Summary: Family Foreclosure Rescue Corporation Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to establish: (1) a Family Foreclosure Rescue Corporation (FFRC) to purchase home mortgage loans from any financial institution; and (2) a program to guarantee home mortgages. Establishes a Home Mortgage Insurance Financing Fund within the FFRC and a FFRC Oversight Board. Requires the Secretary, to the extent home mortgages (including those securing loans for multifamily housing) are acquired, to implement a plan that seeks to maximize loan restructuring on a sustainable basis and to minimize foreclosures. Authorizes the use of loan guarantees and other credit enhancements to: (1) facilitate loan modifications; (2) prevent avoidable foreclosures; and (3) provide necessary liquidity to home mortgage markets. Requires the federal property manager (the Federal Housing Finance Agency (FHFA), the Federal Deposit Insurance Corporation (FDIC), or the Federal Reserve Board), to the extent that it holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, to: (1) implement a systematic plan that seeks to maximize assistance for homeowners and minimize foreclosures; (2) use its authority to modify the mortgage loans it holds; and (3) provide incentives to the servicers of other mortgage loans to take advantage of the HOPE for Homeowners Program under the National Housing Act, authorities under this Act, and other available programs to minimize foreclosures. Directs each federal property manager to make available for purchase at a discount, to any state or local government receiving emergency assistance under the Foreclosure Prevention Act of 2008 for the redevelopment of abandoned and foreclosed homes and residential properties, of any residential properties it owns through foreclosure in that state or locality. Directs the Secretary to use authority under this Act in a manner that will minimize any potential long-term negative impact on the taxpayer. Requires the Secretary to make available to the public, in electronic form, specified information on assets acquired under this Act within two business days of purchase, trade, or other disposition. Directs the Comptroller General to undertake ongoing oversight of the activities and performance of the Secretary under this Act, and of any agents and representatives. Subjects actions of the Secretary to judicial review. Allows a Qualified Special Purpose Entity (QSPE) to participate in any program established under this Act by selling, disposing of, or modifying any home mortgage loan from the QSPE's assets without altering its status as a QSPE. Declares that, if a Real Estate Mortgage Investment Conduit (REMIC) sells, modifies or otherwise disposes of a home mortgage loan under any program established under this Act: (1) such sale, modification, or disposition shall not be treated as a prohibited transaction under the Internal Revenue Code; and (2) an interest in the REMIC shall not fail to be treated as a regular interest solely because of such a transaction, and any proceeds of the transaction shall be treated as amounts received under qualified mortgages. Specifies circumstances in which a REMIC shall cease to be one.

amends emergency economic stabilization act eesa authorize secretary treasury establish family foreclosure rescue corporation purchase home mortgage loans financial institution program guarantee home mortgages oversight board requires secretary extent home mortgages including securing loans multifamily housing acquired implement plan seeks maximize loan restructuring sustainable basis minimize foreclosures authorizes use loan guarantees credit enhancements facilitate loan modifications prevent foreclosures provide necessary liquidity home mortgage markets requires federal property manager federal_housing_finance_agency fhfa federal_deposit_insurance_corporation fdic federal_reserve_board extent holds owns controls mortgages mortgage backed securities assets secured residential real estate implement systematic plan seeks maximize assistance homeowners minimize foreclosures use authority modify mortgage loans holds provide incentives servicers mortgage loans advantage hope homeowners_program national housing act authorities act available programs minimize foreclosures directs federal property manager available purchase discount state local government receiving emergency assistance foreclosure prevention act redevelopment abandoned foreclosed homes residential properties residential properties owns foreclosure state locality directs secretary use authority act manner minimize potential long term negative impact taxpayer requires secretary available public electronic form specified information assets acquired act business days purchase trade disposition directs comptroller general undertake ongoing oversight activities performance secretary act agents representatives subjects actions secretary judicial review allows qualified special purpose entity participate program established act selling disposing modifying home mortgage loan assets altering status declares sells modifies disposes home mortgage loan program established act sale modification disposition shall treated prohibited transaction internal revenue code interest shall fail treated regular interest solely transaction proceeds transaction shall treated amounts received qualified mortgages specifies circumstances shall cease


Summary: Responsible Subprime Lending Act - States that certain revisions added as a final rule by the Board of Governors of the Federal Reserve System (Board) to regulation Z relating to Truth in Lending, shall apply as a matter of law to covered loans for which the creditor receives an application after the end of the 30-day period beginning on the enactment of this Act (except for the final rules on advertising, escrows, and loan servicing). States that certain final rules on escrows shall be effective for covered loans for which the creditor receives an application on or after October 1, 2009, but for such loans [sic] secured by manufactured housing on or after April 1, 2010. Directs the Board to issue a final rule as soon as possible without regard to statutory notice and comment procedures to make certain revisions in accordance with the effective dates provided under this Act.

responsible subprime lending act states certain revisions added final rule board_of_governors federal_reserve_system board regulation relating truth lending shall apply matter law covered loans creditor receives application end day period beginning enactment act final rules advertising loan servicing states certain final rules shall effective covered loans creditor receives application october loans sic secured manufactured housing april directs board issue final rule soon possible regard statutory notice comment procedures certain revisions accordance effective dates provided act


Summary: Amends the Internal Revenue Code to eliminate the 15-year repayment requirement under the first-time homebuyer tax credit and to extend the termination date of such credit until December 31, 2009.

amends internal revenue code eliminate year repayment requirement time homebuyer tax credit extend termination date credit december


Summary: Nationwide Mortgage Fraud Task Force Act of 2009 - Establishes in the Department of Justice (DOJ) a Nationwide Mortgage Fraud Task Force to: (1) establish branches in the 10 states with the highest concentration of mortgage fraud; (2) establish coordinating entities, and solicit the voluntary participation of federal, state, and local law enforcement and prosecutorial agencies, to organize initiatives to address mortgage fraud; (3) train such agencies; (4) collect and disseminate mortgage fraud data; and (5) perform other related functions. Authorizes the Task Force, including its branches, to perform other functions as well, including: (1) initiating federal mortgage fraud investigations and coordinating state and local investigations; (2) establishing a toll-free hotline; and (3) creating a database of mortgage industry license suspensions and revocations.

establishes department_of_justice doj establish branches states highest concentration mortgage fraud establish coordinating entities solicit voluntary participation federal state local law enforcement prosecutorial agencies organize initiatives address mortgage fraud train agencies collect disseminate mortgage fraud data perform related functions authorizes task_force including branches perform functions including initiating federal mortgage fraud investigations coordinating state local investigations establishing toll free hotline creating database mortgage industry license suspensions revocations


Summary: Increases the loan limits during calendar 2009 for: (1) the Federal Housing Administration (FHA) single family housing mortgage insurance programs and the reverse mortgage program; and (2) the conforming loan limits for Fannie Mae and Freddie Mac during 2009. Declares that, if the dollar amount limitation on the principal obligation of a mortgage for which the mortgagee issues credit approval during 2009 for any size residence for any area is less than the dollar amount limitation in effect for 2008 under the Economic Stimulus Act of 2008, the maximum dollar amount limitation on the principal obligation of such a mortgage shall be considered to be the dollar amount limitation in effect for 2008. Declares that, if the conforming loan limitation on the maximum original principal obligation of a mortgage originated during 2009 that may purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) for any size residence for any area is less than the maximum original principal obligation limitation in effect for 2008 under the Economic Stimulus Act of 2008, the conforming loan limitation shall be the maximum in effect for 2008. Declares that, for a home equity conversion mortgage (reverse mortgage) for which the mortgagee issues credit approval during 2009, the maximum dollar amount limitation on mortgage insurance benefits shall be considered to require that in no case may such benefits exceed 150% of the limitation on the maximum original principal obligation in effect for conventional mortgages under the Federal Home Loan Mortgage Corporation Act.

