurance Modernization – Subtitle A: FHA Reform – Expanding American Homeownership Act of 2008 – (Sec. 203) Amends the NHA to: (1) increase the maximum principal loan obligation on residential homes eligible for mortgage insurance; (2) extend the mortgage term from 30 years to 40 years; (3) modify downpayment standards; (4) set a maximum premium payment for a mortgage for which any amounts are gifted by a qualified homeownership assistance entity at 3% of the original insured principal obligation; (5) direct the HUD Secretary to establish underwriting standards for mortgage insurance for higher-risk borrowers; and (6) authorize the Secretary to establish flexible risk-based mortgage insurance premium structure involving a single premium payment.

(Sec. 208) Sets forth: (1) discretionary three-year and mandatory five-year payment incentives for higher-risk borrowers; and (2) protections for higher-risk borrowers, including additional mandatory disclosures and counseling and a notice of the availability of foreclosure prevention counseling.

(Sec. 210) Requires the HUD Secretary to establish related underwriting standards and facilitate payment or prepayment (refinancing) of existing mortgages for borrowers: (1) with either adverse terms or rates in such mortgages; or (2) without access to mortgages at reasonable rates and terms because of adverse market conditions.

Authorizes the HUD Secretary to insure mortgages to borrowers in default or at imminent risk of being in default, if such loans meet HUD-established underwriting standards.

(Sec. 211) Requires the HUD Secretary to collect information on default and foreclosure rates for HUD mortgage insurance, including actions taken for loss mitigation.

(Sec. 212) Increases the maximum mortgage amount limitation for a residence licensed and certificated to operate a child care facility.

(Sec. 213) Requires all funds received and disbursements with respect to rehabilitation loans to be credited or charged, as appropriate, to the Mutual Mortgage Insurance Fund (MMIF) (currently, to the General Insurance Fund).

(Sec. 215) Requires a multifamily condominium project to have an insured blanket mortgage in order for a one-family unit in the project to qualify for mortgage insurance. Increase from 35 to 40 years the term of such a mortgage.

Provides for mortgage insurance for manufactured housing.

(Sec. 216) Limits the authority of the HUD Secretary to use the MMIF for mortgage loan guarantees for a particular fiscal year to the aggregate original principal loan amount specified in appropriations Acts for that fiscal year.

Requires the Secretary to: (1) provide for an annual independent actuarial study of the MMIF; and (2) make quarterly reports to Congress..

(Sec. 217) Makes insurance of mortgages in Hawaiian home lands and Indian reservations obligations of the MMIF (currently, of the General Insurance Fund).

(Sec. 219) Revises requirements for insurance of home equity conversion mortgages for elderly homeowners.

Includes among such insurable mortgages a leasehold under a lease with a term ending no earlier than the minimum number of years, as specified by the Secretary, beyond the actuarial life expectancy of the mortgagor or comortgagor, whichever is the later date.

Limits the benefits of such mortgage insurance to 132% of a specified dollar amount limitation for a one-family residence.

Permits insurance of such a mortgage when the primary purpose of the home equity conversion mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units.

Allows insurance of subordinate mortgages or liens on cooperative dwelling units.

Prohibits an applicant mortgagor from satisfying the third party adequate counseling requirement by receiving such counseling from a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product.

Repeals: (1) the waiver of upfront premiums for insured mortgages whose total amount will be used only to fund long-term care insurance; and (2) funding for counseling and consumer education and outreach.

Instructs the HUD Secretary to: (1) prescribe regulations protecting elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a condition of obtaining any home equity conversion mortgage; (2) establish limits upon origination fees; and (3) study and report to Congress on mortgage insurance premiums that insure home equity conversion mortgages for elderly homeowners.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to authorize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to deal in NHA-insured mortgages, notwithstanding certain limitations upon maximum original principal obligations.

(Sec. 220) Instructs the Comptroller General to study and report to Congress on the impact of financial audit and net worth requirements upon mortgage brokers and correspondent lenders, and specified related matters.

(Sec. 221) Revises the authority of the HUD Secretary to insure mortgages for disaster housing to increase the limit on the principal obligation by the amount of any initial service charges, appraisal, inspection, and other fees.

Authorizes the HUD Secretary, after a presidential major disaster declaration, to enter, for up to 36 months, into agreements to insure a mortgage which involves a principal obligation of up to 100% of a specified dollar amount limitation for a single-family mortgage.

(Sec. 222) Establishes penalties for: (1) failure by a mortgage servicer to make timely payments from escrow accounts; and (2) submission of information to a consumer reporting agency regarding such failure that is adverse to the mortgagor’s credit rating or interest. Prohibits the HUD Secretary from submitting such information to a consumer reporting agency.

(Sec. 223) Prescribes acceptable forms of identification for FHA mortgagors. Prohibits the Secretary from insuring a mortgage unless the mortgagor provides such identification.

(Sec. 224) Directs the HUD Secretary to implement a pilot program to make available to mortgagees an automated process for providing alternative credit rating information for actual and prospective mortgagors, under mortgages for one- to four-family residences to be insured, who have insufficient credit histories for determining their creditworthiness.

