Summary: FHA Reform Act of 2010 - Directs the Secretary of Housing and Urban Development (HUD) to require specified mortgagees to indemnify HUD for payment of a mortgage insurance claim if the mortgage was not materially originated or underwritten in accordance with HUD requirements. Authorizes the Secretary to require a mortgagee to indemnify HUD for loss regardless of when an insurance claim is paid if fraud or misrepresentation was involved in connection with the mortgage origination or underwriting. Directs the Secretary to: (1) take any actions required to seek indemnification for any early term default (of a loan that becomes delinquent or is in default within two years after origination) and claim on a mortgage which is an obligation of the Mutual Mortgage Insurance Fund (MMI Fund), and, as of the mortgage origination date, was not in material compliance with any pertinent requirement; (2) establish a program to review the cause of each early term default and claim on such mortgages; and (3) require indemnification of an early term default that did not meet requirements existing before the date of origination. Authorizes the Secretary to terminate approval to originate or underwrite single-family mortgages of any mortgagee with an excessive rate of early defaults and claims. Amends the Department of Housing and Urban Development Act to establish within the Federal Housing Administration (FHA) a Deputy Assistant Secretary for Risk Management and Regulatory Affairs responsible for all matters relating to managing and mitigating the risk to HUD mortgage insurance funds and for ensuring the performance of HUD-insured mortgages. Abolishes the position of the FHA chief risk officer. Authorizes the Secretary to use outside sources to: (1) analyze credit risk models and practices employed by HUD in connection with mortgages; (2) evaluate underwriting standards; and (3) analyze lender compliance with, and HUD enforcement of, underwriting standards. Directs the Secretary to review and identify to Congress mortgagees with a significant or rapid increase in early defaults and claims with respect to all mortgages they have originated on housing located in any particular geographic area or areas. Authorizes the Secretary to require a mortgagee to: (1) use the Nationwide Mortgage Licensing System and Registry; (2) obtain unique company identifiers for all mortgagee officers or owners. Directs the Secretary to require mortgagees of HUD-insured single-family or multifamily housing to notify HUD if they terminate or discontinue mortgage purchases from another mortgagee based upon any determination, evidence, or report of fraud or material misrepresentation in connection with the origination of such mortgages. Requires the annual independent actuarial study of the MMI Fund to review and evaluate any: (1) changes to the current or projected safety and soundness of the Fund since the most recent report; and (2) risks to the Fund. Requires the Secretary's quarterly and annual reports to Congress to include specified information on defaults. Prescribes conditions compelling the Secretary to review and reduce certain cash investment (down payment) requirements binding upon mortgages or mortgagors. Revises eligibility requirements for mortgage insurance, including insurance for a home equity conversion mortgage (reverse mortgage) for elderly homeowners. Revises requirements for early mortgage default and foreclosure information collected by the Secretary for mortgage lender analysis. Authorizes the Secretary to reimburse servicers of certain HUD-insured residential mortgages for the costs of obtaining the services of specified independent third parties, including a HUD-approved housing counseling agency, to make in-person contact, at no charge, with mortgagors whose payments are 60 or more days past due, solely to provide specified information. Directs the Secretary to give reimbursement priority to independent third parties serving mortgagors in areas experiencing a mortgage foreclosure rate and unemployment rate higher than the national average. Directs the Comptroller General to report to Congress on single-family mortgage insurance programs of HUD and the MMI Fund. Revises the down payment requirement for mortgage insurance eligibility to authorize the Secretary to establish a higher minimum cash investment requirement for all mortgagors, or a certain class or classes of mortgagors, which may be based on criteria related to borrowers' credit scores or other industry standards related to borrowers' financial soundness. Directs the Secretary to provide refunds of unearned premium charges paid at the time of insurance for mortgage insurance to or on behalf of mortgagors under certain mortgages on one- to four-family dwellings. Revises maximum mortgage amount limits for multifamily housing that includes elevator-type structures with sound standards of construction and design. Applies through FY2011 HUD Mortgagee Letter 2002-17 (regarding "Special Forbearance: Program Changes and Updates"), relating to Type I Special Forbearance, with respect to mortgagees of certain insured mortgages secured by one- to four-family dwellings that have problem or damaging drywall products. Exempts HUD insurance of mortgages on condominiums from the conditions of, or review under, the National Environmental Policy Act of 1969 or any other related law.

fha reform act directs secretary housing_and_urban_development hud require specified mortgagees indemnify hud payment mortgage insurance claim mortgage materially originated underwritten accordance hud requirements authorizes secretary require mortgagee indemnify hud loss regardless insurance claim paid fraud misrepresentation involved connection mortgage origination underwriting directs secretary actions required seek indemnification early term default loan delinquent default years origination claim mortgage obligation mutual_mortgage_insurance_fund mmi fund mortgage origination date material compliance pertinent requirement establish program review cause early term default claim mortgages require indemnification early term default meet requirements existing date origination authorizes secretary terminate approval originate underwrite single family mortgages mortgagee excessive rate early defaults claims amends department_of_housing_and_urban_development_act establish federal_housing_administration fha deputy assistant secretary risk_management_and_regulatory_affairs responsible matters relating managing mitigating risk hud mortgage insurance funds ensuring performance hud insured mortgages abolishes position fha chief risk officer authorizes secretary use outside sources analyze credit risk models practices employed hud connection mortgages evaluate underwriting standards analyze lender compliance hud enforcement underwriting standards directs secretary review identify congress mortgagees significant rapid increase early defaults claims respect mortgages originated housing located particular geographic area areas authorizes secretary require mortgagee use nationwide_mortgage_licensing_system_and_registry obtain unique company identifiers mortgagee officers owners directs secretary require mortgagees hud insured single family multifamily housing notify hud terminate discontinue mortgage purchases mortgagee based determination evidence report fraud material misrepresentation connection origination mortgages requires annual independent actuarial study mmi_fund review evaluate changes current projected safety soundness fund recent report risks fund requires secretary quarterly annual reports congress include specified information defaults prescribes conditions compelling secretary review reduce certain cash investment payment requirements binding mortgages mortgagors revises eligibility requirements mortgage insurance including insurance home equity conversion mortgage reverse mortgage elderly homeowners revises requirements early mortgage default foreclosure information collected secretary mortgage lender analysis authorizes secretary reimburse servicers certain hud insured residential mortgages costs obtaining services specified independent parties including hud approved housing counseling agency person contact charge mortgagors payments days past solely provide specified information directs secretary reimbursement priority independent parties serving mortgagors areas experiencing mortgage foreclosure rate unemployment rate higher national average directs comptroller general report congress single family mortgage insurance programs hud mmi_fund revises payment requirement mortgage insurance eligibility authorize secretary establish higher minimum cash investment requirement mortgagors certain class classes mortgagors based criteria related borrowers credit scores industry standards related borrowers financial soundness directs secretary provide refunds unearned premium charges paid time insurance mortgage insurance behalf mortgagors certain mortgages one- family dwellings revises maximum mortgage limits multifamily housing includes elevator type structures sound standards construction design applies fy2011 hud mortgagee letter special forbearance program changes updates relating type special forbearance respect mortgagees certain insured mortgages secured one- family dwellings problem damaging drywall products exempts hud insurance mortgages conditions review national_environmental_policy_act related law


Summary: Securing America's Veterans Insurance Needs and Goals Act of 2010 or SAVINGS Act of 2010 - Requires a life insurance company, in order to provide life insurance for veterans under the Servicemembers' Group Life Insurance program, to: (1) provide financial counseling to the beneficiary or other person entitled to payment upon the establishment of a valid claim; and (2) include full disclosure with respect to such payment, including advantages and disadvantages of maintaining such payment with the company versus a financial institution. Prohibits a company from charging fees to a payee for maintaining such payment with the company. Requires the insured to be given the option of specifying the manner of disbursement of insurance proceeds. Requires: (1) the Director of the VA's Office of Survivor Assistance to attend each meeting of the Advisory Council on Servicemembers' Group Life Insurance; and (2) the Secretary to ensure that such Office has the necessary personnel to provide information on the receipt of such counseling.