increases loan limits calendar federal_housing_administration fha single family housing mortgage insurance programs reverse mortgage program conforming loan limits fannie_mae freddie_mac declares dollar limitation principal obligation mortgage mortgagee issues credit approval size residence area dollar limitation effect economic stimulus act maximum dollar limitation principal obligation mortgage shall considered dollar limitation effect declares conforming loan limitation maximum original principal obligation mortgage originated purchased federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac size residence area maximum original principal obligation limitation effect economic stimulus act conforming loan limitation shall maximum effect declares home equity conversion mortgage reverse mortgage mortgagee issues credit approval maximum dollar limitation mortgage insurance benefits shall considered require case benefits exceed limitation maximum original principal obligation effect conventional mortgages federal_home_loan_mortgage_corporation_act


Summary: Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009 - (Sec. 2) Authorizes the Board of Governors of the Federal Reserve System (Federal Reserve Board) to issue rules and publish model forms to implement this Act. (Sec. 3) Makes this Act effective nine months after its enactment. Title I: Consumer Protection - (Sec. 101) Amends the Truth in Lending Act (TILA), with respect to credit card accounts under an open end consumer credit plan, to require a creditor to provide written notice not later than 45 days prior to the effective date of: (1) any increase in an annual percentage rate (APR); and (2) any significant change, as determined by rule of the Federal Reserve Board, in the terms of the cardholder agreement (including an increase in fees or finance charges). Prohibits a creditor from increasing any annual percentage rate (APR) of interest, fee, or finance charge applicable to the existing balance on an open end consumer credit card account unless specified conditions are met. Allows a creditor to increase an APR, fee, or finance charge only if the increase is due solely to: (1) expiration of a specified time period (e.g., promotional period) disclosed clearly and conspicuously to the consumer before commencement of the time period; (2) a change in index not under the creditor's control; (3) payment not received during the 30-day grace period after the due date; or (4) completion of a workout or temporary hardship arrangement, or the consumer's failure to comply with such an arrangement. Prohibits any APR increase relating to such an arrangement from exceeding the APR applicable to the particular category of transactions on the day before the effective date of the arrangement. Prohibits a creditor from changing the terms governing repayment of an outstanding balance; but permits the creditor to provide the obligor with specified repayment methods. Requires a creditor that increases the APR based upon factors including the obligor's credit risk, market conditions, or other factors to: (1) consider changes in such factors in subsequently determining whether to reduce the APR for such obligor; and (2) reduce the APR when a review indicates a reduction. Declares that no increase in any APR, fee, or finance charge, with certain exceptions, shall be effective before the end of the one-year period beginning on the date on which the account is opened. States that, in the case of a promotional rate, no written notice of an increase in the APR shall be effective before the end of a six-month period beginning from the date the promotional rate takes effect. (Sec. 102) Prohibits imposition of a finance charge, with certain exceptions, upon a credit card account balance that is based on balances for days in billing cycles preceding the most recent billing cycle (double billing cycle) as a result of the loss of any grace period. Prohibits penalties for on-time payments. Prohibits the charge of an over-the-limit fee unless the consumer expressly permits the creditor to complete the relevant transaction (opt-in). Allows imposition of an over-the-limit fee only once during a billing cycle. Prohibits its imposition more than once in two subsequent billing cycles with respect to such excess credit, unless the consumer: (1) has obtained an additional extension of credit in excess of the credit limit during any such subsequent cycle; or (2) reduces the outstanding balance below the credit limit as of the end of such billing cycle. Prohibits a creditor from imposing a separate fee related to the method of payment (by mail, electronic transfer, telephone authorization, or other means), unless the payment involves an expedited service by the creditor's service representative. Requires any penalty fee or charge to be reasonable and proportional to the omission or violation involved. Directs the Federal Reserve Board to establish standards for assessing whether the amount of any penalty fee or charge is reasonable and proportional to the omission or violation to which the fee or charge relates. (Sec. 103) Limits the use of the term "fixed," in conjunction with an APR or applicable interest rate, to a rate that will not change or vary for any reason over the period specified clearly and conspicuously in the terms of the account. (Sec. 104) Revises requirements governing crediting of payments. Requires a card issuer, upon receipt of payment, to apply amounts in excess of the minimum payment amount first to the balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted. Requires a creditor to allocate the entire amount paid in excess of the minimum payment to a balance on which interest is deferred during the last two billing cycles immediately preceding the expiration of the period during which interest is deferred. Prohibits a card issuer from imposing any late fee or finance charge for a late payment if: (1) the issuer makes a material change in the mailing address, office, or procedures for handling cardholder payments; and (2) such change causes a material delay in the crediting of payment made during the 60-day period following the date on which such change took effect. (Sec. 105) Prescribes a standard for the initial issuance of subprime or "fee harvester" cards (accounts requiring first-year fee payments in excess of 25% of the total amount of credit authorized). Prohibits payment of any fee from the credit made available by the card (other than any late fee, over-the-limit fee, or any fee for a payment returned for insufficient funds). (Sec. 106) Requires the payment due date to be the same day each month, or the next business day if such date falls on a weekend or holiday. Revises requirements for the timing of payments and the grace period. Requires each periodic statement of payment due to be mailed no later than 21 days before the payment due date. (Sec. 107) Revises civil penalties for creditor noncompliance with TILA. Includes in such penalties twice the amount of any finance charge in connection with a transaction, between $500 and $5,000 (or a higher amount in the case of an established pattern or practice of noncompliance), in the case of an individual action relating to an open end consumer credit plan that is not secured by real property or a dwelling. (Sec. 109) Requires a card issuer to consider the ability of the consumer to make required payments as a prerequisite to opening any consumer credit card account, or increasing any credit limit. Title II: Enhanced Consumer Disclosures - (Sec. 201) Revises and expands requirements for mandatory minimum payment disclosures a creditor must furnish. Directs the Federal Reserve Board to issue guidelines, by rule, for the establishment and maintenance by creditors of a toll-free telephone number for purposes of providing information about accessing credit counseling and debt management services. (Sec. 202) Revises requirements relating to late payment deadlines. Requires specified disclosures relating to increases in interest rates for late payments. States that the date on which the obligor makes a payment at the local branch of a creditor financial institution shall be considered to be the date on which the payment is made for purposes of determining whether a late fee or charge may be imposed due to the failure of the obligor to make payment on or before the due date for such payment. (Sec. 203) Requires a card issuer that has changed or amended any term of the account since the last renewal that has not been previously disclosed to make such a disclosure to the consumer by a certain deadline. (Sec. 204) Requires creditors to post on an Internet site the written agreement between the