Directs the Comptroller General to report to Congress on the number of additional mortgagors served using such automated process, and its impact upon the safety and soundness of the insurance funds under the NHA.

(Sec. 225) Expresses the sense of the Congress that: (1) the HUD Secretary should use a portion of the funds received from premiums paid for FHA single family housing mortgage insurance that exceed the amounts paid out in claims to increase the funding for technology used in such FHA program; (2) the goal of this investment should be to bring such technology up to or in excess of the level of technology used in the conventional mortgage lending market; and (3) the HUD Secretary should report to Congress on progress made toward such goal and the resources needed for greater progress.

(Sec. 226) States that the Deficit Reduction Act of 2005 governing FHA asset disposition does not apply to a multifamily real property transaction for which: (1) the HUD Secretary has received, before enactment of such Act, written expressions of interest in purchasing the property from both a city government and its housing commission; (2) after such receipt, the Secretary acquires title to the property at a foreclosure sale; and (3) such city government and housing commission have resolved a previous disagreement regarding disposition of the property.

(Sec. 227) Directs the Secretary to consider industry standard appraisal practices when determining market value during FY2008 of a multifamily property or for any multifamily loan for noncompetitive sale to a state or local governmental entity (including repair costs: (1) to bring the property to minimum state and local code standards; and (2) of maintaining the affordability restrictions upon the multifamily real property or multifamily loan).

(Sec. 228) Prohibits mortgage insurance premium increases above the level in effect on October 1, 2006, unless in the absence of such an increase the appropriation of new budget authority would be required to cover the costs of such insurance.

(Sec. 229) Establishes civil money penalties for improperly influencing appraisals in connection with an insured mortgage.

(Sec. 230) Requires the HUD Secretary to provide refunds of unearned mortgage insurance premium charges paid with respect to certain insured mortgages. Authorizes appropriations.

Subtitle B: FHA Manufactured Housing Loan Insurance Modernization – FHA Manufactured Housing Loan Modernization Act of 2008 – (Sec. 253) Exempts a manufactured home or its lot from the limitation on insurance for a financial institution’s loans, advances of credit, and purchases.

(Sec. 254) Makes any contract of insurance with respect to loans, advances of credit, or purchases in connection with a manufactured home or its lot conclusive evidence of the institution’s eligibility for insurance.

(Sec. 255) Increases maximum loan limits for such insurance.

(Sec. 256) Prescribes requirements for insurance premiums.

(Sec. 258) Directs the Secretary to establish insurance underwriting criteria for loans and advances of credit for such homes or lots.

(Sec. 259) Requires a borrower to have a valid Social Security account number in order for any obligation to be insured.

(Sec. 260) Instructs the Comptroller General to assess and report to Congress on how the HUD Secretary utilizes the FHA manufactured housing loan insurance program to mitigate tornado risks to manufactured housing residents and communities.

Title III: Reform of Government-Sponsored Entities for Housing Finance – Federal Housing Finance Reform Act of 2008 – Subtitle A: Reform of Regulation of Enterprises and Federal Home Loan Banks – Chapter 1: Improvement of Safety and Soundness – (Sec. 311) Amends the Housing and Community Development Act of 1992 to replace the Office of Federal Housing Enterprise Oversight (OFHEO) with the Federal Housing Finance Agency (Agency). Grants the Agency supervisory and regulatory authority over Fannie Mae, Freddie Mac, and the federal home loan banks (enterprises).

Requires the Agency to have Deputy Directors: (1) of the Division of Enterprise Regulation; (2) of the Division of Federal Home Loan Bank Regulation; and (3) for Housing. Requires the Agency Director to establish the position of Ombudsman.

Instructs the Director to establish prudential management and operations standards for the enterprises.

(Sec. 313) Establishes the Federal Housing Enterprise Board to advise the Director on overall strategies and policies.

(Sec. 315) Authorizes the Director to require the enterprises to: (1) report fraudulent financial transactions; and (2) disclose charitable contributions they have made.

(Sec. 316) Prescribes annual assessments to be collected from the enterprises. Requires the Comptroller General to audit annually and report to Congress on the financial transactions of the Agency.

(Sec. 318) Revises the prohibition against excessive executive compensation for officers of the enterprises.

Authorizes the Director to require a regulated entity to withhold any payment, transfer, or disbursement of compensation to an executive officer, or to place such compensation in an escrow account, during the review of the compensation’s reasonableness and comparability.

(Sec. 320) Requires each regulated entity to either establish an Office of Minority and Women Inclusion, or designate an office responsible for diversity in management, employment, and business activities.

Requires the Agency to take affirmative steps to seek diversity at all levels in its workforce consistent with the demographic diversity of the United States.

(Sec. 321) Repeals the requirement for congressional review of regulations proposed by the Director.

(Sec. 322) Declares that submission by any person to the Agency of any information for any purpose in the course of any supervisory or regulatory process shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under federal or state law as to any person or entity other than the Agency.

(Sec. 323) Revises requirements for risk-based capital levels for the enterprises, including federal home loan banks.

(Sec. 324) Prescribes minimum and critical capital levels for federal home loan banks and the enterprises.

