Bill
Bill > HR6632
US HR6632
US HR6632To amend the CARES Act to provide for repayment terms for mortgages in forbearance, and for other purposes.
summary
Introduced
04/28/2020
04/28/2020
In Committee
04/28/2020
04/28/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A BILL To amend the CARES Act to provide for repayment terms for mortgages in forbearance, and for other purposes. 1
AI Summary
This bill amends the CARES Act to provide specific repayment terms for federally related mortgage loans that were in forbearance during the COVID-19 emergency period, which is defined as the period between March 13, 2020, when the President declared a national emergency, and December 31, 2021. The key provisions are: 1) mortgage servicers must modify the borrower's loan to extend the term for the same length as the forbearance period, with all missed payments distributed evenly across the new payment schedule with no penalties, late fees, or additional interest; and 2) the enforcement authority under the Real Estate Settlement Procedures Act of 1974 will apply to this new section.
Committee Categories
Business and Industry
Sponsors (18)
Darren Soto (D)*,
Nanette Barragán (D),
Earl Blumenauer (D),
Tony Cárdenas (D),
Kathy Castor (D),
Steve Cohen (D),
Jim Cooper (D),
Joe Courtney (D),
Charlie Crist (D),
Vicente Gonzalez (D),
Alcee Hastings (D),
Jahana Hayes (D),
Mike Levin (D),
Alan Lowenthal (D),
Elaine Luria (D),
Jim McGovern (D),
Eleanor Holmes Norton (D),
Frederica Wilson (D),
Last Action
Referred to the House Committee on Financial Services. (on 04/28/2020)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6632/all-info |
| BillText | https://www.congress.gov/116/bills/hr6632/BILLS-116hr6632ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6632/BILLS-116hr6632ih.pdf.pdf |
Loading...