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H.R. 6076: Home Retention and Economic Stabilization Act of 2008

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H.R. 6076: Home Retention and Economic Stabilization Act of 2008

110th Congress · introduced 2008-05-15 · Housing and Community Development · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2008-05-15 · official record
  2. Who proposed it: Rep. Matsui, Doris O. [D-CA-5] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Financial Services. 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

Home Retention and Economic Stabilization Act of 2008

Plain summary

Home Retention and Economic Stabilization Act of 2008 - Amends the Truth in Lending Act to establish the right of an eligible deferred-foreclosure consumer, defendable in court, to defer initiation of a foreclosure or related action, including a foreclosure sale, brought by any creditor, servicer, or holder of an eligible deferred-foreclosure mortgage, during a specified deferment period. Declares invalid any foreclosure action or proceeding regarding a deferred-foreclosure mortgage if the creditor or servicer fails to notify the consumer: (1) at least 30 days before instituting the action or proceeding; and (2) at least once during each subsequent 30-day period until the foreclosure becomes final. Prescribes procedures governing: (1) initiating foreclosure deferment; (2) payment notices during the deferment period; and (3) the manner of consumer payment during the deferment period. Amortizes over the life of the mortgage the difference between the amount of monthly payment due under the eligible deferred-foreclosure mortgage and the deferment payment amount. Prohibits a creditor or servicer from imposing any late fee or other fee or charge during the deferment period. Requires the creditor or servicer to provide the consumer with separate, written notification, distinct from all other correspondence, regarding: (1) any interest rate increase with respect to a sub-prime mortgage; (2) any minimum monthly payment increase with respect to a negative amortization mortgage; (3) clear and conspicuous disclosure of the good faith estimate of the monthly payment applicable after the adjustment or reset date; and (4) a list of alternatives available to consumers prior to the date of adjustment or increase. Authorizes appropriations for the Neighborhood Reinvestment Corporation to implement foreclosure mitigation activities.

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

Home Retention and Economic 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. Matsui, Doris O. [D-CA-5] · 48 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mazie K. Hirono (D-HI), Mike Thompson (D-CA), Jim Costa (D-CA), Yvette D. Clarke (D-NY), Henry C. "Hank" Johnson, Jr. (D-GA), James P. McGovern (D-MA), Janice D. Schakowsky (D-IL), Emanuel Cleaver (D-MO), Danny K. Davis (D-IL), Jerrold Nadler (D-NY)

Sponsor's campaign money: Rep. Matsui, Doris O. [D-CA-5] reported raising $7.8 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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 (1)
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-hr6076 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110