securing_america veterans insurance needs goals act savings act requires life insurance company order provide life insurance veterans program provide financial counseling beneficiary person entitled payment establishment valid claim include disclosure respect payment including advantages disadvantages maintaining payment company versus financial institution prohibits company charging fees payee maintaining payment company requires insured given option specifying manner disbursement insurance proceeds requires director attend meeting secretary ensure office necessary personnel provide information receipt counseling


Summary: Aiding Those Facing Foreclosure Act of 2010 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to use any amounts obligated under the Troubled Asset Relief Program (TARP) to enable nonprofit counseling intermediaries and nonprofit legal organizations to provide legal assistance to homeowners of owner-occupied homes consisting of from one to four dwelling units whose mortgages are in default or delinquency, in danger of default or delinquency, or subject to or at risk of foreclosure (including any deed in lieu of foreclosure or short sale).

act amends emergency economic stabilization act eesa authorize secretary treasury use amounts obligated troubled_asset_relief_program tarp enable nonprofit counseling intermediaries nonprofit legal organizations provide legal assistance homeowners owner occupied homes consisting dwelling units mortgages default delinquency danger default delinquency subject risk foreclosure including deed lieu foreclosure short sale


Summary: (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Red Flag Program Clarification Act of 2010 - Amends the Fair Credit Reporting Act, with respect to federal agency (red flag) guidelines regarding identity theft and the users of consumer reports, to define creditor to mean one that regularly and in the ordinary course of business: (1) obtains or uses consumer reports, directly or indirectly, in connection with a credit transaction; (2) furnishes information to certain consumer reporting agencies in connection with a credit transaction; or (3) advances funds to or on behalf of a person, based on the person's obligation to repay the funds or on repayment from specific property pledged by or on the person's behalf. Includes in the definition any other type of creditor as the federal agency (banking agency, National Credit Union Administration, or the Federal Trade Commission [FTC]) having authority over that creditor may determine appropriate, if the creditor offers or maintains accounts subject to a reasonably foreseeable risk of identity theft. Excludes from the definition of creditor, however, any creditor that advances funds on behalf of a person for expenses incidental to a service the creditor provides to that person.

measure amended introduced summary version repeated amends fair credit reporting act respect federal agency red flag guidelines identity theft users consumer reports define creditor mean regularly ordinary course business obtains uses consumer reports directly indirectly connection credit transaction furnishes information certain consumer reporting agencies connection credit transaction advances funds behalf person based person obligation repay funds repayment specific property pledged person behalf includes definition type creditor federal agency banking agency national_credit_union_administration federal_trade_commission ftc having authority creditor determine appropriate creditor offers maintains accounts subject reasonably foreseeable risk identity theft excludes definition creditor creditor advances funds behalf person expenses incidental service creditor provides person


Summary: Notice Pleading Restoration Act of 2010 - States that the law governing a dismissal or striking of all or any part of a pleading containing a claim for failure to state a claim, indefiniteness, or insufficiency or a judgment on the pleadings shall be in accordance with the Federal Rules of Civil Procedure as interpreted by the Supreme Court in decisions issued before May 20, 2007, except as provided expressly by an Act of Congress enacted before, on, or after enactment of this Act, including the Private Securities Litigation Reform Act of 1995. (Thus finds Bell Atlantic Corp. v. Twombly, decided on May 21, 2007, and Ashcroft v. Iqbal to be inconsistent with the Federal Rules of Civil Procedure and finds further that the appropriate procedure for disposing of factually unmeritorious claims is summary judgment as the Supreme Court held in Swierkiewicz v. Sorema N.A. and Leatherman v. Tarrant County.)

2010_-_states law governing dismissal striking pleading containing claim failure state claim judgment pleadings shall accordance federal_rules_of_civil_procedure interpreted supreme_court decisions issued provided expressly act congress enacted enactment act including finds decided inconsistent federal_rules_of_civil_procedure finds appropriate procedure disposing factually claims summary judgment supreme_court held


Summary: Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act of 2011 - Directs the Inspector General (IG) of the Federal Housing Finance Agency to submit quarterly reports to Congress on the IG's activities with respect to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and their activities and condition while they are in conservatorship status. Amends the Housing and Community Development Act of 1992 to give the Federal Housing Finance Agency IG: (1) direct hire authority; and (2) law enforcement authority exempt from the condition that the Attorney General make an initial determination of the IG's eligibility to exercise such authority.

fannie_mae transparency taxpayers act directs inspector general federal_housing_finance_agency submit quarterly reports congress activities respect federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac activities condition conservatorship status amends housing_and_community_development_act federal_housing_finance_agency direct hire authority law enforcement authority exempt condition attorney general initial determination eligibility exercise authority


Summary: Housing Opportunity and Mortgage Equity Act of 2011 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence; (2) is owned or guaranteed by the particular GSE; and (3) was originated on or before enactment of this Act. Specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage. Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance. Prohibits any requirement of a property appraisal.

directs federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses carry year program providing refinancing qualified single family housing mortgages owns refinancing mortgage purchase securitization refinancing mortgages accordance act policies procedures federal_housing_finance_agency defines qualified mortgage regardless mortgagor current payments default existing mortgage purchase refinancing mortgage one- family dwelling including condominium share cooperative ownership housing association occupied mortgagor principal residence owned guaranteed particular gse originated enactment act specifies terms conditions refinancing mortgage including year term maturity prohibition borrower fees requires waiver forgiveness fees penalties related default delinquency original mortgage requires gse pay fee servicer qualified mortgage refinance prohibits requirement property appraisal


Summary: Fannie Mae and Freddie Mac Transparency Act of 2011 - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to provide that, during any period in which either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) is under conservatorship or receivership, it shall be considered an agency subject to the public information disclosure requirements of the Freedom of Information Act.

fannie_mae freddie_mac transparency act amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act provide period federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac conservatorship receivership shall considered agency subject public information disclosure requirements freedom information act


Summary: Legal Eligibility for Granting A Loan Act of 2011 - Requires each applicant for a single-family home mortgage to provide the lender information to verify the applicant's citizenship or alien status through the E-Verify program if the home mortgage is to be: (1) newly insured under the Federal Housing Administration (FHA) mortgage insurance program of the Department of Housing and Urban Development (HUD); (2) newly purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac); or (3) newly made, insured, or guaranteed by the Secretary of Veterans Affairs (VA) or by any other agency or entity of the federal government.

legal eligibility granting loan act requires applicant single family home mortgage provide lender information verify applicant citizenship alien status verify program home mortgage newly insured federal_housing_administration fha mortgage insurance program department_of_housing_and_urban_development hud newly purchased federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac newly insured guaranteed secretary veterans_affairs agency entity federal government


Summary: Fair Access to Credit Scores Act of 2011 - Amends the Fair Credit Reporting Act to require consumer reporting agencies to disclose any information in the consumer's file concerning credit scores or other related risk scores or predictors when the consumer requests a free annual disclosure (credit report). Requires all consumer reporting agencies to maintain information in the consumer's file concerning such scores or predictors for at least one year from the date on which such information is placed in the file. Directs the Comptroller General to study bankruptcy risk scores used by consumer reporting agencies, including an analysis of: (1) the factors used to determine such scores; (2) how bankruptcy risk scores impact the ability of consumers to receive loans; and (3) actions that consumers can take to improve such scores.

fair_access_to_credit_scores_act amends fair credit reporting act require consumer reporting agencies disclose information consumer file concerning credit scores related risk scores predictors consumer requests free annual disclosure credit report requires consumer reporting agencies maintain information consumer file concerning scores predictors year date information placed file directs comptroller general study bankruptcy risk scores consumer reporting agencies including analysis factors determine scores bankruptcy risk scores impact ability consumers receive loans actions consumers improve scores