Empowers the Director to: (1) increase temporarily the minimum capital level for a regulated entity; (2) establish additional capital and reserve requirements for particular programs; (3) review core capital maintained by such entities; (4) review assets and liabilities of the entities and monitor their portfolios; and (5) require disposition or acquisition of assets and liabilities by the enterprises.

(Sec. 326) Sets forth corporate governance and risk-management requirements for the enterprises, including a specified code of ethics.

(Sec. 327) Requires each of them to register at least one class of its stock with the SEC.

(Sec. 328) Amends the Federal Financial Institutions Examination Council Act of 1978 to require one representative of the Agency to sit on the liaison committee of the Federal Financial Institutions Examination Council.

(Sec. 329) Requires the Director to study and report to Congress on the pricing, transparency, and reporting of the enterprises with respect to guarantee fees and analogous practices, transparency, and reporting requirements of other participants in the mortgage purchasing and securitization business (including advances pricing practices by the federal home loan banks).

Chapter 2: Improvement of Mission Supervision – (Sec. 332) Instructs the Director to require the enterprises to obtain the Director’s approval before offering a product. Sets forth approval standards and procedures, including expedited review.

(Sec. 333) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase the limitations governing the maximum original obligation of conventional mortgages purchased by Fannie Mae and Freddie Mac for 2008. Prescribes a formula for calculating such limitations for mortgages originated on or after January 1, 2009.

Instructs the Director to establish and maintain a method of assessing the national average one-family house price (housing price index) for use in adjusting the conforming loan limitations of the enterprises.

Requires the Comptroller General to audit the Director’s methodology and report the results to certain congressional committees.

Expresses the sense of Congress that: (1) securitization of mortgages by the enterprises plays an important role in providing liquidity to the U.S. housing markets; and (2) Congress encourages them to securitize mortgages acquired under the increased conforming loan limits established by this Act.

(Sec. 334) Requires the Director to report annually to specified congressional committees on the enterprises.

(Sec. 335) Requires the enterprises to report annually to Congress on affordable housing stock.

(Sec. 336) Requires the Director to establish and enforce standards that: (1) prohibit the enterprises from the purchase, service, holding, selling, lending on the security of, or otherwise dealing with any mortgage on a one- to four-family residence that will be used as the principal residence of a mortgagor that does not have a Social Security number (mortgagor identification requirements); and (2) prohibit the federal home loan banks from providing any advances to a member for use in financing, and from accepting as collateral for any advance to a member, any mortgage on a one- to four-family residence that will be used as the principal residence of the mortgagor that does not have such a number.

(Sec. 337) Instructs the Director to establish and report annually to Congress on annual single family and multifamily special affordable housing goals with respect to mortgage purchases by the enterprises.

Authorizes an enterprise to petition the Director during a year to reduce the level of any goal for that year. Prescribes standards for such a goal reduction.

(Sec. 338) Amends the Housing and Community Development Act of 1992 to impose a duty upon the enterprises to serve underserved markets (rural markets and very low-, low-, and moderate-income families). Prescribes requirements for enterprise development of loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes.

(Sec. 339) Requires the Director to assign additional credit toward achievement of the housing goals for enterprise mortgage purchase activities that comply with such goals and support: (1) environmental housing standards; and (2) housing that includes a licensed childcare center.

Sets forth penalties for noncompliance with housing goals.

(Sec. 340) Instructs the Director to establish an affordable housing fund with amounts allocated by the enterprises to: (1) increase homeownership for extremely low-and very low-income families; (2) increase investment in housing in low-income areas, including those designated as qualified census tracts or an area of chronic economic distress; (3) increase and preserve the supply of rental and owner-occupied housing for extremely low- and very low-income families; (4) invest in public infrastructure development; and (5) leverage investments from other sources to affordable housing and its attendant public infrastructure development.

Sunsets the affordable housing fund program after five years.

Prohibits the enterprises from redirecting (passing through) costs to the originators of mortgages they purchased or securitized. Prescribes formulas for affordable housing needs allocations for Louisiana and Mississippi. Requires each grantee to establish an allocation plan.

Cites Social Security, photo, REAL ID, passport, and USCIS photo identification requirements for recipients of affordable housing grants.

Instructs the Comptroller General to study and report to Congress on the effects the affordable housing fund will have upon credit for homebuyers, including: (1) the requirement that Fannie Mae and Freddie Mac make allocations to such fund based on the average total mortgage portfolios; and (2) the extent to which the mandatory allocation costs will either be borne by such entities or will be passed on to homebuyers.

(Sec. 342) Specifies additional grounds for the issuance of cease-and-desist orders by the Director upon an enterprise.

Chapter 3: Prompt Corrective Action – (Sec. 345) Requires the Director to establish specified capital classification criteria for the federal home loan banks. Authorizes the Director to reclassify an enterprise in circumstances of rapidly depleting of core or total capital or engagement in unsafe or unsound practices.

(Sec. 346) Specifies regulatory actions for enterprises which are undercapitalized, including: (1) mandatory monitoring; (2) restricted asset growth; and (3) prior approval of acquisitions, including new products and new activities.

(Sec. 347) Specifies management improvement actions, including dismissal of directors or executive officers and ordering the election of a new board, the Director must take with respect to a significantly undercapitalized enterprise.