creditor and the consumer for each open-end consumer credit plan. (Sec. 205) Amends the Fair Credit Reporting Act to require any advertisement for a free credit report to disclose prominently that free credit reports are available under federal law at AnnualCreditReport.com (or other authorized source). Title III: Protection of Young Consumers - (Sec. 301) Amends TILA to prohibit extensions of credit to consumers under age 21, unless the consumer has submitted a written application that meets specified requirements. Requires any such application to be signed by a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account. (Sec. 302) Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report regarding credit or insurance transactions that are not initiated by the consumer only if the report does not contain a date of birth that shows that the consumer has not attained the age of 21, or, if the date of birth on the consumer report shows that the consumer has not attained the age of 21, the consumer consents to the furnishing of such report. (Sec. 303) Amends TILA to require approval by the jointly liable party to increase credit lines for accounts for which a parent, legal guardian, spouse of the consumer, or any other individual is jointly liable. (Sec. 304) Requires an institution of higher education to disclose publicly any agreement made with a card issuer or creditor for the purpose of marketing a credit card. Prohibits a card issuer or creditor from offering to a student at an institution of higher education any tangible item as inducement to participate in an open end consumer credit plan if such offer is made: (1) on or near the campus of the institution; or (2) at an event sponsored by or related to such institution. Expresses the sense of Congress that each institution of higher education should consider adopting the following policies relating to credit cards: (1) that any card issuer that markets a credit card on the campus notify the institution of the location at which such marketing will take place; (2) that the number of locations on the campus at which the marketing of credit cards takes place be limited; and (3) that credit card and debt education and counseling sessions be offered as a regular part of any orientation program for new students. (Sec. 305) Requires each creditor to submit an annual report to the Federal Reserve Board containing the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with an institution of higher education, or with an affiliated or related alumni organization or foundation, with respect to any college student credit card issued to a college student at such institution. Directs to the Federal Reserve Board to report to Congress, and make available to the public, on the information concerning credit card agreements submitted to it by each institution of higher education, alumni organization, or foundation. Directs the Comptroller General to review and report to Congress about the mandatory reports submitted by creditors as well as their marketing practices to determine the impact that college affinity card agreements and college student card agreements have upon credit card debt. Title IV: Gift Cards - (Sec. 401) Amends the Electronic Fund Transfer Act to declare unlawful: (1) the imposition of a dormancy fee, an inactivity charge or fee, or a service fee with respect to a gift certificate, store gift card, or general-use prepaid card; and (2) the sale or issuance of a gift certificate, store gift card, or general-use prepaid card that is subject to an expiration date. Title V: Miscellaneous Provisions - (Sec. 501) Instructs the Comptroller General to study and report to Congress on use of credit by consumers, interchange fees, and their effects on consumers and merchants. (Sec. 502) Directs the Federal Reserve Board to review biennially and report to Congress on specified aspects of the consumer credit card market. Directs the federal banking agencies and the Federal Trade Commission (FTC) to report annually to the Federal Reserve Board, for inclusion in its annual report to Congress, on their regulatory activities regarding credit card issuer compliance with federal consumer protection statutes and regulations. (Sec. 503) Directs the Secretary of the Treasury to issue regulations implementing the Bank Secrecy Act regarding the sale, issuance, redemption, or international transport of stored value, including stored value cards. (Sec. 504) Amends TILA to direct the Federal Reserve Board to prescribe regulations to require creditors to establish procedures to ensure that any administrator of the estate of any deceased obligor can resolve outstanding credit balances of the estate in a timely manner. (Sec. 505) Directs the Federal Reserve Board to report to certain congressional committees on the extent to which creditors have reduced credit limits or raised interest rates applicable to credit card accounts based on specified factors, including the geographical location of a credit transaction, the identity of the merchant involved, the consumer's credit transactions, and the identity of a consumer's mortgage creditor. (Sec. 506) Directs the Federal Reserve Board to review and report to Congress on: (1) the use of credit cards by small businesses with not more than 50 employees; and (2) the credit card market for such businesses. (Sec. 507) Directs the Administrator of the Small Business Administration (SBA), in conjunction with the Secretary of Homeland Security, to establish the Small Business Information Security Task Force to: (1) address the information technology security needs of small business concerns; and (2) help them prevent the loss of credit card data. Requires the task force to make recommendations to the SBA Administrator about establishment of an Internet website to receive and dispense information and resources with respect to: (1) the information technology security needs of small business concerns; and (2) the programs and services provided by the federal government, state governments, and nongovernment organizations (NGOs) that serve those needs. Requires the task force to make recommendations also relating to developing additional education materials and programs with respect to information technology security needs. Authorizes appropriations for FY2020-FY2013. (Sec. 508) Directs the FTC to study and report to Congress on the cost-effectiveness of making technology available at an automated teller machines (ATM) that enables a consumer under duress to alert a local law enforcement agency electronically that an incident is taking place at the ATM. (Sec. 509) Directs the Comptroller General to study and report to Congress on the terms, conditions, marketing, and value to consumers of products marketed in conjunction with credit card offers. (Sec. 510) Directs the Secretary of Education and the Director of the Office of Financial Education of the Department of the Treasury to coordinate with the President's Advisory Council on Financial Literacy to report to Congress on: (1) their evaluation and compilation of a comprehensive summary of existing federal financial and economic literacy education programs; and (2) development of a strategic plan to improve and expand financial and economic literacy education. (Sec. 511) Amends the Omnibus Appropriations Act, 2009 to direct the FTC to initiate a rulemaking on unfair or deceptive acts or practices with respect to mortgage loans, loan modification, and foreclosure rescue services. Denies the FTC authority to promulgate a rule regarding an entity that is not subject to its enforcement powers. Authorizes a state, as parens patriae, to bring a civil action on behalf of its residents if the state attorney general believes that an interest of state residents is threatened or adversely affected by action of any person subject to an FTC-prescribed rule in a practice that violates such rule. (Sec. 512) Prohibits the Secretary of the Interior from promulgating or enforcing any regulation that prohibits an individual from possessing a firearm, including an assembled or functional firearm, in any unit of the National Park System (NPS) or the National Wildlife Refuge System (NWRS) if: (1) the individual is not otherwise prohibited by law from possessing the firearm; and (2) the possession of the firearm complies with the law of the state in which the NPS or NWRS unit is located. (Sec. 513) Requires the Comptroller General to study and report to Congress on: (1) the relationship between fluency in the English language and financial literacy; and (2) any extent to which individuals whose native language is a language other than English are impeded in their conduct of their financial affairs.

