US HR6340

Bill

US HR6340

To provide for mortgage forbearance during the COVID-19 emergency, and for other purposes.

Introduced
03/23/2020

In Committee
03/23/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

A BILL To provide for mortgage forbearance during the COVID 19 emergency, and for other purposes. 1

AI Summary

This bill provides for mortgage forbearance during the COVID-19 emergency. Key provisions include: - Prohibiting foreclosures and repossessions of certain properties during the COVID-19 emergency and the 180-day period following it. - Allowing borrowers experiencing financial hardship due to COVID-19 to request mortgage forbearance for up to 360 days, with no fees or penalties accruing during the forbearance period. - Requiring mortgage servicers to provide automatic 180-day forbearance for delinquent borrowers, with the option to extend for an additional 180 days. - Creating a Federal Reserve credit facility to provide liquidity to mortgage servicers facing difficulties making payments to mortgage-backed securities holders. - Establishing safe harbor protections for mortgage servicers that comply with the forbearance requirements. - Requiring mortgage servicers to offer affordable loan modification options to borrowers who cannot resume regular payments after a forbearance period. The bill aims to provide mortgage relief to homeowners and renters impacted by the economic disruptions caused by the COVID-19 pandemic.

Committee Categories

Business and Industry

Sponsors (2)

Lacy Clay (D)*, Maxine Waters (D),

Last Action

Referred to the House Committee on Financial Services. (on 03/23/2020)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/6340/all-info

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/6340/all-info
BillText	https://www.congress.gov/116/bills/hr6340/BILLS-116hr6340ih.pdf
Bill	https://www.congress.gov/116/bills/hr6340/BILLS-116hr6340ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR6321	Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act	Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Education and Labor, Small Business, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR6379	Take Responsibility for Workers and Families Act Workforce Emergency Response Act of 2020	Referred to the Committee on Appropriations, and in addition to the Committees on the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related

Bill > HR6340

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary