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H.R. 5857: Homeownership Protection and Housing Market Stabilization Act of 2008

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H.R. 5857: Homeownership Protection and Housing Market Stabilization Act of 2008

110th Congress · introduced 2008-04-22 · Housing and Community Development · Latest: Referred to the Subcommittee on Military Personnel.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2008-04-22 · official record
  2. Who proposed it: Rep. Bachus, Spencer [R-AL-6] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Military Personnel. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Homeownership Protection and Housing Market Stabilization Act of 2008

Plain summary

Homeownership Protection and Housing Market Stabilization Act of 2008 - Sets forth a licensing and registry system for residential mortgage loan originators. Amends the Truth in Lending Act to require additional creditor disclosures on residential mortgage loans. Expand and Preserve Home Ownership Through Counseling Act - Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling in the Office of the Secretary of Housing and Urban Development (HUD). Amends the Community Reinvestment Act of 1977 to grant community investment credit for certain lender practices. Expanding American Homeownership Act of 2008 - Amends the National Housing Act to revise the single family mortgage insurance program under the Federal Housing Administration (FHA), including Hawaiian home lands and Indian reservations, and home equity conversion (reverse) mortgages. Amends the Economic Stimulus Act of 2008 to grant a temporary increase in the maximum loan guaranty amount for veterans' housing loans guaranteed by Secretary of Veterans Affairs. Directs the Secretary of Defense to implement a mortgage foreclosure prevention counseling program for members of the Armed Forces returning from active duty abroad. Amends the Servicemembers Civil Relief Act to extend the period of protection against mortgage foreclosures. Amends the Truth in Lending Act to: (1) require escrow and impound accounts for periodic payments for certain credit transactions; and (2) set forth property appraisal requirements. Authorizes appropriations for federal prosecution of mortgage fraud. Federal Housing Finance Reform Act of 2008 - Amends the Housing and Community Development Act of 1992 to establish: (1) the Federal Housing Finance Agency (FHFA) to exercise oversight authority over the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal National Mortgage Association (Fannie Mae) (enterprises) ; and (2) the Federal Housing Enterprise Board. Prescribes: (1) minimum and critical capital levels for regulated entities; and (2) special enforcement powers. Requires the FHFA Director to establish standards for enterprise assets and liabilities. Abolishes: (1) the Office of Federal Housing Enterprise Oversight; and (2) the Federal Housing Finance Board. Transfers their functions, personnel, and property to the FHFA. Terminates enterprise-related functions of HUD.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Homeownership Protection and Housing Market Stabilization Act of 2008

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Bachus, Spencer [R-AL-6] · 60 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Shelley Moore Capito (R-WV), Pete Sessions (R-TX), Frank D. Lucas (R-OK), Mike Rogers (R-AL), Michael R. Turner (R-OH), Mario Diaz-Balart (R-FL), John Boozman (R-AR), John R. Carter (R-TX), Michael T. McCaul (R-TX), Robert J. Wittman (R-VA), Michael K. Simpson (R-ID)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)
Appraisal
An estimate of what property is worth. In Texas, county appraisal districts set the value that property taxes are based on.
Appropriation
Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong110-hr5857 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110