credit_card_accountability_responsibility disclosure act credit card act sec authorizes board_of_governors federal_reserve_system federal_reserve_board issue rules publish model forms implement act sec makes act effective months enactment title consumer protection sec amends truth lending act tila respect credit card accounts open end consumer credit plan require creditor provide written notice later days prior effective date increase annual percentage rate apr significant change determined rule federal_reserve_board terms cardholder agreement including increase fees finance charges prohibits creditor increasing annual percentage rate apr interest fee finance charge applicable existing balance open end consumer credit card account specified conditions met allows creditor increase apr fee finance charge increase solely expiration specified time period promotional period disclosed clearly conspicuously consumer commencement time period change index creditor control payment received day grace period date completion workout temporary hardship arrangement consumer failure comply arrangement prohibits apr increase relating arrangement exceeding apr applicable particular category transactions day effective date arrangement prohibits creditor changing terms governing repayment outstanding balance permits creditor provide obligor specified repayment methods requires creditor increases apr based factors including obligor credit risk market conditions factors consider changes factors subsequently determining reduce apr obligor reduce apr review indicates reduction declares increase apr fee finance charge certain exceptions shall effective end year period beginning date account opened states case promotional rate written notice increase apr shall effective end month period beginning date promotional rate takes effect sec prohibits imposition finance charge certain exceptions credit card account balance based balances days billing cycles preceding recent billing cycle double billing cycle result loss grace period prohibits penalties time payments prohibits charge limit fee consumer expressly permits creditor complete relevant transaction opt allows imposition limit fee billing cycle prohibits imposition subsequent billing cycles respect excess credit consumer obtained additional extension credit excess credit limit subsequent cycle reduces outstanding balance credit limit end billing cycle prohibits creditor imposing separate fee related method payment mail electronic transfer telephone authorization means payment involves expedited service creditor service representative requires penalty fee charge reasonable proportional omission violation involved directs federal_reserve_board establish standards assessing penalty fee charge reasonable proportional omission violation fee charge relates sec limits use term fixed conjunction apr applicable interest rate rate change vary reason period specified clearly conspicuously terms account sec revises requirements governing crediting payments requires card issuer receipt payment apply amounts excess minimum payment balance bearing highest rate interest successive balance bearing highest rate interest payment exhausted requires creditor allocate entire paid excess minimum payment balance interest deferred billing cycles immediately preceding expiration period interest deferred prohibits card issuer imposing late fee finance charge late payment issuer makes material change mailing address office procedures handling cardholder payments change causes material delay crediting payment day period following date change took effect sec prescribes standard initial issuance subprime fee cards accounts requiring year fee payments excess total credit authorized prohibits payment fee credit available card late fee limit fee fee payment returned insufficient funds sec requires payment date day month business day date falls weekend holiday revises requirements timing payments grace period requires periodic statement payment mailed later days payment date sec revises civil penalties creditor noncompliance tila includes penalties twice finance charge connection transaction higher case established pattern practice noncompliance case individual action relating open end consumer credit plan secured real property dwelling sec requires card issuer consider ability consumer required payments prerequisite opening consumer credit card account increasing credit limit title enhanced consumer disclosures sec revises expands requirements mandatory minimum payment disclosures creditor furnish directs federal_reserve_board issue guidelines rule establishment maintenance creditors toll free telephone number purposes providing information accessing credit counseling debt management services sec revises requirements relating late payment deadlines requires specified disclosures relating increases interest rates late payments states date obligor makes payment local branch creditor financial institution shall considered date payment purposes determining late fee charge imposed failure obligor payment date payment sec requires card issuer changed amended term account renewal previously disclosed disclosure consumer certain deadline sec requires creditors post internet site written agreement creditor consumer open end consumer credit plan sec amends fair credit reporting act require advertisement free credit report disclose prominently free credit reports available federal law authorized source title iii protection young consumers sec amends tila prohibit extensions credit consumers age consumer submitted written application meets specified requirements requires application signed cosigner including parent legal guardian spouse individual attained age having means repay debts incurred consumer connection account sec amends fair credit reporting act permit consumer reporting agency furnish consumer report credit insurance transactions initiated consumer report contain date birth shows consumer attained age date birth consumer report shows consumer attained age consumer consents furnishing report sec amends tila require approval jointly liable party increase credit lines accounts parent legal guardian spouse consumer individual jointly liable sec requires institution higher education disclose publicly agreement card issuer creditor purpose marketing credit card prohibits card issuer creditor offering student institution higher education tangible item participate open end consumer credit plan offer near campus institution event sponsored related institution expresses sense congress institution higher education consider adopting following policies relating credit cards card issuer markets credit card campus notify institution location marketing place number locations campus marketing credit cards takes place limited credit card debt education counseling sessions offered regular orientation program new students sec requires creditor submit annual report federal_reserve_board containing terms conditions business marketing promotional agreements college affinity card agreements institution higher education affiliated related alumni organization foundation respect college student credit card issued college student institution directs federal_reserve_board report congress available public information concerning credit card agreements submitted institution higher education alumni organization foundation directs comptroller general review report congress mandatory reports submitted creditors marketing practices determine impact college affinity card agreements college student card agreements credit card debt title sec amends electronic fund transfer act declare unlawful imposition dormancy fee inactivity charge fee service fee respect gift certificate store gift card general use prepaid card sale issuance gift certificate store gift card general use prepaid card subject expiration date title miscellaneous provisions sec instructs comptroller general study report congress use credit consumers interchange fees effects consumers merchants sec directs federal_reserve_board review biennially report congress specified aspects consumer credit card market directs federal banking agencies federal_trade_commission ftc report annually federal_reserve_board inclusion annual report congress regulatory activities credit card issuer compliance federal consumer protection statutes regulations sec directs secretary treasury issue regulations implementing bank secrecy act sale issuance redemption international transport stored value including stored value cards sec amends tila direct federal_reserve_board prescribe regulations require creditors establish procedures ensure administrator estate deceased obligor resolve outstanding credit balances estate timely manner sec directs federal_reserve_board report certain congressional committees extent creditors reduced credit limits raised interest rates applicable credit card accounts based specified factors including geographical location credit transaction identity merchant involved consumer credit transactions identity consumer mortgage creditor sec directs federal_reserve_board review report congress use credit cards small businesses employees credit card market businesses sec directs administrator small_business_administration sba conjunction secretary homeland_security establish address information technology security needs small business concerns help prevent loss credit card data requires task force recommendations sba administrator establishment internet website receive dispense information resources respect information technology security needs small business concerns programs services provided federal government state governments nongovernment organizations serve needs requires task force recommendations relating developing additional education materials programs respect information technology security needs authorizes appropriations sec directs ftc study report congress cost effectiveness making technology available automated teller machines atm enables consumer duress alert local law enforcement agency electronically incident taking place atm sec directs comptroller general study report congress terms conditions marketing value consumers products marketed conjunction credit card offers sec directs secretary education director coordinate president report congress evaluation compilation comprehensive summary existing federal financial economic literacy education programs development strategic plan improve expand financial economic literacy education sec amends omnibus appropriations act direct ftc initiate rulemaking unfair deceptive acts practices respect mortgage loans loan modification foreclosure rescue services denies ftc authority promulgate rule entity subject enforcement powers authorizes state bring civil action behalf residents state attorney general believes interest state residents threatened adversely affected action person subject ftc prescribed rule practice violates rule sec prohibits secretary interior promulgating enforcing regulation prohibits individual possessing firearm including assembled functional firearm unit national_park_system nps national_wildlife_refuge_system individual prohibited law possessing firearm possession firearm complies law state nps unit located sec requires comptroller general study report congress relationship fluency english language financial literacy extent individuals native language language english impeded conduct financial affairs


