H.R. 7126: HOME Act

110th Congress · introduced 2008-09-26 · Housing and Community Development · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2008-09-26 · official record
Who proposed it: Rep. Richardson, Laura [D-CA-37] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
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.
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 Act

Plain summary

Housing Options Made Effective Act or the HOME Act - Requires the mortgagee of a residential mortgage to: (1) file a specified notice of default before foreclosure; and (2) make direct contact with, or exercise due diligence to contact, the borrower to provide foreclosure avoidance options. Prescribes loan modification and workout plan duties for loan servicers. Requires that timely payments made under a loan modification or workout plan be reported to the appropriate consumer reporting agency and included in the borrower's consumer file and consumer report. Requires a covered residential mortgage agreement to grant the borrower and the mortgagee the right to negotiate a loan modification or workout plan if: (1) the mortgage is in payment default or payment default is reasonably foreseeable; or (2) the mortgagee's anticipated recovery under a loan workout plan exceeds the anticipated recovery through foreclosure on a net present value basis. Prohibits the mortgagee from refusing partial mortgage payments. Requires the mortgagee to credit such partial payments to the borrower's account . States that mortgagee acceptance of partial payments does not affect determination of mortgage default. Sets forth the rights of renters in a property foreclosure, including a tenant right to occupy the property under a lease entered into prior to foreclosure. Requires a mortgagee, where a judicial or non-judicial foreclosure has been initiated, to file a notice of sale in a public filing or recordation office before the foreclosure sale.

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

What a vote does

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

A “Nay” vote

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What does this mean? (plain words)

Official text

HOME Act

Source: Congressional Research Service summary (Introduced in House)

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

Officials and money

Sponsor: Rep. Richardson, Laura [D-CA-37] · 0 cosponsors

Cost estimate: No cost estimate published yet.

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

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr7126.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr7126 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110