Prohibits any significantly undercapitalized enterprise, without the Director’s prior approval, from paying an executive officer of the enterprise: (1) any bonus; or (2) any compensation exceeding the officer’s average rate (excluding bonuses, stock options, and profit sharing) for the previous 12 months.

(Sec. 348) Changes from mandatory to discretionary the authority of the Director to appoint a conservator or receiver of a critically undercapitalized enterprise.

Requires the Director to appoint the Agency as such conservator or receiver. Specifies circumstances and grounds for exercise of such authority, including grounds for mandatory receivership.

Authorizes an enterprise to seek judicial review of the Agency’s appointment as conservator or receiver. Revises procedures for a conservatorship or receivership. Specifies the Agency’s powers as conservator or receiver.

Chapter 4: Enforcement Actions – (Sec. 351) Revises the Director’s authority to issue charges and/or a temporary cease-and-desist order upon an enterprise or affiliated party for unsafe or unsound practices or violations of law. Authorizes the Director to deem an entity to be engaging in an unsafe or unsound practice if it receives a less-than-satisfactory rating in its most recent examination.

(Sec. 353) Authorizes a court, upon the application of the Director or the Attorney General, to issue a restraining order: (1) prohibiting any person from disposing of any funds or other property of an enterprise (prejudgment attachment); and (2) appointing a person temporarily to administer the order.

(Sec. 354) Authorizes the Director to apply for enforcement of a notice or order directly (currently, only through the Attorney General) to the U.S. District Court for the District of Columbia, or the U.S. district court within the jurisdiction of which the enterprise’s headquarters are located.

(Sec. 355) Revises the three tiers of violations subject to civil money penalties. Increases such penalties.

(Sec. 356) Grants the Director removal, prohibition, and subpoena authority over an enterprise or affiliated party in violation of any law or order.

(Sec. 357) Subjects to criminal liability any person, subject to a removal order, who without the Director’s prior written approval knowingly participates, directly or indirectly, in any manner in the affairs of any enterprise.

(Sec. 358) Authorizes the Director to apply directly for enforcement of any subpoena or subpoena duces tecum (currently, only through the Attorney General) to the appropriate U.S. District court.

Chapter 5: General Provisions – (Sec. 361) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to revise requirements governing the boards of the enterprises. Changes the number of board members for Fannie Mae and Freddie Mac from 18, of whom five must be appointed by the President, to 13, or any other number the Director determines appropriate. Eliminates presidential appointments. Requires all board members to be elected by the common stockholders.

(Sec. 362) Instructs the Director to report to Congress on portfolio operations, safety and soundness, and mission of the enterprises, including an analysis of potential systemic risk implications, the housing and capital markets, and the financial system of portfolio holdings.

(Sec. 364) Requires the Director to study and report to Congress on the effects upon financial and housing finance markets of alternatives to the current secondary market system for housing finance.

Subtitle B: Federal Home Loan Banks – (Sec. 372) Amends the Federal Home Loan Bank Act to: (1) bring the federal home loan banks under Agency regulation; (2) revise requirements governing membership, terms, and compensation of the board of directors; (3) permit joint activities by the banks; and (4) permit information sharing and voluntary mergers between such banks.

(Sec. 377) Exempts home loan banks from specified requirements of the Securities Exchange Act of 1934, the Securities Act of 1933, and related SEC regulations regarding: (1) transactions in capital stock of such banks; (2) bonds, debentures and other obligations of such banks; (3) periodic reporting requirements; and (4) tender offers in connection with transactions in capital stock of the banks.

(Sec. 378) Increases from $500 million to $1 billion the total asset requirement for a community financial institution member.

Adds community development activities to the limited uses of a secured long-term advance from a federal home loan bank.

(Sec. 380) Instructs the Comptroller General to study and report to Congress and the Director on: (1) the use of the affordable housing programs of the banks to determine the extent to which such programs are used to assist long-term care facilities for low- and moderate-income individuals; and (2) the effectiveness and adequacy of such assistance in meeting the needs of affected communities.

Subtitle C: Transfer of Functions, Personnel, and Property of Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board, and Department of Housing and Urban Development – Chapter 1: Office of Federal Housing Enterprise Oversight – (Sec. 385) Abolishes the Office of Federal Housing Enterprise Oversight of HUD (OFHEO).

(Sec. 387) Transfers each OFHEO employee to the Agency.

Chapter 2: Federal Housing Finance Board – (Sec. 391) Abolishes the Federal Housing Finance Board.

(Sec. 393) Transfers each Board employee to the Agency.

Chapter 3: Department of Housing and Urban Development – (Sec. 395) Transfers specified enterprise-related functions, employees, and property from HUD and OFHEO to the Agency Director.

Title IV: Emergency Mortgage Loan Modification – Emergency Mortgage Loan Modification Act of 2008 – (Sec. 402) Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.

States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans in the aggregate, and not to any individual party or group of parties.

Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other mitigation actions will maximize the net present value to be realized over that which would be realized through foreclosure.

Shields a servicer, acting in a manner consistent with such duty, from liability to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes (including any person obligated to make specified payments pursuant to a derivatives instrument).

