S. 3686: Foreclosure Diversion and Residential Mortgage Loan Modification Act

110th Congress · introduced 2008-11-17 · Housing and Community Development · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

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Where it came from: introduced 2008-11-17 · official record
Who proposed it: Sen. Specter, Arlen [R-PA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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

Foreclosure Diversion and Residential Mortgage Loan Modification Act

Plain summary

Foreclosure Diversion and Residential Mortgage Loan Modification Act - Amends the Emergency Economic Stabilization Act of 2008 to establish, in the Office of Domestic Finance of the Department of the Treasury, the Office of Foreclosure Evaluation (OFE), headed by a Director responsible for coordinating the foreclosure prevention responsibilities of the Department of the Treasury, the Department of Housing and Urban Development, the Federal Housing Administration, the Federal Housing Finance Agency, the Neighborhood Reinvestment Corporation, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and other federal government entities. Requires the Director to study and report to Congress on: (1) the barriers to reasonable and timely residential mortgage loan modifications to prevent foreclosure of home loans; as well as (2) the success of programs designed to prevent foreclosures. Establishes a Working Group on Foreclosure Prevention, chaired by the Director, to: (1) improve coordination of federal government efforts to prevent foreclosure and permit homeowners to remain in their homes; (2) build the capacity of federal, state, and local entities and nonprofit organizations to offer housing counseling and pro bono legal services to homeowners in areas that lack sufficient services; (3) share information and best practices concerning foreclosure prevention programs; and (4) review and provide input regarding the criteria used by the Chairperson, as OFE Director, to certify foreclosure prevention programs. Amends the Housing and Economic Recovery Act of 2008 to allow the use of amounts available for redevelopment of abandoned and foreclosed homes to fund state and local mortgage foreclosure prevention programs that support or require counseling, conciliation, and mediation prior to sheriff sale or foreclosure. Makes organizations certified by the OFE eligible for grants to provide a range of financial education and counseling services to prospective homebuyers.

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

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What does this mean? (plain words)

Official text

Foreclosure Diversion and Residential Mortgage Loan Modification Act

Source: Congressional Research Service summary (Introduced in Senate)

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Officials and money

Sponsor: Sen. Specter, Arlen [R-PA] · 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.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s3686.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s3686 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110