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Protecting Homes and Communities: New Mortgage Loan Sale Rules

This act introduces new rules for selling non-performing mortgage loans to protect homeowners and promote affordable housing. It prioritizes non-profit organizations and local governments in purchasing such loans and ensures that purchasers must offer home retention assistance and adhere to affordable rental or sale requirements.
Key points
Homeowners facing mortgage difficulties will have more assistance options before their loans are sold.
Non-profit organizations and local governments will receive priority in acquiring non-performing loans, aiming to create affordable housing.
Loan purchasers must offer loss mitigation terms at least as favorable as those provided by government agencies.
New data reporting requirements for sold loans and their outcomes will increase transparency and allow for evaluation of the new rules' effectiveness.
If properties are acquired through foreclosure, 75% must be sold to owner-occupants or used for affordable housing purposes.
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Expired
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Additional Information
Print number: 117_S_5342
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2022-12-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Preserving Homes and Communities Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5342.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-21.

What are the main provisions?

Key points include:

  • Homeowners facing mortgage difficulties will have more assistance options before their loans are sold.
  • Non-profit organizations and local governments will receive priority in acquiring non-performing loans, aiming to create affordable housing.
  • Loan purchasers must offer loss mitigation terms at least as favorable as those provided by government agencies.
  • New data reporting requirements for sold loans and their outcomes will increase transparency and allow for evaluation of the new rules' effectiveness.
  • If properties are acquired through foreclosure, 75% must be sold to owner-occupants or used for affordable housing purposes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Reed, Jack [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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