Defines “qualified loan modification or workout plan” as one that: (1) is scheduled to remain in place until the borrower sells or refinances the property, or for at least five years from the date of adoption of the plan, whichever is sooner; (2) does not provide for a repayment schedule that results in negative amortization; and (3) does not require the borrower to pay additional points and fees.

Defines “securitization vehicle” as a trust, corporation, partnership, limited liability entity, special purpose entity, or other structure that: (1) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by an asset pool that includes residential mortgage loans; and (2) holds such loans.

Title V: Other Housing Provisions – (Sec. 501) Amends the Home Owners’ Loan Act to authorize investments by a federal savings and loan association to promote the public welfare through the provision of housing, services, and jobs that target low- and moderate-income communities or families.

Prohibits such investment, however, if it would subject a federal savings association to unlimited liability to any person. Sets limitations upon such investments in the aggregate.

(Sec. 502) Permits the conversion of two specified HUD contracts to a contract for project-based rental assistance for low-income families upon request of the owner of the multifamily housing project subject to such contracts.

(Sec. 503) Declares eligible for low-income housing and enhanced housing voucher assistance the Heritage Apartments in Malden, Massachusetts.

(Sec. 504) Directs the HUD Secretary to transfer, upon owner request, certain rental assistance contracts on housing owned or managed by: (1) Community Properties of Ohio Management Services LLC, or an affiliate of Ohio Capital Corporation for Housing, located in Franklin County, Ohio, to other properties located in such county; and (2) The Model Group, Inc., located in Hamilton County, Ohio, to other properties located in such county.

(Sec. 505) Amends federal bankruptcy law to prohibit a governmental unit that operates a mortgage loan program from denying program benefits (including a loan guarantee or subsidy) to a disabled veteran who has been declared a debtor in bankruptcy, has been insolvent before commencement of a bankruptcy case, or meets related criteria.

Title VI: Revenue and Other Provisions – Subtitle A: Housing Tax Incentives – Part 1: Multi-Family Housing – Subpart A: Low-Income Housing Tax Credit – Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects.

(Sec. 601) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state.

(Sec. 602) Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for nonfederally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating such credit; and (4) revise basis rules for certain state buildings and community service facilities.

(Sec. 604) Repeals: (1) the prohibition against providing low-income housing tax credits to properties receiving moderate rehabilitation assistance under the Housing Act of 1937; and (2) bond posting requirements relating to the disposition of buildings for which a low-income housing tax credit was claimed.

Requires states to consider the energy efficiency of a low-income housing project and its historical nature in allocating credit amounts among such projects.

Extends eligibility for the low-income housing tax credit to students who receive foster care assistance under title IV (Grants to States for Aid and Services to Needy Families with Children and for Child-Welfare Services) of the Social Security Act.

Subpart B: Modifications to Tax-Exempt Housing Bond Rules – (Sec. 606) Modifies rules pertaining to tax-exempt housing bonds to: (1) permit treatment of certain residential rental project bonds as refunding bonds regardless of any change in the obligors of such bonds; and (2) allow continued eligibility for low-income housing tax benefits with respect to new tenants, students, and single-room occupancies.

Subpart C: Reforms Related to the Low-Income Housing Credit and Tax-exempt Housing Bonds – (Sec. 609) Requires that median gross income levels established for calendar years after 2008 for determining eligibility for low-income housing tax benefits remain at the same level as preceding calendar years.

(Sec. 610) Waives annual income recertification requirements for residents of low-income rental projects whose incomes do not exceed applicable limits.

Part 2: Single Family Housing – (Sec. 612) Allows first-time homebuyers a tax credit for 10% of the purchase price of a principal residence. Limits the dollar amount of such credit to $7,500.

(Sec. 613) Allows individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes.

Part 3: General Provisions – (Sec. 615) Authorizes in 2008 an additional $10 billion in the volume cap for issuing tax-qualified bonds for certain residential rental projects.

Allows, until December 31, 2010, the use of mortgage bond proceeds to refinance certain subprime residential mortgage loans made between 2002 and 2008.

(Sec. 616) Exempts from the alternative minimum tax (AMT) tax-exempt interest on certain housing bonds. Allows low-income housing and rehabilitation tax credit amounts to offset AMT liability.

(Sec. 617) Allows certain municipal bonds that are guaranteed by federal home loan banks to qualify as tax-exempt bonds.

(Sec. 618) Sets forth an alternative procedure for furnishing a nonforeign affidavit in connection with the sale of a U.S. real property interest (USRPI) and the exemption from withholding of tax requirements. Allow a transferor of a USRPI to furnish a nonforeign affidavit to a qualified substitute (i.e., a person responsible for closing the transaction involving a USRPI or the transferee’s agent). Denies an exemption from withholding of tax requirements if the qualified substitute or a transferee has actual knowledge that the nonforeign affidavit is false.

(Sec. 619) Increases from 35 to 50 the percentage of property that may be leased to a tax-exempt entity without affecting such property’s allowable rehabilitation tax credit.

Subtitle B: Reforms Related to Real Estate Investment Trusts – Part 1: Foreign Currency And Other Qualified Activities – (Sec. 621) Amends the Internal Revenue Code relating to real estate investment trusts (REITs) to treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income. Revises income and asset tests for such REITs for purposes of determining REIT qualifying income.