Summary: Gulf Coast Health Monitoring and Research Program Act of 2011 - Amends the Public Health Service Act to require the Secretary of Health and Human Services (HHS) to establish a short-term and long-term comprehensive health screening, monitoring, and research program of: (1) oil spill workers and vulnerable residents, and (2) food safety affected by the oil spill in the Gulf of Mexico. Directs the Secretary to appoint the Gulf Coast Health Research Advisory Committee in order to: (1) offer high-quality scientific research advice to the program established under this Act, including proactive advice regarding each federal agency's long-term monitoring and research objectives relating to workers and vulnerable residents at risk from the Deepwater Horizon disaster and other oil spills; and (2) provide a forum for ensuring that health concerns of workers and the public are considered in determining the priorities for scientific research. Requires the Secretary to ensure that members of the Advisory Committee do not have any conflicts of interest. Requires the Advisory Committee to: (1) provide advice on the development and implementation of the health research program; (2) respond to requests for advice from the appropriate federal official on matters within the Advisory Committee's expertise; and (3) as appropriate, review reports or other documents submitted to the appropriate federal officials pursuant to this Act to obtain information on protecting the health and safety of cleanup workers and vulnerable communities. Authorizes the Secretary to compel BP PLC to provide health-related data and information collected by or on behalf of BP PLC, except to the extent such data or information is protected from disclosure under federal law.

act amends public_health_service_act require secretary health_and_human_services hhs establish short term long term comprehensive health screening monitoring research program oil spill workers vulnerable residents food safety affected oil spill gulf_of_mexico directs secretary appoint order offer high quality scientific research advice program established act including proactive advice federal agency long term monitoring research objectives relating workers vulnerable residents risk deepwater horizon disaster oil spills provide forum ensuring health concerns workers public considered determining priorities scientific research requires secretary ensure members advisory_committee conflicts interest requires advisory committee provide advice development implementation health research program respond requests advice appropriate federal official matters advisory_committee expertise appropriate review reports documents submitted appropriate federal officials pursuant act obtain information protecting health safety cleanup workers vulnerable communities authorizes secretary compel provide health related data information collected behalf extent data information protected disclosure federal law


Summary: Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums.

amends internal revenue code permanent tax deduction mortgage insurance premiums


Summary: Preventing Homeowners from Foreclosure Act of 2011 - Directs the Secretary of Housing and Urban Development (HUD) to implement a competitive grants program for states and local governmental entities to establish mediation programs to assist mortgagors under home mortgages facing foreclosure on such mortgages. Requires the program to provide the mortgagor with a referral and contact information for a paid or pro bono attorney or a HUD-certified housing counselor. Requires grant recipients to establish an outreach program to raise homeowner awareness of the existence of the foreclosure mediation program, including a telephone hotline, a World Wide Web site, or both.

preventing homeowners foreclosure act directs secretary housing_and_urban_development hud implement competitive grants program states local governmental entities establish mediation programs assist mortgagors home mortgages facing foreclosure mortgages requires program provide mortgagor referral contact information paid pro bono attorney hud certified housing counselor requires grant recipients establish outreach program raise homeowner awareness existence foreclosure mediation program including telephone hotline world wide web site


Summary: Small Business Credit Card Act of 2011 - Amends the Truth in Lending Act to cover any qualified small business as a consumer with respect to a credit card account under an open end credit plan (thereby extending credit card protections under such Act to small businesses). Defines "qualified small business" under the Act as any business concern having 50 or fewer employees, whether or not: (1) the credit card account is in the name of an individual or a business entity, and (2) any credit transaction involving such account is for business or personal purposes. Permits a qualified small business to elect to opt out of coverage by the Act. Exempts from coverage by the Act any credit transaction in which the total amount financed exceeds $50,000 (currently $25,000). Requires certain creditor disclosures before opening any account under an open end consumer credit plan for a qualified small business. Prohibits a creditor from: (1) discriminating against any business concern having 50 or fewer employees in connection with any credit card account under an open end credit plan; or (2) requiring any qualified small business to make an opt-out election as a condition for opening a credit card account, or for providing more advantageous terms for such an account.

amends truth lending act cover qualified small business consumer respect credit card account open end credit plan extending credit card protections act small businesses defines qualified small business act business concern having fewer employees credit card account individual business entity credit transaction involving account business personal purposes permits qualified small business elect opt coverage act exempts coverage act credit transaction total financed exceeds currently requires certain creditor disclosures opening account open end consumer credit plan qualified small business prohibits creditor discriminating business concern having fewer employees connection credit card account open end credit plan requiring qualified small business opt election condition opening credit card account providing advantageous terms account


Summary: Emergency Mortgage Relief and Neighborhood Stabilization Programs Cost Recoupment Act of 2011 - Amends the Dodd-Frank Street Reform and Consumer Protection Act to direct the Secretary of the Treasury, in order to offset the costs of assistance under the Emergency Mortgage Relief and Neighborhood Stabilization Programs, to make risk-based assessments in the total amount of $2.5 billion on financial companies: (1) that manage hedge funds with $10 billion or more in assets under management on a consolidated basis; or (2) with $50 billion or more in total consolidated assets.

emergency mortgage relief neighborhood stabilization programs cost recoupment act amends dodd frank street reform consumer protection act direct secretary treasury order offset costs assistance emergency mortgage relief neighborhood stabilization programs risk based assessments total billion financial companies manage hedge funds billion assets management consolidated basis billion total consolidated assets


Summary: GSE Subsidy Elimination Act of 2011 - Amends the Housing and Community Development Act of 1992 to require the Director of the Federal Housing Finance Agency to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) to charge a guarantee fee in connection with any guarantee of the timely payment of principal and interest on securities, notes, and other obligations based on or backed by mortgages on residential real properties designed principally for occupancy of from one to four families. Requires the fee to be set at an amount that appropriately reflects risk of loss as well as the cost of capital allocated to similar assets held by other fully private regulated financial institutions. Directs the Director to require each GSE to increase its guarantee fee gradually over two years in a manner sufficient to comply with this Act.

amends housing_and_community_development_act require director federal_housing_finance_agency require federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses charge guarantee fee connection guarantee timely payment principal interest securities notes obligations based backed mortgages residential real properties designed principally occupancy families requires fee set appropriately reflects risk loss cost capital allocated similar assets held fully private regulated financial institutions directs director require gse increase guarantee fee gradually years manner sufficient comply act


Summary: GSE Credit Risk Equitable Treatment Act of 2011 - Amends the Securities Exchange Act of 1934 to require that credit risk retention regulations ensure that there is no difference in the treatment of asset-backed securities securitized by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporatioin (Freddie Mac) (government-sponsored enterprises or GSEs), solely because of securitization by the GSE, from the treament of other asset-backed securities securitized by any other entity.

amends securities exchange act require credit risk retention regulations ensure difference treatment asset backed securities securitized federal_national_mortgage_association fannie_mae freddie_mac government sponsored enterprises gses solely securitization gse asset backed securities securitized entity


Summary: GSE Portfolio Risk Reduction Act of 2011 - Amends the Housing and Community Development Act of 1992 to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) from owning mortgage assets in excess of: (1) $700 billion one year after enactment of this Act; (2) $600 billion two years after enactment of this Act; (3) $475 billion three years after enactment of this Act; (4) $350 billion four years after enactment of this Act; and (5) $250 billion five years after enactment of this Act.

amends housing_and_community_development_act prohibit federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses owning mortgage assets excess billion year enactment act billion years enactment act billion years enactment act billion years enactment act billion years enactment act


Summary: GSE Debt Issuance Approval Act of 2011 - Amends the Housing and Community Development Act of 1992 to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) from issuing any debt security, obligation, or instrument unless it gets advance approval from the Secretary of the Treasury.

gse debt issuance approval act amends housing_and_community_development_act prohibit federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses issuing debt security obligation instrument advance approval secretary treasury


Summary: GSE Mission Improvement Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal goals for housing, single-family housing, multifamily special affordable housing, discretionary adjustment of housing goals, the duty to serve underserved markets and other requirements, and the monitoring and enforcement of compliance with housing goals.

gse mission improvement act amends federal_housing_enterprises_financial_safety soundness act repeal goals housing single family housing multifamily special affordable housing discretionary adjustment housing goals duty serve underserved markets requirements monitoring enforcement compliance housing goals


Summary: GSE Risk and Activities Limitation Act of 2011 - Amends the Housing and Community Development Act of 1992 to prohibit the Director of the Federal Housing Finance Agency from approving any new products of the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (Government-sponsored enterprises or GSEs) during any term of conservatorship or receivership.

