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.
Status:
Expired
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