Part 2: Taxable REIT Subsidiaries – (Sec. 625) Increase from 20 to 25% the the maximum value of a REIT’s total assets that may be represented by securities of one or more taxable REIT subsidiaries.

Part 3: Dealer Sales – (Sec. 627) Reduces from four to two years the holding period for certain assets exempted from prohibited transaction rules for REITs.

(Sec. 628) Revises criteria for imposing an excise tax penalty for prohibited transactions for sales by REITs.

Part 4: Health Care REITS – (Sec. 630) Allows the treatment of rental payments by a health care facility to a taxable REIT subsidiary to be treated as qualifying REIT rental income.

Part 5: Effective Dates – (Sec. 632) Sets forth the effective dates for provisions of this Subtitle.

Subtitle C: Revenue Provisions – (Sec. 641) Requires brokers who are required to report gross proceeds from the sale of any publicly-traded security to report the holder’s adjusted basis in such security and whether any gain or loss with respect to such security is long or short term.

(Sec. 642) Delays until 2010 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit.

(Sec. 643) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 13%.

Subtitle D: Coordination of Federal Housing Programs and Tax Incentives for Housing – Housing Tax Credit Coordination Act of 2008 – (Sec. 652) Instructs the HUD Secretary to implement administrative and procedural changes to expedite approval of multifamily housing projects under HUD jurisdiction that meet HUD requirements, including: (1) projects for which assistance is provided by HUD in conjunction with low-income housing tax credits or tax-exempt housing bonds; and (2) existing public and assisted housing projects for which HUD approval is necessary for transactions involving project preservation or rehabilitation.

(Sec. 653) Amends the Housing Act of 1949 to direct the HUD Secretary to facilitate, for rehabilitation or preservation purposes, timely approval of requests to transfer ownership or control of certain multifamily farm housing projects assisted by the Secretary of Agriculture in conjunction with low-income housing tax credits, or tax-exempt housing bonds.

(Sec. 654) Amends the Department of Housing and Urban Development Reform Act of 1989 to exclude mortgage insurance from certain limits on HUD assistance to housing projects.

Amends the National Housing Act to exempt from builders’ costs certification requirements certain housing projects assisted with low-income housing tax credits.

Prescribes procedures governing the treatment of mortgages executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity is provided through any low-income housing tax credit.

(Sec. 655) Amends specified housing law with respect to: (1) an increase in contract term from 10 to 15 years for PHA project-based housing assistance payment contracts; (2) housing assistance contracts for dwelling units in cooperative housing and high-rise elevator buildings; (3) waiver of subsidy layering and environmental reviews for housing assistance payments contracts for existing structures; (4) treatment of tax credit projects under voucher program rent reasonableness requirements; (5) delegation to state or local housing agencies of processing authority for capital advances in connection with housing for the elderly; (6) contract renewals in connection with a shelter for the homeless; and (7) collection of information on tenants in tax credit projects. Authorizes FY2009-FY2013 appropriations for collection of such information.

Subtitle E: Limitation on Sale, Foreclosure, or Seizure of Property Owned by Servicemembers – (Sec. 661) Amends the Servicemembers Civil Relief Act to extend from 90 days to one year after the period of a servicemember’s military service the period of protection against mortgage foreclosure.

(Sec. 662) Requires the mortgagor or loan servicer, in the case of a servicemember who defaults on a mortgage obligation for two consecutive months, to furnish the servicemember with a written financial disclosure describing the servicemember’s liability for the period during which a sale, foreclosure, or seizure of the property is not valid.

States that neither this Act, the National Bank Act, nor the Home Owners’ Loan Act preempts state law regulating foreclosure of residential real property or the treatment of foreclosed property.

MAJOR ACTIONS:

7/30/2007 Introduced in House

8/4/2007 Passed/agreed to in House: On passage Passed by recorded vote: 241 – 172 (Roll no. 832).

4/10/2008 Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Yea-Nay Vote. 84 – 12. Record Vote Number: 96.

5/8/2008 Resolving differences — House actions: On motion to agree to the Senate amendment with House amendment No. 1 Agreed to by the Yeas and Nays: 266 – 154 (Roll No. 301).

5/8/2008 Resolving differences — House actions: On motion to agree to the Senate amendment with House amendment No. 2 Agreed to by recorded vote: 322 – 94 (Roll No. 302).

5/8/2008 Resolving differences — House actions: On motion to agree to the Senate amendment with House amendment No. 3 Agreed to by recorded vote: 256 – 160 (Roll No. 303).

6/25/2008 Resolving differences — Senate actions: Senate concurred in House amendment striking section 1 through title V and inserting certain language to the Senate amendment with an amendment (SA 4983) by Yea-Nay Vote. 79 – 16. Record Vote Number: 157.

7/8/2008 Resolving differences — Senate actions: Senate agreed to amendments of the House, striking titles VI through XI, to the Senate amendment by Unanimous Consent.

7/11/2008 Resolving differences — Senate actions: Senate disagreed to the amendments of the House adding a new title and inserting a new section to the amendment of the Senate to H.R. 3221 by Yea-Nay Vote. 63 – 5. Record Vote Number: 173.