activities limitation act amends housing_and_community_development_act prohibit director federal_housing_finance_agency approving new products federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses term conservatorship receivership


Summary: Aiding Those Facing Foreclosure Act of 2011 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to use otherwise unobligated amounts under the Troubled Asset Relief Program (TARP) to enable nonprofit counseling intermediaries and nonprofit legal organizations to provide legal assistance to homeowners of owner-occupied homes consisting of from one to four dwelling units whose mortgages are in default or delinquency, in danger of default or delinquency, or subject to or at risk of foreclosure (including any deed in lieu of foreclosure or short sale).

act amends emergency economic stabilization act eesa authorize secretary treasury use unobligated amounts troubled_asset_relief_program tarp enable nonprofit counseling intermediaries nonprofit legal organizations provide legal assistance homeowners owner occupied homes consisting dwelling units mortgages default delinquency danger default delinquency subject risk foreclosure including deed lieu foreclosure short sale


Summary: Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure, otherwise authorized under state law, against a covered mortgagor unless the mortgagee: (1) has used its best efforts to determine whether the mortgagor is eligible for a qualified loan modification, and to offer one if this is the case; and (2) has made certain documentation available to an ineligible mortgagor regarding a loan modification calculation or net present value calculation, the loan origination, any pooling and servicing agreement, the mortgagor's payment history, as well as specific alternatives to foreclosure, including qualified loan modifications, workout agreements, and short sales. Requires a covered mortgagee to use its best efforts to suspend any foreclosure proceeding initiated before enactment of this Act, and to toll any deadlines limiting the mortgagor's rights. Prohibits any sale of the property under the mortgage or the entry of judgment against the mortgagor. Requires the mortgagee to reevaluate an eligible mortgagee's application for a qualified loan modification and, if the mortgagor is eligible, offer one. Requires the Secretary of the Treasury, the Secretary of Housing and Urban Development (HUD), and the Director of the Bureau of Consumer Financial Protection (CFPB) to ensure that any home loan modification protocol includes a dispute resolution procedure. Declares any sale of property in violation of this Act void. Makes failure to comply with this Act a bar to foreclosure under state law. Prohibits loan modification fees and sets forth rules governing foreclosure-related fees. Directs the Secretary of HUD to: (1) establish a program to make competitive grants to state and local governments to establish mediation programs that assist mortgagors facing foreclosure, and (2) develop and implement a plan to monitor conditions and trends in home ownership and the mortgage industry and the effectiveness of public and private efforts to reduce mortgage defaults and foreclosures. Directs the Secretary of the Treasury, out of funds received or to be received from the sale of warrants under the Emergency Economic Stabilization Act of 2008, to transfer and credit $1 billion to the Housing Trust Fund established under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

preserving homes communities act prohibits covered mortgagee initiating nonjudicial judicial foreclosure authorized state law covered mortgagor mortgagee best efforts determine mortgagor eligible qualified loan modification offer case certain documentation available ineligible mortgagor loan modification calculation net present value calculation loan origination pooling servicing agreement mortgagor payment history specific alternatives foreclosure including qualified loan modifications workout agreements short sales requires covered mortgagee use best efforts suspend foreclosure proceeding initiated enactment act toll deadlines limiting mortgagor rights prohibits sale property mortgage entry judgment mortgagor requires mortgagee reevaluate eligible mortgagee application qualified loan modification mortgagor eligible offer requires secretary treasury secretary housing_and_urban_development hud director bureau_of_consumer_financial_protection cfpb ensure home loan modification protocol includes dispute resolution procedure declares sale property violation act void makes failure comply act bar foreclosure state law prohibits loan modification fees sets forth rules governing foreclosure related fees directs secretary hud establish program competitive grants state local governments establish mediation programs assist mortgagors facing foreclosure develop implement plan monitor conditions trends home ownership mortgage industry effectiveness public private efforts reduce mortgage defaults foreclosures directs secretary treasury funds received received sale warrants emergency_economic_stabilization_act transfer credit billion housing_trust_fund established federal_housing_enterprises_financial_safety soundness act


Summary: Prompt Decision for Qualification of Short Sale Act of 2011 - Amends the Truth in Lending Act to consider approved a mortgagor's written request to a mortgage loan servicer for a short sale of a dwelling or residential real property if the mortgagor has not received, within 45 days after the servicer's receipt of the request, a written notification of whether the request has been approved, specified changes are required, or additional information is required. Declares this Act inapplicable to certain residential mortgages entered into before enactment of this Act which explicitly provide a procedure or terms for a short sale approval.

prompt decision qualification short sale act amends truth lending act consider approved mortgagor written request mortgage loan servicer short sale dwelling residential real property mortgagor received days servicer receipt request written notification request approved specified changes required additional information required declares act inapplicable certain residential mortgages entered enactment act explicitly provide procedure terms short sale approval


Summary: Right to Rent Act of 2011 - Grants eligible mortgagors subject to foreclosure proceedings the right to continue to occupy foreclosed properties subject to the payment of fair market rent for a period of five years that begins upon the commencement of occupancy of such property. Instructs the Secretary of Housing and Urban Development (HUD) to: (1) monitor compliance with this Act, (2) provide assistance to eligible mortgagors in exercising their rights under this Act, and (3) conduct outreach activities to inform eligible mortgagors of this Act.

right rent act grants eligible mortgagors subject foreclosure proceedings right continue occupy foreclosed properties subject payment fair market rent period years begins commencement occupancy property instructs secretary housing_and_urban_development hud monitor compliance act provide assistance eligible mortgagors exercising rights act conduct outreach activities inform eligible mortgagors act


Summary: Foreclosure Prevention and Sound Mortgage Servicing Act of 2011 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to require the mortgagee, upon default of a federally related mortgage loan secured by a lien on the borrower's principal residence, to engage in loss mitigation activities that provide for: (1) the long-term affordability of the loan, and (2) the maximum retention of home equity. Places upon the mortgagee of the senior lien on the residence the primary responsibility for such loss mitigation activities. Prohibits the mortgagee of any subordinate lien from interfering with or inhibiting the modification of the senior lien. Requires the mortgagee of a subordinate loan to comply with specified rules to modify the subordinate lien. Prohibits initiation, continuation, or completion of foreclosure on any mortgage loan if the mortgagee or servicer has at any time failed to comply with loss mitigation requirements. Makes filing of a certification of loss mitigation activities, with respect to a covered federally related mortgage loan, a condition precedent to: (1) any valid foreclosure sale, and (2) the filing of any action to recover possession of the residence by the purchaser at such a sale. Specifies priority, secondary, and last-resort mitigation activities, including the appropriate circumstances for each kind. Sets forth criteria regarding the affordability of scheduled payments due from the borrower or mortgagor under a covered federally related mortgage loan pursuant to loss mitigation activities. Requires a mortgagee or servicer to explain to each requesting borrower or mortgagor why loss mitigation activities have been denied. Requires a mortgagee or servicer to provide the borrower with direct access to authorized loss mitigation personnel via a toll-free or collect-call telephone number. Prescribes general rules for third-party modification of a mortgage loan and consequent loss mitigation activities. Requires the servicer or mortgagee to forward to a housing counseling agency approved by the Secretary of Housing and Urban Development (HUD) the contact information of any borrower whose federally related mortgage loan payment is more than 60 days late. Prohibits a mortgagee from requiring a borrower, as a condition of loss mitigation activities, to: (1) waive or limit rights to certain legal actions against the mortgagee or servicer as a condition of accepting an offer of any loss mitigation activities, or (2) agree to arbitration as a condition of receiving loan modification activities. Specifies certain short sale and deed-in-lieu of foreclosure protections. Directs the Comptroller of the Currency to compile annually aggregate data by census tract for certain mortgagees in certain statistical areas. Requires the servicer of a mortgage loan to make available without charge, upon borrower's written request, specified account status information and documentation. Prohibits foreclosure proceedings while such a request is pending and the mortgagee or servicer has not complied with related requirements. Amends the Truth in Lending Act to prescribe: (1) the duties of standard of care governing lenders and loan servicers, and (2) fee assessments and disclosures. Prohibits fees for payoff statements. Amends RESPA to specify additional account information for the required notice by the transferor of a loan servicing contract at time of transfer. Directs the Director of the Bureau of Consumer Financial Protection of the Federal Reserve System and the federal banking regulatory agencies to issue regulations to ensure that the means and manner of compensation of servicers of federally related mortgage loans is consistent with the purposes of this Act and, to the extent possible, does not provide incentives for foreclosure of, or disincentives to engaging in reasonable loss mitigation activities for, such mortgages.