Summary: National Financial Literacy Act of 2009 - Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies jointly to prescribe regulations establishing: (1) minimum standards to be met by a community-based financial literacy program in order to be eligible for consideration as a qualified community-based financial literacy program; (2) procedures for financial institutions to apply to a federal financial supervisory agency for approval of such a program; and (3) a requirement that financial institutions submit a regular report on how the institution supported and promoted financial literacy in its entire community, including low- and moderate-income neighborhoods. Authorizes a federal financial supervisory agency to take an institution's direct support of a qualified community-based financial literacy program into account when it assesses the institution's record of meeting the community's credit needs. Amends the Internal Revenue Code to allow a tax credit to small businesses for 35% of the expenses paid or incurred for providing qualified continuing financial education to their employees. Requires that preference in federal contracts, loans, and other financial or nonfinancial assistance for small businesses and corporations be given to those providing continuing financial education to their employees.

amends community reinvestment act require federal financial supervisory agencies jointly prescribe regulations establishing minimum standards met community based financial literacy program order eligible consideration qualified community based financial literacy program procedures financial institutions apply federal financial supervisory agency approval program requirement financial institutions submit regular report institution supported promoted financial literacy entire community including low- moderate income neighborhoods authorizes federal financial supervisory agency institution direct support qualified community based financial literacy program account assesses institution record meeting community credit needs amends internal revenue code allow tax credit small businesses expenses paid incurred providing qualified continuing financial education employees requires preference federal contracts loans financial nonfinancial assistance small businesses corporations given providing continuing financial education employees


Summary: Shields a servicer of pooled residential mortgages acting in compliance with certain fiduciary duties under the Truth in Lending Act from liability for entering into a loan modification or workout plan in connection with any such mortgages initiated before January 1, 2012. Specifies that such servicers shall not be liable to: (1) any person based on that person's ownership of a residential mortgage loan or any interest in a pool of residential mortgage loans or in securities that distribute payments out of payments in loans on the pool; (2) any person obligated pursuant to a derivatives instrument to make payments determined in reference to any such loans or interest; or (3) any person that insures any such loans or interest under federal, state, or local law. States that such servicers shall not be: (1) limited in loan modification ability, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (2) obligated to repurchase loans from or otherwise make payments to the securitization vehicle on account of a loss mitigation workout, or other loss mitigation plan for a residential mortgage or a class of them that constitute a part or all of the mortgages in the securitization vehicle. Makes a mortgage eligible under this Act only if: (1) mortgage default has occurred or is reasonably foreseeable; (2) the property securing the mortgage is occupied by the mortgagor; and (3) the servicer reasonably and in good faith believes that recovery of outstanding principal under the particular modification or workout plan or other loss mitigation action will exceed, on a net present value basis, the anticipated recovery to be realized through foreclosure.

shields servicer pooled residential mortgages acting compliance certain fiduciary duties truth lending act liability entering loan modification workout plan connection mortgages initiated january specifies servicers shall liable person based person ownership residential mortgage loan interest pool residential mortgage loans securities distribute payments payments loans pool person obligated pursuant derivatives instrument payments determined reference loans interest person insures loans interest federal state local law states servicers shall limited loan modification ability number mortgages modified frequency loan modifications range permissible modifications obligated repurchase loans payments securitization vehicle account loss mitigation workout loss mitigation plan residential mortgage class constitute mortgages securitization vehicle makes mortgage eligible act mortgage default occurred reasonably foreseeable property securing mortgage occupied mortgagor servicer reasonably good faith believes recovery outstanding principal particular modification workout plan loss mitigation action exceed net present value basis anticipated recovery realized foreclosure


Summary: Mortgage and Rental Assistance Reauthorization Act of 2009 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the President to provide temporary assistance in the form of mortgage or rental payments for individuals and families who, because of financial hardship caused by a major disaster occurring on or after August 24, 2005, certify that they face dispossession or eviction from a residence by reason of a foreclosure of any mortgage or lien, cancellation of any contract of sale, or termination of any lease, entered into prior to such disaster. Limits assistance to not more than 18 months.

mortgage rental assistance reauthorization act amends robert stafford disaster relief emergency assistance act authorize president provide temporary assistance form mortgage rental payments individuals families financial hardship caused major disaster occurring august certify face eviction residence reason foreclosure mortgage lien cancellation contract sale termination lease entered prior disaster limits assistance months