7/23/2008 Resolving differences — House actions: On motion that the House agree with an amendment to the Senate amendment to the House amendments to the Senate Agreed to by the Yeas and Nays: 272 – 152 (Roll no. 519).

7/26/2008 Resolving differences — Senate actions: Senate agreed to the motion to concur in House amendment to Senate amendment to House amendments to Senate amendment to the bill by Yea-Nay Vote. 72 – 13. Record Vote Number: 186.

7/26/2008 Cleared for White House.

7/29/2008 Presented to President.

7/30/2008 Signed by President.

7/30/2008 Became Public Law No: 110-289 [Text, PDF]

Information Links

Promissory Note Discovery

Rescind Your Mortgage

Truth In Lending Act – PDF

Mortgage Forgiveness Debt Relief

Foreclosure Dismissal

RESPA ACT – Loan Regulations

Foreclosure Counseling Assistance

Foreclosure Prevention Act of 2008

Basic Counseling Qualifications for Stopping Foreclosure

Remember, not all options will apply to everyone. Each homeowner will have a unique set of circumstances. It is very important that an assessment of your current crisis situation be performed before we can find the right solution for you.

Below, you’ll find a list of questions that will help us determine the best option for you.

• Is your mortgage payment 1 to 15 months behind?
• Are you able to make your regular mortgage payment now?
• Can you make your regular mortgage payments consecutively?
• Are you currently living in your home?
• Have you recovered from the financial hardship that caused you to get behind?

If you answered “YES” to the above questions, you may qualify for Mortgage Counseling Assistance.

Call Us Now 407.366.3999

Our Guarantee – We are here to coach you to get back on your feet with-out loosing your greatest asset – YOUR HOME.

KEY REASON as a non profit foreclosure prevention counseling organization: we provide foreclosure counseling, and hands on assistance in dealing with your lender, bank and investor properly and most of all, successfully.

The Second Key Reason is this: We ARE NOT & DO NOT work with ANY individuals or businesses that buy ANY portion of their clients real estate assets as part of their “counseling options”.

This is Our Guarantee, and it is this simple. If you are willing to work hand in hand with us, you have a wonderful chance to get back on your feet and successfully keep and retain your home ownership.

H.R. 3221: Foreclosure Prevention Act of 2008 became law on 7/30/2008 signed by presidential order.

Mortgage Payments Sending You Reeling? Here’s What to Do

The possibility of losing your home because you can’t make the mortgage payments can be terrifying. Perhaps you are one of the many consumers who took out a mortgage that had a fixed rate for the first two or three years and then had an adjustable rate. Or maybe you’re anticipating an adjustment, and want to know what your payments will be and whether you’ll be able to make them. Or maybe you’re having trouble making ends meet because of an unrelated financial crisis.

Regardless of the reason for your mortgage anxiety, the Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to know how to help save your home, and how to recognize and avoid foreclosure scams.

Know Your Mortgage

Do you know what kind of mortgage you have? Do you know whether your payments are going to increase? If you can’t tell by reading the mortgage documents you received at settlement, contact your loan servicer and ask. A loan servicer is responsible for collecting your monthly loan payments and crediting your account.

Here are some examples of types of mortgages:

• Hybrid Adjustable Rate Mortgages (ARMs): Mortgages that have fixed payments for a few years, and then turn into adjustable loans. Some are called 2/28 or 3/27 hybrid ARMs: the first number refers to the years the loan has a fixed rate and the second number refers to the years the loan has an adjustable rate. Others are 5/1 or 3/1 hybrid ARMs: the first number refers to the years the loan has a fixed rate, and the second number refers to how often the rate changes. In a 3/1 hybrid ARM, for example, the interest rate is fixed for three years, then adjusts every year thereafter.
• ARMs: Mortgages that have adjustable rates from the start, which means your payments change over time.
• Fixed Rate Mortgages: Mortgages where the rate is fixed for the life of the loan; the only change in your payment would result from changes in your taxes and insurance if you have an escrow account with your loan servicer.

If you have a hybrid ARM or an ARM and the payments will increase — and you have trouble making the increased payments, find out if you can refinance to a fixed-rate loan. Review your contract first, checking for prepayment penalties. Many ARMs carry prepayment penalties that force borrowers to come up with thousands of dollars if they decide to refinance within the first few years of the loan. If you’re planning to sell soon after your adjustment, refinancing may not be worth the cost. But if you’re planning to stay in your home for a while, a fixed-rate mortgage might be the way to go. Online calculators can help you determine your costs and payments.

If You Are Behind On Your Payments

If you are having trouble making your payments, contact your loan servicer to discuss your options as early as you can. Most loan servicers are willing to work with customers they believe are acting in good faith, and those who call them early on. The longer you wait to call, the fewer options you will have. After you’ve missed three or four payments and your loan is in default, most loan servicers won’t accept a partial payment of what you owe. They will start foreclosure unless you can come up with the money to cover all your missed payments, plus any late fees.

Avoiding Default and Foreclosure

If you have fallen behind on your payments, consider discussing the following foreclosure prevention options with your loan servicer:

Reinstatement: You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be appropriate if your problem paying your mortgage is temporary.