foreclosure prevention sound mortgage servicing act amends real_estate_settlement_procedures_act respa require mortgagee default federally related mortgage loan secured lien borrower principal residence engage loss mitigation activities provide long term affordability loan maximum retention home equity places mortgagee senior lien residence primary responsibility loss mitigation activities prohibits mortgagee subordinate lien interfering modification senior lien requires mortgagee subordinate loan comply specified rules modify subordinate lien prohibits initiation continuation completion foreclosure mortgage loan mortgagee servicer time failed comply loss mitigation requirements makes filing certification loss mitigation activities respect covered federally related mortgage loan condition precedent valid foreclosure sale filing action recover possession residence purchaser sale specifies priority secondary resort mitigation activities including appropriate circumstances kind sets forth criteria affordability scheduled payments borrower mortgagor covered federally related mortgage loan pursuant loss mitigation activities requires mortgagee servicer explain requesting borrower mortgagor loss mitigation activities denied requires mortgagee servicer provide borrower direct access authorized loss mitigation personnel toll free collect telephone number prescribes general rules party modification mortgage loan loss mitigation activities requires servicer mortgagee forward housing counseling agency approved secretary housing_and_urban_development hud contact information borrower federally related mortgage loan payment days late prohibits mortgagee requiring borrower condition loss mitigation activities waive limit rights certain legal actions mortgagee servicer condition accepting offer loss mitigation activities agree arbitration condition receiving loan modification activities specifies certain short sale deed lieu foreclosure protections directs comptroller currency compile annually aggregate data census tract certain mortgagees certain statistical areas requires servicer mortgage loan available charge borrower written request specified account status information documentation prohibits foreclosure proceedings request pending mortgagee servicer complied related requirements amends truth lending act prescribe duties standard care governing lenders loan servicers fee assessments disclosures prohibits fees payoff statements amends respa specify additional account information required notice transferor loan servicing contract time transfer directs director bureau_of_consumer_financial_protection federal_reserve_system federal banking regulatory agencies issue regulations ensure means manner compensation servicers federally related mortgage loans consistent purposes act extent possible provide incentives foreclosure disincentives engaging reasonable loss mitigation activities mortgages


Summary: Home Foreclosure Reduction Act of 2011 - Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income) to exclude from the computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the value of the residence is less than the applicable maximum amount of noncontingent, liquidated, secured debts; or (2) debts secured or formerly secured by the debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the property's value was less than the applicable maximum amount of noncontingent, liquidated, secured debts. Applies the credit counseling requirement to a Chapter 13 debtor who certifies receipt of notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on it. Requires the court to disallow a claim that is subject to any remedy for rescission under the Truth in Lending Act, notwithstanding the prior entry of a foreclosure judgment. Permits a Chapter 13 bankruptcy plan to modify the rights of claim holders with respect to a claim for a loan originated before the effective date of this Act and secured by a security interest in the debtor's principal residence that is the subject of a foreclosure notice. Authorizes reduction of a claim secured by the debtor's principal residence, but only in specified circumstances, particularly if the debtor sells the residence. Permits a Chapter 13 bankruptcy plan to deny debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of the claim as reduced and modified, completion of all payments under the plan, or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith and the court does not find that the debtor has been convicted of obtaining by actual fraud the extension, renewal, or refinancing of credit that gives rise to a modified claim. Authorizes the court, upon request, to confirm a plan proposing a reduction in the interest rate on the loan secured by such security interest and that does not reduce the principal, if certain requirements are met. Excludes from the final discharge of a debtor from all debts any unpaid portion of such a claim as reduced. Amends the federal judicial code to prescribe standing trustee fees regarding certain payments received under a Chapter 13 bankruptcy plan. Instructs the Comptroller General to study: (1) the number of Chapter 13 debtors who filed, during the year following enactment of this Act, for the purpose of restructuring their principal residence mortgages; (2) the number of mortgages restructured under this Act that subsequently resulted in default and foreclosure; (3) a comparison between the effectiveness of mortgages restructured under programs outside of bankruptcy and mortgages restructured under this Act; (4) the number of cases presented to the bankruptcy courts where mortgages were restructured under this Act that were appealed; (5) the number of bankruptcy cases where mortgages were restructured under this Act that were overturned on appeal; (6) the number of bankruptcy judges disciplined as a result of actions taken to restructure mortgages under this Act; and (7) whether the amendments made by this Act should be amended to include a sunset clause. Directs the Comptroller General to conduct: (1) a comprehensive review of the effects of the amendments made by this subtitle on the bankruptcy court, (2) a survey of whether the program should limit the types of homeowners eligible for the program, and (3) whether such amendments should remain in effect.

home foreclosure reduction act amends federal bankruptcy law governing chapter debtor adjustment debts individual regular income exclude computation debts secured unsecured portions debts secured debtor principal residence value residence applicable maximum liquidated secured debts debts secured secured debtor principal residence sold foreclosure surrendered creditor property value applicable maximum liquidated secured debts applies credit counseling requirement chapter debtor certifies receipt notice holder claim secured debtor principal residence commence foreclosure requires court disallow claim subject remedy rescission truth lending act notwithstanding prior entry foreclosure judgment permits chapter bankruptcy plan modify rights claim holders respect claim loan originated effective date act secured security interest debtor principal residence subject foreclosure notice authorizes reduction claim secured debtor principal residence specified circumstances particularly debtor sells residence permits chapter bankruptcy plan deny debtor liability certain fees charges incurred bankruptcy case pending arising debt secured debtor principal residence claim holder observes specified requirements adds conditions court confirmation plan bankruptcy holder claim secured debtor principal residence retain lien securing claim later payment claim reduced modified completion payments plan discharge debtor debts plan modifies claim good faith court find debtor convicted obtaining actual fraud extension renewal refinancing credit gives rise modified claim authorizes court request confirm plan proposing reduction interest rate loan secured security interest reduce principal certain requirements met excludes final discharge debtor debts unpaid portion claim reduced amends federal judicial code prescribe standing trustee fees certain payments received chapter bankruptcy plan instructs comptroller general study number chapter debtors filed year following enactment act purpose restructuring principal residence mortgages number mortgages restructured act subsequently resulted default foreclosure comparison effectiveness mortgages restructured programs outside bankruptcy mortgages restructured act number cases presented bankruptcy courts mortgages restructured act appealed number bankruptcy cases mortgages restructured act overturned appeal number bankruptcy judges disciplined result actions taken restructure mortgages act amendments act amended include sunset clause directs comptroller general conduct comprehensive review effects amendments subtitle bankruptcy court survey program limit types homeowners eligible program amendments remain effect


Summary: Consumer Rental Purchase Agreement Act - (Sec. 3) Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost and a payment schedule; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, waiver of consumer claims or defenses, and other specified kinds of provisions; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) clear and conspicuous rental-purchase advertising disclosures. Shields "rental-purchase agreements" from laws regulating: (1) a credit sale and a consumer lease as defined in the Truth in Lending Act, or (2) an extension of credit or a transaction giving rise to a debt incurred in connection with the purchase of a thing of value. Exempts from jurisdiction of this Act rental-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with government agencies or instrumentalities. Declares that the consumer shall acquire ownership of a property that is the subject of the rental-purchase agreement, and the rental-purchase agreement shall terminate, upon the consumer's compliance with specified total cost payment requirements ,or any early payment option provided in the rental purchase agreement, and upon payment of any past due payments and fees. Grants federal district courts jurisdiction over actions brought under this Act. Permits an action for civil liability against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which it relates, including, but not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement. Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations. Grants enforcement powers to the Federal Trade Commission (FTC) and to state attorneys general. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act. Provides that a term or provision of state law is not inconsistent with this Act if it affords greater protection and benefit to the consumer than is provided under this Act as determined by the Board, on its own motion or upon the petition of any interested party. Declares this Act to supersede state law to the extent that such law: (1) regulates a rental-purchase agreement as a security interest, credit sale, retail installment sale, conditional sale or any other form of consumer credit, or that imputes to a rental-purchase agreement the creation of a debt or extension of credit; or (2) requires the disclosure of a percentage rate calculation, including a time-price differential, an annual percentage rate, or an effective annual percentage rate. Shields from civil or criminal liability under this Act the United States and its departments or agencies, and any state, state agency, or state political subdivision.