Summary: Helping Families Save Their Homes Act of 2009 - Title I: Prevention of Mortgage Foreclosures - Subtitle A: Modification of Residential Mortgages - (Sec. 101) 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. Allows such a debtor to satisfy the requirement within 30 days after filing a petition for relief from debt. (Currently the requirement must be satisfied within 180 days before the filing of a petition.) (Sec. 102) 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. (Sec. 103) 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. (Sec. 104) 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. (Sec. 105) 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, provided the total monthly mortgage payment is reduced to a percentage of the debtor's income in accordance with the guidelines of the Obama Administration's Homeowner Affordability and Stability Plan, and the debtor, thereafter, would be able to prevent foreclosure and pay a fully amortizing 30-year loan at such reduced interest rate without such reduction in principal. (Sec. 106) Excludes from the final discharge of a debtor from all debts any unpaid portion of such a claim as reduced.(Sec. 107) Amends the federal judicial code to prescribe standing trustee fees regarding certain payments received under a Chapter 13 bankruptcy plan. (Sec. 109) Instructs the Comptroller General to study and report to certain congressional committees on: (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. (Sec. 110) Directs the Comptroller General to report to Congress on: (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. Subtitle B: Related Mortgage Modification Provisions - (Sec. 121) Expands federal procedures governing default on veterans' housing loans. Authorizes the Secretary of Veterans Affairs, in the event of a modification in bankruptcy, to pay the holder of the obligation the unpaid balance due as of the date of the filing of the bankruptcy petition, plus accrued interest, but only upon assignment, transfer, and delivery of all rights, interest, claims, evidence, and records regarding the loan.(Sec. 122) Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to: (1) pay Federal Housing Administration (FHA) mortgage insurance benefits for a mortgage modified under federal bankruptcy law; and (2) implement a program solely to encourage loan modifications for eligible delinquent mortgages through the payment of insurance benefits and assignment of the mortgage to the Secretary and the subsequent modification of the terms of the mortgage according to a loan modification approved by the mortgagee.(Sec. 123) Amends the Housing Act of 1949 to authorize the Secretary of Agriculture to pay: (1) the guaranteed portion of any losses incurred by the holder of a note or the loan servicer resulting from a modification in a bankruptcy proceeding; and (2) for losses incurred by holders or servicers in the event of a modification pursuant to a bankruptcy proceeding.(Sec. 124) Declares unenforceable as contrary to public policy certain investment contracts between servicers and securitization vehicles or investors that require excess bankruptcy losses that exceed a certain dollar amount on residential mortgages. (Sec. 125) Requires the Comptroller General to report to certain congressional committees on the volume of mortgage modifications reported to the Office of the Comptroller of the Currency and the Office of Thrift Supervision (OTS), under the mortgage metrics program of each such Office, during the previous quarter. Title II: Foreclosure Mitigation and Credit Availability - (Sec. 201) Shields servicers from liability for implementing mortgage loan modifications or loss mitigation plans if they are in compliance with fiduciary duties required by the Truth in Lending Act (including any refinancing undertaken pursuant to standard loan modification, sale, or disposition guidelines issued by the Secretary of the Treasury). (Sec. 202) Amends the National Housing Act to modify the HOPE for Homeowners Program (HOPE). Requires mortgagor certification to HUD that the mortgagor has neither intentionally defaulted on an existing mortgage, nor provided false information, nor (as under existing law) been convicted for fraud during the 10-year period ending upon the insurance of the mortgage under this Act. Authorizes the Secretary of Housing and Urban Development (HUD) to permit the establishment of a second lien on a property under an eligible mortgage to be insured, for the purpose of facilitating payment of closing or refinancing costs by a state or locality using funds provided: (1) under the HOME Investment Partnerships program; (2) under the community development block grants program under the Housing and Community Development Act of 1974; or (3) by a state or local housing finance agency. Authorizes HUD to provide exceptions to primary residence and exclusive present ownership interest requirements for any mortgagor who has inherited a property or has relocated to a new jurisdiction, and is in the process of trying to sell such property or has been unable to sell it due to adverse market conditions. Bans from the HOPE program mortgagors whose net worth exceeds $1 million. Authorizes the Secretary to establish a payment of up to $1,000 per insured loan to the loan servicer of the existing senior mortgage for every loan insured under HOPE. Directs the Secretary to establish, if feasible, an auction to refinance eligible mortgages on a wholesale or bulk basis. Reduces by $2.316 billion the $700 billion limit on the Secretary of the Treasury's authority to purchase troubled assets under the Troubled Asset Relief Program (TARP) (in order to offset the costs of program changes). (Sec. 203) Limits participation in the origination of an FHA-insured loan to a person or entity approved by the Secretary as a mortgagee, unless the Secretary otherwise authorizes such participation. Prohibits approval as a mortgagee of any applicant any of whose officers, partners, directors, principals, managers, supervisors, loan processors, loan underwriters, or loan originators is currently suspended, debarred, otherwise restricted, indicted or convicted of certain offenses, engaged in nonconforming business practices, or subject to unresolved findings of a HUD audit, investigation, or review. Requires an approved mortgagee to notify the Secretary immediately of any such sanctions applied to it or any of its personnel, including revocation of a state-issued mortgage loan originator license or similar declaration of ineligibility under state law. Directs the Secretary to: (1) expand the existing process for reviewing new applicants for participation in FHA-insured mortgages on one- to four-family residences in order to identify applicants who represent a high risk to the Mutual Mortgage Insurance Fund (MMIF); and (2) implement procedures that, for mortgagees approved during the 12 months before enactment of this Act, expand the number of mortgages originated by such mortgagees reviewed for compliance with laws, regulations, and policies, including a process for random reviews and one for reviews based on volume of such mortgages. (Sec. 204) Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act (FCUA) to: (1) increase deposit insurance coverage permanently to $250,000; and (2) increase the borrowing authority of the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA).Amends the FDIA to: (1) extend to eight years the time period applicable to a Deposit Insurance Fund (DIF) restoration plan; and (2) revise requirements for special assessments to recover the loss to the DIF arising from actions taken to contain systemic risk with respect to certain insured depository institutions.Amends the FCUA to direct the NCUA Board to establish a National Credit Union Share Insurance Fund Restoration Plan whenever the Board projects that the equity ratio of the National Credit Union Share Insurance Fund will fall below a minimum designated equity ratio. (Sec. 205) Requires the Secretary of the Treasury, when using certain funds under the Emergency Economic Stabilization Act of 2008 (EESA) to prevent and mitigate foreclosures on residential properties (including mortgage modifications), to provide that the limitation on the maximum original principal obligation of a mortgage that may be assisted shall not be less than the dollar amount limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal Home Loan Mortgage Corporation (Freddie Mac) for the area in which the property involved in the transaction is located. (Sec. 206) Amends the National Housing Act with respect to insurance of home equity conversion mortgages for the elderly. Redefines a mortgage on the alternative kind of leasehold under such insurance program as one that has a term that ends no earlier than the minimum number of years, as specified by HUD, beyond the actuarial life expectancy of the mortgagor or comortgagor, whichever is the later date. (Currently, a lease having a period of not less than 10 years to run beyond the mortgage maturity date.) (Sec. 207) Expresses the sense of Congress that the Secretary of the Treasury should use amounts made available in this Act to purchase mortgage revenue bonds for single-family housing issued through state housing finance agencies and through local governments and their agencies. Title III: Mortgage Fraud - Nationwide Mortgage Fraud Task Force Act of 2009 - (Sec. 302) Establishes in the Department of Justice the Nationwide Mortgage Fraud Task Force to address mortgage fraud in the United States. Requires the Task Force to: (1) establish federal, state, and local coordinating entities to organize initiatives to address mortgage fraud; (2) provide training to federal, state, and local law enforcement and prosecutorial agencies with respect to mortgage fraud; (3) collect and disseminate data with respect to mortgage fraud; and (4) perform other functions determined by the Attorney General to enhance the detection of, prevention of, and response to mortgage fraud in the United States. Authorizes the Task Force to: (1) initiate and coordinate federal mortgage fraud investigations and, through the coordinating entities, state and local investigations; (2) establish a toll-free hotline for reporting mortgage fraud and providing the public with access to related information and resources; (3) create a database about suspensions and revocations of mortgage industry licenses and certifications to facilitate the sharing of such information by states; and (4) make recommendations and propose federal, state, and local government legislation. Title IV: Foreclosure Moratorium Provisions - (Sec. 401) Expresses the sense of Congress that mortgage holders, institutions, and mortgage servicers should not initiate a foreclosure proceeding or a foreclosure sale on any homeowner until foreclosure mitigation provisions of title II of this Act, and the President's "Homeowner Affordability and Stability Plan," have been implemented and determined to be operational. States that the foreclosure moratorium should apply only for first mortgages secured by the owner's principal dwelling. Sets forth duties of the consumer to maintain property and to respond to reasonable inquiries.