Repayment plan: Your servicer gives you a fixed amount of time to repay the amount you are behind by adding a portion of what is past due to your regular payment. This option may be appropriate if you’ve missed only a small number of payments.

Forbearance: Your mortgage payments are reduced or suspended for a period you and your servicer agree to. At the end of that time, you resume making your regular payments as well as a lump sum payment or additional partial payments for a number of months to bring the loan current. Forbearance may be an option if your income is reduced temporarily (for example, you are on disability leave from a job, and you expect to go back to your full time position shortly). Forbearance isn’t going to help you if you’re in a home you can’t afford.

Loan modification: You and your loan servicer agree to permanently change one or more of the terms of the mortgage contract to make your payments more manageable for you. Modifications can include lowering the interest rate, extending the term of the loan, or adding missed payments to the loan balance. A loan modification may be necessary if you are facing a long-term reduction in your income.

Before you ask for forbearance or a loan modification, be prepared to show that you are making a good-faith effort to pay your mortgage. For example, if you can show that you’ve reduced other expenses, your loan servicer may be more likely to negotiate with you.

Selling your home: Depending on the real estate market in your area, selling your home may provide the funds you need to pay off your current mortgage debt in full.

Bankruptcy: Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy another home, get life insurance, or sometimes, even get a job. Still, it is a legal procedure that can offer a fresh start for people who can’t satisfy their debts.

If you and your loan servicer cannot agree on a repayment plan or other remedy, you may want to investigate filing Chapter 13 bankruptcy. If you have a regular income, Chapter 13 may allow you to keep property, like a mortgaged house or car, that you might otherwise lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income toward payment of your debts during a three-to-five-year period, rather than surrender the property. After you have made all the payments under the plan, you receive a discharge of certain debts.

Contacting Your Loan Servicer

Before you have any conversation with your loan servicer, prepare. Record your income and expenses, and calculate the equity in your home. To calculate the equity, estimate the market value less the balance of your first and any second mortgage or home equity loan. Then, write down the answers to the following questions:

• What happened to make you miss your mortgage payment(s)? Do you have any documents to back up your explanation for falling behind? How have you tried to resolve the problem?
• Is your problem temporary, long-term, or permanent? What changes in your situation do you see in the short term, and in the long term? What other financial issues may be stopping you from getting back on track with your mortgage?
• What would you like to see happen? Do you want to keep the home? What type of payment arrangement would be feasible for you?

Throughout the foreclosure prevention process:

• Keep notes of all your communications with the servicer, including date and time of contact, the nature of the contact (face-to-face, by phone, email, fax or postal mail), the name of the representative, and the outcome.
• Follow up any oral requests you make with a letter to the servicer. Send your letter by certified mail, “return receipt requested,” so you can document what the servicer received. Keep copies of your letter and any enclosures.
• Meet all deadlines the servicer gives you.
• Stay in your home during the process, since you may not qualify for certain types of assistance if you move out. Renting your home will change it from a primary residence to an investment property. Most likely, it will disqualify you for any additional “workout” assistance from the servicer. If you choose this route, be sure the rental income is enough to help you get and keep your loan current.

Consider Giving Up Your Home Without Foreclosure

Not every situation can be resolved through your loan servicer’s foreclosure prevention programs. If you’re not able to keep your home, or if you don’t want to keep it, consider:

Selling Your House: Your servicers might postpone foreclosure proceedings if you have a pending sales contract or if you put your home on the market. This approach works if proceeds from the sale can pay off the entire loan balance plus the expenses connected to selling the home (for example, real estate agent fees). Such a sale also would allow you to avoid late and legal fees and damage to your credit rating, and protect your equity in the property.

Short Sale: Your servicers may allow you to sell the home yourself before it forecloses on the property, agreeing to forgive any shortfall between the sale price and the mortgage balance. This approach avoids a damaging foreclosure entry on your credit report. You still may face a tax liability on the amount of debt forgiven. Consider consulting a financial advisor, accountant, or attorney for more information.

Deed in Lieu of Foreclosure: You voluntarily transfer your property title to the servicers (with the servicer’s agreement) in exchange for cancellation of the remainder of your debt. Though you lose the home, a deed in lieu of foreclosure can be less damaging to your credit than a foreclosure. You will lose any equity in the property, and you may face an income tax liability on the amount of debt forgiven. A deed in lieu may not be an option for you if other loans or obligations are secured by the property on your home.

Housing and Credit Counseling

You don’t have to go through the foreclosure prevention process alone. A counselor with a housing counseling agency can assess your situation, answer your questions, go over your options, prioritize your debts, and help you prepare for discussions with your loan servicer. Housing counseling services usually are free or low cost.

More Links of Similar Interest to Foreclosure Assistance:

Mortgage Forgiveness Debt Relief Act of 2007

Truth In Lending Act

Rescind Your Mortgage Loan and Save Your Home From Foreclosure

Fight Your Foreclosure: Make Them Produce The Original Promissory Note

RESPA ACT – Loan Regulations Servicing Guidelines

American Housing Rescue and Foreclosure Prevention Act of 2008: H.R. 3221

Foreclosure Dismissal