consumer rental purchase agreement act sec amends consumer_credit_protection_act prescribe consumer protection guidelines rental purchase transactions including determination rental purchase cost payment schedule disclosure requirements prohibitions confessions judgment wage assignments waiver consumer claims defenses specified kinds provisions furnishing statements account point rental disclosures clear conspicuous rental purchase advertising disclosures shields rental purchase agreements laws regulating credit sale consumer lease defined truth lending act extension credit transaction giving rise debt incurred connection purchase thing value exempts jurisdiction act rental purchase agreements primarily business commercial agricultural purposes government agencies instrumentalities declares consumer shall acquire ownership property subject rental purchase agreement rental purchase agreement shall terminate consumer compliance specified total cost payment requirements early payment option provided rental purchase agreement payment past payments fees grants federal district courts jurisdiction actions brought act permits action civil liability merchant assignee violation apparent face rental purchase agreement relates including limited disclosure determined incomplete inaccurate face agreement authorizes board_of_governors federal_reserve_system promulgate implementing regulations grants enforcement powers federal_trade_commission ftc state attorneys general subjects criminal penalties willful knowing violation information disclosure requirements act provides term provision state law inconsistent act affords greater protection benefit consumer provided act determined board motion petition interested party declares act supersede state law extent law regulates rental purchase agreement security interest credit sale retail installment sale conditional sale form consumer credit rental purchase agreement creation debt extension credit requires disclosure percentage rate calculation including time price differential annual percentage rate effective annual percentage rate shields civil criminal liability act united_states departments agencies state state agency state political subdivision


Summary: Produce the Note Act of 2011 - Prohibits commencement of any foreclosure in connection with certain residential mortgages unless the person commencing the foreclosure complies with specified prerequisites, including identification of the actual holder of the mortgage note, the originating mortgage lender and all subsequent assignees, and other all parties who have an interest in the real estate subject to the mortgage or in the mortgage or its proceeds. Requires the person commencing the foreclosure to: (1) notify the mortgagor, in writing, not less than five days before any action is taken to commence foreclosure; and (2) certify to the court, in the case of a judicial foreclosure, or to the office of the state to which notice is required under state law, that such notice has been provided.

produce note act prohibits commencement foreclosure connection certain residential mortgages person commencing foreclosure complies specified prerequisites including identification actual holder mortgage note originating mortgage lender subsequent assignees parties interest real estate subject mortgage mortgage proceeds requires person commencing foreclosure notify mortgagor writing days action taken commence foreclosure certify court case judicial foreclosure office state notice required state law notice provided


Summary: Bank Accessibility Act - Amends the Community Reinvestment Act of 1977 with respect to the requirement that, in examining a financial institution, the appropriate federal financial supervisory agency assess and take into account the institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods. Requires the appropriate federal financial supervisory agency, in making such an assessment, to consider as factors: (1) the branch distribution of such institutions in low- to moderate-income communities; and (2) the services provided to borrowers in such communities by such institutions, including free check cashing and debit card and ATM services. Requires the consideration of such factors to be weighted to account for approximately 33% of the institutions's rating. Requires the appropriate federal financial supervisory agency to prescribe regulations that, in the case of any regulated financial institution receiving a low rating with respect to such factors, deny any of the institution's merger or expansion requests; and (2) impose a civil money penalty on the institution. Requires deposit of collected civil monetary penalties in accounts made available to carry out the appropriate federal financial supervisory agency's responsibilities under the Community Reinvestment Act of 1977. Requires the appropriate federal financial supervisory agency to prescribe regulations that reward a regulated financial institution that receives a high rating with respect to such factors.

bank accessibility act amends community reinvestment act respect requirement examining financial institution appropriate federal financial supervisory agency assess account institution record meeting credit needs entire community including low- moderate income neighborhoods requires appropriate federal financial supervisory agency making assessment consider factors branch distribution institutions low- moderate income communities services provided borrowers communities institutions including free check debit card atm services requires consideration factors weighted account approximately institutions rating requires appropriate federal financial supervisory agency prescribe regulations case regulated financial institution receiving low rating respect factors deny institution merger expansion requests impose civil money penalty institution requires deposit collected civil monetary penalties accounts available carry appropriate federal financial supervisory agency responsibilities community reinvestment act requires appropriate federal financial supervisory agency prescribe regulations reward regulated financial institution receives high rating respect factors


Summary: Ending Taxpayer Subsidies for Yachts Act - Amends the Internal Revenue Code to deny a tax deduction for interest paid on a mortgage for a second residence of a taxpayer if that residence is a boat.

act amends internal revenue code deny tax deduction interest paid mortgage second residence taxpayer residence boat


Summary: Preserving Equal Access to Mortgage Finance Programs Act - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to increase limitations on the maximum original principal obligation of mortgages that may purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac). Increases such limitations in areas where 125% (currently, 115%) of the median price of residences of a particular size exceed existing mortgage purchase limitations for such residence size. Gives the Director of the Federal Housing Finance Agency (FHFA) discretion to prevent or limit a decrease in the limitation on the maximum original principal obligation of a mortgage that may be purchased by the corporation for an area. Amends the National Housing Act to raise limitations on the maximum principal obligation of mortgages that may be insured by the Secretary of Housing and Urban Development (HUD). Gives the Secretary discretion to prevent or limit a decrease in the maximum dollar amount limitation for any area from taking place for any such area.

preserving equal access mortgage finance federal_home_loan_mortgage_corporation_act federal_national_mortgage_association charter act increase limitations maximum original principal obligation mortgages purchased federal_national_mortgage_association fannie_mae freddie_mac increases limitations areas currently median price residences particular size exceed existing mortgage purchase limitations residence size gives director federal_housing_finance_agency fhfa discretion prevent limit decrease limitation maximum original principal obligation mortgage purchased corporation area amends national housing act raise limitations maximum principal obligation mortgages insured secretary housing_and_urban_development hud gives secretary discretion prevent limit decrease maximum dollar limitation area taking place area


Summary: Authorizes a financial institution, when verifying the identity of a non-U.S. citizen or national who is seeking to open a bank account, to accept only: (1) a Social Security number, (2) a passport number and the country of issuance, (3) an alien identification card number, or (4) any combination of such items. Prohibits a financial institution, for such verification purposes, from accepting identification documents issued by a foreign government, other than an unexpired passport.

authorizes financial institution verifying identity citizen national seeking open bank account accept social_security number passport number country issuance alien identification card number combination items prohibits financial institution verification purposes accepting identification documents issued foreign government unexpired passport


Summary: Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 - Amends the Trust Indenture Act of 1939 to include within its purview mortgage-backed securities and their servicers. Imposes upon each servicer of a mortgage-backed security a fiduciary duty, not waivable by an investor, to protect the economic interests of the investors as a whole in an asset-backed security. Provides for removal of an indenture trustee that is a servicer of mortgage-backed securities if at least 50% of the investors petition the court for such removal. Authorizes amendment of a pooling and servicing agreement with respect to any mortgage-backed security without the consent of a majority of the security holders if at least 25% of them petition the court for such action. Defines such an agreement as any contract establishing the transaction rights and duties of the parties to a mortgage-backed securitization transaction. Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to promulgate specified requirements governing mortgage related securities. Amends the Truth In Lending Act (TILA) to prohibit the servicer of a securitized residential mortgage loan (or an affiliate) from owning or holding any interest in any other residential mortgage loan that is secured by a consensual security interest on the same dwelling or residential real property that is subject to the security interest that secures the securitized residential mortgage loan. Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to require all fees charged for a real estate settlement service in connection with a transaction involving a federally related mortgage loan, or incurred in connection with servicing such loan, to be reasonably related to the cost of providing the service. Sets forth specified prohibitions, restrictions, or requirements for: (1) use of subsidiaries and insourcing, (2) force-placed insurance, (3) disclosures related to insurance coverage information, and (4) loss mitigation. Amends TILA to: (1) prescribe the treatment of mistaken loan payments during the period that servicing of a loan is in transition, and (2) set limitations upon foreclosure proceedings. Amends the Fair Debt Collection Practices Act to: (1) bring within its purview a securitized residential mortgage loan and its servicer, and (2) subject to civil liability a debt collector who violates such Act in connection with a debt secured by a consumer's residence. Directs: (1) federal banking agencies to promulgate independent capital reserve standards for affiliates of mortgage-backed securities servicers, and (2) the SEC to promulgate regulations regarding treatment of delinquent loans.