helping families save homes act title prevention mortgage foreclosures subtitle modification residential mortgages sec 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 allows debtor satisfy requirement days filing petition relief debt currently requirement satisfied days filing petition sec requires court disallow claim subject remedy rescission truth lending act notwithstanding prior entry foreclosure judgment sec 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 sec 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 sec 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 provided total monthly mortgage payment reduced percentage debtor income accordance guidelines debtor able prevent foreclosure pay fully amortizing year loan reduced interest rate reduction principal sec excludes final discharge debtor debts unpaid portion claim amends federal judicial code prescribe standing trustee fees certain payments received chapter bankruptcy plan sec instructs comptroller general study report certain congressional committees 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 sec directs comptroller general report congress comprehensive review effects amendments subtitle bankruptcy court survey program limit types homeowners eligible program amendments remain effect subtitle related mortgage modification provisions sec expands federal procedures governing default veterans housing loans authorizes secretary veterans_affairs event modification bankruptcy pay holder obligation unpaid balance date filing bankruptcy petition plus accrued interest assignment transfer delivery rights interest claims evidence records amends national housing act authorize secretary housing_and_urban_development hud pay federal_housing_administration fha mortgage insurance benefits mortgage modified federal bankruptcy law implement program solely encourage loan modifications eligible delinquent mortgages payment insurance benefits assignment mortgage secretary subsequent modification terms mortgage according loan modification approved amends housing act authorize secretary agriculture pay guaranteed portion losses incurred holder note loan servicer resulting modification bankruptcy proceeding losses incurred holders servicers event modification pursuant bankruptcy declares unenforceable contrary public policy certain investment contracts servicers securitization vehicles investors require excess bankruptcy losses exceed certain dollar residential mortgages sec requires comptroller general report certain congressional committees volume mortgage modifications reported office_of_the_comptroller_of_the_currency office_of_thrift_supervision ots mortgage metrics program office previous quarter title foreclosure mitigation credit availability sec shields servicers liability implementing mortgage loan modifications loss mitigation plans compliance fiduciary duties required truth lending act including refinancing undertaken pursuant standard loan modification sale disposition guidelines issued secretary treasury sec amends national housing act modify hope homeowners program hope requires mortgagor certification hud mortgagor intentionally defaulted existing mortgage provided false information existing law convicted fraud year period ending insurance mortgage act authorizes secretary housing_and_urban_development hud permit establishment second lien property eligible mortgage insured purpose facilitating payment closing refinancing costs state locality funds provided program community development block grants program housing_and_community_development_act state local housing finance agency authorizes hud provide exceptions primary residence exclusive present ownership interest requirements mortgagor property relocated new jurisdiction process trying sell property unable sell adverse market conditions bans hope program mortgagors net worth exceeds million authorizes secretary establish payment insured loan loan servicer existing senior mortgage loan insured hope directs secretary establish feasible auction refinance eligible mortgages wholesale bulk basis reduces billion billion limit secretary treasury authority purchase troubled assets troubled_asset_relief_program tarp order offset costs program changes sec limits participation origination fha insured loan person entity approved secretary mortgagee secretary authorizes participation prohibits approval mortgagee applicant officers partners directors principals managers supervisors loan processors loan underwriters loan originators currently suspended debarred restricted indicted convicted certain offenses engaged nonconforming business practices subject unresolved findings hud audit investigation review requires approved mortgagee notify secretary immediately sanctions applied personnel including revocation state issued mortgage loan originator license similar declaration ineligibility state law directs secretary expand existing process reviewing new applicants participation fha insured mortgages one- family residences order identify applicants represent high risk mutual_mortgage_insurance_fund implement procedures mortgagees approved months enactment act expand number mortgages originated mortgagees reviewed compliance laws regulations policies including process random reviews reviews based volume mortgages sec amends federal_deposit_insurance_act fdia federal_credit_union_act fcua increase deposit insurance coverage permanently increase borrowing authority federal_deposit_insurance_corporation fdic fdia extend years time period applicable restoration plan revise requirements special assessments recover loss dif arising actions taken contain systemic risk respect certain insured depository institutions amends fcua direct ncua_board establish national_credit_union_share_insurance_fund restoration plan board projects equity ratio national_credit_union_share_insurance_fund fall minimum designated equity ratio sec requires secretary treasury certain funds emergency_economic_stabilization_act eesa prevent mitigate foreclosures residential properties including mortgage modifications provide limitation maximum original principal obligation mortgage assisted shall dollar limitation maximum original principal obligation mortgage purchased federal_home_loan_mortgage_corporation freddie_mac area property involved transaction located sec amends national housing act respect insurance home equity conversion mortgages elderly redefines mortgage alternative kind leasehold insurance program term ends earlier minimum number years specified hud actuarial life expectancy mortgagor whichever later date currently lease having period years run mortgage maturity date sec expresses sense congress secretary treasury use amounts available act purchase mortgage revenue bonds single family housing issued state housing finance agencies local governments agencies title iii mortgage fraud nationwide mortgage fraud task force act sec establishes address mortgage fraud united_states requires task force establish federal state local coordinating entities organize initiatives address mortgage fraud provide training federal state local law enforcement prosecutorial agencies respect mortgage fraud collect disseminate data respect mortgage fraud perform functions determined attorney general enhance detection prevention response mortgage fraud united_states authorizes task_force initiate coordinate federal mortgage fraud investigations coordinating entities state local investigations establish toll free hotline reporting mortgage fraud providing public access related information resources create database suspensions revocations mortgage industry licenses certifications facilitate sharing information states recommendations propose federal state local government legislation title foreclosure moratorium provisions sec expresses sense congress mortgage holders institutions mortgage servicers initiate foreclosure proceeding foreclosure sale homeowner foreclosure mitigation provisions title act president homeowner affordability stability plan implemented determined operational states foreclosure moratorium apply mortgages secured owner principal dwelling sets forth duties consumer maintain property respond reasonable inquiries


Summary: Honest FHA Originator Act of 2009 - Amends the National Housing Act to remove the Director of the Enforcement Center from the Mortgagee Review Board of the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD). Declares that any person or entity that is not approved by the HUD Secretary is prohibited from serving as a mortgagee and from participating in the origination of an FHA-insured loan. Sets forth mortgagee eligibility criteria. Directs the Secretary to require each mortgagee approved for participation in the FHA mortgage insurance programs to: (1) use the business name of the mortgagee that is registered with the Secretary in all advertisements and promotional materials relating to the business of such mortgagee in the mortgage insurance programs; and (2) maintain copies of such advertisements and promotional materials. Requires an approved mortgagee to submit immediate written notification of the following actions: (1) the debarment, suspension of a Limited Denial of Participation (LDP), or application of other sanctions, fines, or penalties applied to the mortgagee or to any officer, partner, director, principal, manager, supervisor, loan processor, loan underwriter, or loan originator of the mortgagee pursuant to applicable state or federal law; or (2) the revocation of a state-issued mortgage loan originator license or any other similar declaration of ineligibility pursuant to state law. Instructs the Secretary to expand the review of FHA mortgagee applicants and newly approved mortgagees.

honest fha originator act amends national housing act remove director enforcement center federal_housing_administration fha department_of_housing_and_urban_development hud declares person entity approved hud secretary prohibited serving mortgagee participating origination fha insured loan sets forth mortgagee eligibility criteria directs secretary require mortgagee approved participation fha mortgage insurance programs use business mortgagee registered secretary advertisements promotional materials relating business mortgagee mortgage insurance programs maintain copies advertisements promotional materials requires approved mortgagee submit immediate written notification following actions debarment suspension application sanctions fines penalties applied mortgagee officer partner director principal manager supervisor loan processor loan underwriter loan originator mortgagee pursuant applicable state federal law revocation state issued mortgage loan originator license similar declaration ineligibility pursuant state law instructs secretary expand review fha mortgagee applicants newly approved mortgagees


Summary: Produce the Note Act of 2009 - 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: Payday Loan Reform Act of 2009 - Amends the Truth in Lending Act to require a creditor to make specified disclosures when making a payday loan to a consumer. Prohibits a creditor from making a payday loan to any consumer unless: (1) specified notices are posted conspicuously in English and Spanish in the creditor's public lending area, or, if the loan is made using the Internet, fax or other means, posted conspicuously on the creditor's public internet site relating to any such payday loan; and (2) the creditor offers the consumer an extended repayment plan that meets specified requirements. Sets forth prohibited lender practices, including: (1) requiring a consumer to pay interest and fees that, combined, total more than 15 cents for every dollar loaned in connection with a payday loan; (2) threatening or seeking to have the consumer prosecuted in criminal court to collect the loan; and (3) taking or attempting to take an interest in any of the consumer's personal property to secure the loan. Authorizes a consumer to cancel future payment obligations on a payday loan, without cost or finance charges, by: (1) informing the creditor in writing within two days after executing the loan agreement that the consumer wants to rescind the loan; and (2) returning to the creditor the cash amount of the loan principal. Empowers state attorneys general to enforce this Act.

payday loan reform act amends truth lending act require creditor specified disclosures making payday loan consumer prohibits creditor making payday loan consumer specified notices posted conspicuously english spanish creditor public lending area loan internet fax means posted conspicuously creditor public internet site relating payday loan creditor offers consumer extended repayment plan meets specified requirements sets forth prohibited lender practices including requiring consumer pay interest fees combined total cents dollar connection payday loan threatening seeking consumer prosecuted criminal court collect loan taking attempting interest consumer personal property secure loan authorizes consumer cancel future payment obligations payday loan cost finance charges informing creditor writing days executing loan agreement consumer wants rescind loan returning creditor cash loan principal empowers state attorneys general enforce act