foreclosure fraud homeowner abuse prevention act amends trust act include purview mortgage backed securities servicers imposes servicer mortgage backed security fiduciary duty investor protect economic interests investors asset backed security provides removal trustee servicer mortgage backed securities investors petition court removal authorizes amendment pooling servicing agreement respect mortgage backed security consent majority security holders petition court action defines agreement contract establishing transaction rights duties parties mortgage backed securitization transaction amends securities_exchange_act direct securities_and_exchange_commission sec promulgate specified requirements governing mortgage related securities amends truth lending act tila prohibit servicer securitized residential mortgage loan affiliate owning holding interest residential mortgage loan secured consensual security interest dwelling residential real property subject security interest secures securitized residential mortgage loan amends real_estate_settlement_procedures_act respa require fees charged real estate settlement service connection transaction involving federally related mortgage loan incurred connection servicing loan reasonably related cost providing service sets forth specified prohibitions restrictions requirements use subsidiaries insourcing force placed insurance disclosures related insurance coverage information loss mitigation amends tila prescribe treatment loan payments period servicing loan transition set limitations foreclosure proceedings amends fair debt collection practices act bring purview securitized residential mortgage loan servicer subject civil liability debt collector violates act connection debt secured consumer residence directs federal banking agencies promulgate independent capital reserve standards affiliates mortgage backed securities servicers sec promulgate regulations treatment delinquent loans


Summary: Housing Finance Reform Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to authorize the Director of the Federal Housing Finance Agency (FHFA) to: (1) provide for the organization, incorporation, examination, operation, and regulation of housing finance guaranty associations (which may be corporations, mutual associations, partnerships, limited liability corporations, cooperatives, or other appropriate organizational forms); and (2) issue charters for them. Authorizes the Director, upon an organizer's application, to issue a special purpose charter if the operations of the proposed association would be limited to serving a particular mortgage market, such as multifamily housing, or a particular category of mortgage lenders, such as community banks. Authorizes national banks, state banks, trust companies, federal or state credit unions, or other banking organizations, including bank holding companies and savings and loan holding companies, to acquire an interest in an association, and hold or dispose of it, subject to the approval by the appropriate federal banking agency. Authorizes associations to purchase, hold, sell, and otherwise deal in conventional mortgages only for the purpose of: (1) creating a secondary market for them, including new conventional mortgage products; (2) facilitating their securitization; and (3) supporting mutlifamily housing. Prohibits an association from originating or servicing a mortgage or performing other specified actions. Directs the Director to establish an Office of Securitization within the FHFA to facilitate the securitization of conventional mortgages. Requires the Office to create, label, administer, and service FHFA securities issued by associations. Requires the Comptroller General to determine the market value of the catastrophic guarantee of FHFA securities, and the Director to establish a pricing structure for guarantee fees by associations, based on the market value study, that provides for a reasonable rate of return to associations. Exempts FHFA securities from registration under the Securities Act of 1933 and the requirements of the Securities Exchange Act of 1934. Requires the Director to require each association to disclose publicly information about the composition of each pool of mortgages backing any FHFA security it issues. Requires the Director to guarantee the timely payment of the principal and interest of FHFA securities (the catastrophic federal guarantee), pledged by the full faith and credit of the United States. States that a guarantee shall apply only if: (1) the issuing association has been placed into conservatorship or recievership by the Director, and (2) the Reserve Fund (established by this Act) lacks sufficient funds to make the required principal and interest payments. Requires the Director to: (1) establish an annual fee to be paid by associations for a guarantee issued in connection with FHFA securities issued by them, (2) impose and collect such fees through the Office of Securitization, (3) establish a Reserve Fund which shall be credited with all such fees, (4) impose a special assessment on associations to recoup all costs associated with any guarantee payments made, and (5) supervise all associations. Directs the Director to establish: (1) risk-based and leverage capital standards for associations, (2) standards for the management and operations of associations, and (3) underwriting standards for conventional mortgages purchased by an association. Requires the Director to prohibit any association from purchasing any conventional mortgage for which the maximum original principal obligation exceeds 150% of a figure determined according to a specified formula. Repeals affordable housing goals. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to subject the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs ) to state and local taxes. Directs the Director to issue regulations that require each GSE to: (1) reduce its total mortgage assets to not more than $250 billion within five years, and (2) increase guarantee fees. Requires the Director to place the GSEs into receivership no later than one year after five or more associations, two of which are not special purpose associations, have been chartered. Pledges the full faith and credit of the United States to the payment of all debt obligations of the enterprises and all mortgage-backed securities issued by the GSEs until they mature or are redeemed.

housing finance reform act amends federal_housing_enterprises_financial_safety soundness act authorize director federal_housing_finance_agency fhfa provide organization incorporation examination operation regulation housing finance guaranty associations corporations mutual associations partnerships limited liability corporations cooperatives appropriate organizational forms issue charters authorizes director organizer application issue special purpose charter operations proposed association limited serving particular mortgage market multifamily housing particular category mortgage lenders community banks authorizes national banks state banks trust companies federal state credit unions banking organizations including bank holding companies savings loan holding companies acquire interest association hold dispose subject approval appropriate federal banking agency authorizes associations purchase hold sell deal conventional mortgages purpose creating secondary market including new conventional mortgage products facilitating securitization supporting housing prohibits association originating servicing mortgage performing specified actions directs director establish fhfa facilitate securitization conventional mortgages requires office create label administer service fhfa securities issued associations requires comptroller general determine market value catastrophic guarantee fhfa securities director establish pricing structure guarantee fees associations based market value study provides reasonable rate return associations exempts fhfa securities registration securities act requirements securities_exchange_act requires director require association disclose publicly information composition pool mortgages backing fhfa security issues requires director guarantee timely payment principal interest fhfa securities catastrophic federal guarantee pledged faith credit united_states states guarantee shall apply issuing association placed conservatorship director established act lacks sufficient funds required principal interest payments requires director establish annual fee paid associations guarantee issued connection fhfa securities issued impose collect fees establish shall credited fees impose special assessment associations recoup costs associated guarantee payments supervise associations directs director establish risk based leverage capital standards associations standards management operations associations underwriting standards conventional mortgages purchased association requires director prohibit association purchasing conventional mortgage maximum original principal obligation exceeds figure determined according specified formula repeals affordable housing goals amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act subject federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses state local taxes directs director issue regulations require gse reduce total mortgage assets billion years increase guarantee fees requires director place gses receivership later year associations special purpose associations chartered pledges faith credit united_states payment debt obligations enterprises mortgage backed securities issued gses mature redeemed