Summary: Foreclosure Rescue Fraud Act of 2009 - Prohibits a foreclosure consultant from: (1) receiving compensation from a homeowner for services performed regarding residential real property until such consultant has fully performed each service contracted for; (2) holding power of attorney from any homeowner, except to inspect documents; (3) receiving consideration from a third party in connection with services rendered to a homeowner by such third party with respect to the foreclosure, unless such consideration is fully disclosed in writing before such services are rendered; (4) accepting any wage assignment, lien, or other security to secure compensation for services rendered regarding foreclosure of the residential real property; or (5) acquiring any interest in the residence of a homeowner with whom the consultant has contracted.Sets forth contract requirements. Permits a homeowner to cancel such contract without penalty or obligation.Declares void and unenforceable: (1) any waiver by a homeowner of the protections provided in this Act; and (2) any contract that does not comply with this Act.Requires a loan servicer to notify a homeowner of the dangers of fraudulent activities associated with foreclosure if the servicer finds that the homeowner has failed to make two consecutive payments on a residential mortgage loan and such loan is at risk of foreclosure.Subjects any foreclosure consultant who fails to comply with this Act to liability for actual and punitive damages and attorneys' fees.Empowers the Federal Trade Commission (FTC) and the states to enforce this Act.

foreclosure rescue fraud act prohibits foreclosure consultant receiving compensation homeowner services performed residential real property consultant fully performed service contracted holding power attorney homeowner inspect documents receiving consideration party connection services rendered homeowner party respect foreclosure consideration fully disclosed writing services rendered accepting wage assignment lien security secure compensation services rendered foreclosure residential real property acquiring interest residence homeowner consultant contracted sets forth contract requirements permits homeowner cancel contract penalty obligation declares void unenforceable waiver homeowner protections provided act contract comply act requires loan servicer notify homeowner dangers fraudulent activities associated foreclosure servicer finds homeowner failed consecutive payments residential mortgage loan loan risk foreclosure subjects foreclosure consultant fails comply act liability actual punitive damages attorneys fees empowers_the_federal_trade_commission ftc states enforce act


Summary: Protecting Tenants at Foreclosure Act of 2009 - States that any immediate successor in interest to residential property in foreclosure assumes such interest subject to: (1) giving an existing tenant at least 90-day notice to vacate; and (2) specified rights of such tenant to occupy the premises until the end of the lease. Amends the United States Housing Act of 1937 to require a housing assistance payment contract to provide that in the case of an owner who is an immediate successor in interest pursuant to foreclosure: (1) during the initial term of the lease vacating the property prior to sale shall not constitute other good cause for termination of the lease; but (2) in subsequent lease terms vacating the property prior to sale may constitute good cause if the property is unmarketable while occupied, or if such owner will occupy the unit as a primary residence. Authorizes: (1) a housing assistance payment contract entered into by the public housing agency and the owner of a dwelling unit to provide that the immediate successor in interest to property in foreclosure in which a housing assistance recipient resides assumes such interest subject to the lease between the prior owner and the tenant, and subject to the housing assistance payments contract between the prior owner and the public housing agency for the occupied unit; and (2) the public housing agency, where the successor owner cannot be identified, to use rental funds to pay for the property's utilities if owed by the owner or for reasonable moving costs, including security deposits.

protecting_tenants foreclosure act 2009_-_states immediate successor interest residential property foreclosure assumes interest subject giving existing tenant day notice vacate specified rights tenant occupy premises end lease amends united_states housing act require housing assistance payment contract provide case owner immediate successor interest pursuant foreclosure initial term lease vacating property prior sale shall constitute good cause termination lease subsequent lease terms vacating property prior sale constitute good cause property occupied owner occupy unit primary residence authorizes housing assistance payment contract entered public housing agency owner dwelling unit provide immediate successor interest property foreclosure housing assistance recipient resides assumes interest subject lease prior owner tenant subject housing assistance payments contract prior owner public housing agency occupied unit public housing agency successor owner identified use rental funds pay property utilities owed owner reasonable moving costs including security deposits


Summary: Amends the Truth in Lending Act to prohibit credit from being extended in any consumer credit transaction in which a security interest will be retained or acquired in property located within the United States which will be used as the consumer's principal residence if such consumer lacks a Social Security account number.

amends truth lending act prohibit credit extended consumer credit transaction security interest retained acquired property located united_states consumer principal residence consumer lacks social_security account number


Summary: Commission on the Foreclosure and Mortgage Lending Crisis Act - Establishes in the legislative branch the Commission on the Foreclosure and Mortgage Lending Crisis to: (1) study and report to Congress on the current legal and regulatory framework governing the housing mortgage lending markets and how it contributed to the increased foreclosure rate; (2) recommend changes to the current framework to prohibit lending practices that have contributed to the mortgage lending crisis; (3) review the impact of subprime abuses and predatory lending practices; (4) assess the role of states in enacting policies to reduce predatory lending practices and abuses in the subprime markets; (5) assess the impact of mortgage-backed securities and the Federal National Mortgage Corporation (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) upon the mortgage lending crisis; and (6) assess the impact of the Community Reinvestment Act of 1977 on the crisis.

commission legislative branch commission study report congress current legal regulatory framework governing housing mortgage lending markets contributed increased foreclosure rate recommend changes current framework prohibit lending practices contributed mortgage lending crisis review impact subprime abuses predatory lending practices assess role states enacting policies reduce predatory lending practices abuses subprime markets assess impact mortgage backed securities fannie_mae federal_home_loan_mortgage_corporation freddie_mac mortgage lending crisis assess impact crisis


Summary: Amends the Truth in Lending Act to require any person selling personal property to consumers on a business premises where credit or charge card account applications are made available to display conspicuously a sign that contains the same information required by the Act to be prominently placed in tabular format on the account application itself.

amends truth lending act require person selling personal property consumers business premises credit charge card account applications available display conspicuously sign contains information required act prominently placed format account application


Summary: Innocent Check Depositor Protection Act - Amends the Expedited Funds Availability Act to prohibit a receiving depository institution from imposing check dishonorment fees upon a depositor if the check is drawn on an account at an originating institution which subsequently dishonors it for lack of sufficient funds. States that this Act shall not be construed as affecting any intervening depository institution or the costs of services it provides.

innocent check depositor protection act amends expedited funds availability act prohibit receiving depository institution imposing check fees depositor check drawn account originating institution subsequently lack sufficient funds states act shall construed affecting intervening depository institution costs services provides


Summary: Freedom to Bank Act - Terminates any provision of federal law (other than the Internal Revenue Code) that subjects a consumer to a penalty for withdrawing or transferring funds from any transaction account or any savings or time deposit. Declares that no creditor, depository institution, or credit union shall be required to provide periodic statements of account to a customer unless the customer has notified it of an election to receive such statements. Requires such entities to establish a procedure for notifying customers of their right to elect to receive statements of account and the method for implementing such election.

freedom bank act terminates provision federal law internal revenue code subjects consumer penalty withdrawing transferring funds transaction account savings time deposit declares creditor depository institution credit union shall required provide periodic statements account customer customer notified election receive statements requires entities establish procedure notifying customers right elect receive statements account method implementing election


Summary: Universal Default Prohibition Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor from: (1) using any adverse information concerning any consumer, including any in a consumer report or any change in the consumer's credit score, as the basis for increasing any annual percentage rate of interest (APR) for a credit card account of the consumer's under an open end consumer credit plan; or (2) removing or increasing any introductory APR for that account, for reasons other than actions or omissions of the consumer directly related to the account. Requires such limitation on the use of adverse information to be clearly and conspicuously described to the consumer by the credit card issuer.

universal default prohibition act amends truth lending act prohibit creditor adverse information concerning consumer including consumer report change consumer credit score basis increasing annual percentage rate interest apr credit card account consumer open end consumer credit plan removing increasing introductory apr account reasons actions omissions consumer directly related account requires limitation use adverse information clearly conspicuously described consumer credit card issuer