Summary: FHA Reform Act of 2011 - Authorizes the Secretary of Housing and Urban Development (HUD) to require specified mortgagees to indemnify HUD for payment of a mortgage insurance claim if the mortgage was not originated or underwritten in accordance with HUD requirements. Authorizes the Secretary to require a mortgagee to indemnify HUD for loss regardless of when an insurance claim is paid if fraud or misrepresentation was involved in connection with the mortgage origination or underwriting. Authorizes the Secretary to terminate approval of a mortgagee to originate or underwrite single family mortgages if the mortgagee's rate of early defaults and claims is excessive. Establishes within the Federal Housing Administration (FHA) a Deputy Assistant Secretary for Risk Management and Regulatory Affairs responsible for all matters relating to managing and mitigating the risk to HUD mortgage insurance funds and for ensuring the performance of HUD-insured mortgages. Abolishes the position of the FHA chief risk officer. Directs the Secretary to review and identify to Congress any mortgagees with a significant or rapid increase in early defaults and claims with respect to all mortgages they have originated on housing located in any particular geographic area or areas. Directs the Secretary to require mortgagees of HUD-insured single-family or multifamily housing to notify HUD if they terminate or discontinue mortgage purchases from another mortgagee based upon any determination, evidence, or report of fraud or material misrepresentation in connection with the origination of such mortgages. Prescribes conditions compelling the Secretary to review and reduce certain cash investment requirements (down payment requirements) binding upon mortgages or mortgagors. Revises eligibility requirements for mortgage insurance, including insurance for a home equity conversion mortgage (reverse mortgage) for elderly homeowners. Revises requirements for early mortgage default and foreclosure information collected by the Secretary for mortgage lender analysis. Authorizes the Secretary to reimburse servicers of certain HUD-insured residential mortgages for the costs of obtaining the services of specified independent third parties, including a HUD-approved housing counseling agency, to make in-person contact, at no charge, with mortgagors whose payments are 60 or more days past due, solely to provide specified information. Directs the Secretary, in providing reimbursements, to give priority to independent third parties serving mortgagors in areas experiencing a mortgage foreclosure rate and unemployment rate higher than the national average. Revises maximum mortgage amount limits for multifamily housing that includes elevator-type structures with sound standards of construction and design. Directs the Secretary to provide refunds of unearned premium charges paid at the time of insurance for mortgage insurance to or on behalf of mortgagors under certain mortgages on one-to-four family dwellings.

fha reform act authorizes secretary housing_and_urban_development hud require specified mortgagees indemnify hud payment mortgage insurance claim mortgage originated underwritten accordance hud requirements authorizes secretary require mortgagee indemnify hud loss regardless insurance claim paid fraud misrepresentation involved connection mortgage origination underwriting authorizes secretary terminate approval mortgagee originate underwrite single family mortgages mortgagee rate early defaults claims excessive establishes federal_housing_administration fha deputy assistant secretary risk_management_and_regulatory_affairs responsible matters relating managing mitigating risk hud mortgage insurance funds ensuring performance hud insured mortgages abolishes position fha chief risk officer directs secretary review identify congress mortgagees significant rapid increase early defaults claims respect mortgages originated housing located particular geographic area areas directs secretary require mortgagees hud insured single family multifamily housing notify hud terminate discontinue mortgage purchases mortgagee based determination evidence report fraud material misrepresentation connection origination mortgages prescribes conditions compelling secretary review reduce certain cash investment requirements payment requirements binding mortgages mortgagors revises eligibility requirements mortgage insurance including insurance home equity conversion mortgage reverse mortgage elderly homeowners revises requirements early mortgage default foreclosure information collected secretary mortgage lender analysis authorizes secretary reimburse servicers certain hud insured residential mortgages costs obtaining services specified independent parties including hud approved housing counseling agency person contact charge mortgagors payments days past solely provide specified information directs secretary providing reimbursements priority independent parties serving mortgagors areas experiencing mortgage foreclosure rate unemployment rate higher national average revises maximum mortgage limits multifamily housing includes elevator type structures sound standards construction design directs secretary provide refunds unearned premium charges paid time insurance mortgage insurance behalf mortgagors certain mortgages family dwellings


Summary: Medical Debt Responsibility Act of 2011 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from making any report containing information related to a single fully paid or settled medical debt of $2,500 or less that had been characterized as delinquent, charged off, or in collection for credit reporting purposes, which, from the date of payment or settlement, antedates the report by more than 45 calendar days.

medical debt responsibility act amends fair credit reporting act prohibit consumer reporting agency making report containing information related single fully paid settled medical debt characterized delinquent charged collection credit reporting purposes date payment settlement antedates report calendar days


Summary: Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Fannie Mae and Freddie Mac Investigative Commission to investigate and make recommendations to Congress regarding certain decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) that led to financial instability and federal conservatorship. Requires the Commission to analyze specified topics, including: (1) the role of the enterprises in expanding homeownership and in helping housing market recovery; (2) enterprise involvement in the development of faulty risk standards, accounting practices, and the creation and proliferation of the securitized mortgage instrument, and how such instrument affected the solvency of such enterprises; (3) the role of the respective boards of directors in voting for the policies relating to risk assessments, subprime mortgages, and the international securitization of mortgages; and (4) compensation, stock options, and financial benefits that accrued to executive officers and members of the boards of directors. Requires the enterprises and the Director of the Federal Housing Finance Agency to grant the Commission access to requested records and information.

fannie_mae act establishes fannie_mae investigate recommendations congress certain decisions federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac enterprises led financial instability federal conservatorship requires commission analyze specified topics including role enterprises expanding homeownership helping housing market recovery enterprise involvement development risk standards accounting practices creation proliferation securitized mortgage instrument instrument affected solvency enterprises role respective boards directors voting policies relating risk assessments subprime mortgages international securitization mortgages compensation stock options financial benefits accrued executive officers members boards directors requires enterprises director federal_housing_finance_agency grant commission access requested records information


Summary: Promise Neighborhoods Act of 2011 - Directs the Secretary of Education to award competitive, matching Promise Neighborhood Partnership grants to nonprofit organizations that partner with a local educational agency (LEA) to implement a comprehensive continuum of supports and services that engage community partners in improving the academic achievement, health and social development, and college and career readiness of children that live in distressed neighborhoods with underperforming schools. Directs the Secretary to award competitive, matching Promise School grants to LEAs that partner with nonprofit organizations, and Indian or charter schools that partner with nonprofit organizations or institutions of higher education, to implement school-centered strategies and integrated student supports that leverage community partnerships to improve student achievement and development in schools with high concentrations of low-income children. Authorizes the Secretary to renew Promise Neighborhood Partnership grants and Promise School grants if the grantees demonstrate significant success in: (1) ensuring children's school readiness; (2) improving their academic outcomes; (3) increasing their college and career readiness; and (4) improving their health, mental health, and social and emotional well-being. Requires this Act's grantees to evaluate their programs continuously and improve them based on data and outcomes. Directs the Secretary to evaluate this Act's grant programs and disseminate research on best practices for improving the academic achievement of children living in our most distressed communities. Authorizes the Secretary to award matching planning grants to entities eligible for this Act's other grants.

promise neighborhoods_act directs secretary education award competitive matching promise neighborhood partnership grants nonprofit organizations partner local educational agency lea implement comprehensive continuum supports services engage community partners improving academic achievement health social development college career readiness children live distressed neighborhoods underperforming schools directs secretary award competitive matching grants leas partner nonprofit organizations indian charter schools partner nonprofit organizations institutions higher education implement school centered strategies integrated student supports leverage community partnerships improve student achievement development schools high concentrations low income children authorizes secretary renew promise neighborhood partnership grants grants grantees demonstrate significant success ensuring children school readiness improving academic outcomes increasing college career readiness improving health mental health social emotional requires act grantees evaluate programs continuously improve based data outcomes directs secretary evaluate act grant programs disseminate research best practices improving academic achievement children living distressed communities authorizes secretary award matching planning grants entities eligible act grants


Summary: Home Inspection Act of 2011 - Directs the Bureau of Consumer Financial Protection (CFPB) of the Federal Reserve System to prescribe regulations to prohibit any lender from making any federally related mortgage loan under which a home inspection is conducted in connection with settlement of the mortgage loan unless the inspection is conducted by a home inspector licensed, certified, approved, or otherwise regulated by the inspector's home state or the state in which the real property is located. Amends the Real Estate Settlement Procedures Act of 1974, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to direct the CFPB to include home inspection information in settlement forms.

home inspection act directs bureau_of_consumer_financial_protection cfpb federal_reserve_system prescribe regulations prohibit lender making federally related mortgage loan home inspection conducted connection settlement mortgage loan inspection conducted home inspector licensed certified approved regulated inspector home state state real property located amends real_estate_settlement_procedures_act amended dodd frank wall street reform consumer protection act direct cfpb include home inspection information settlement forms