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S. 3690: Homeowner Assistance and Taxpayer Protection Act

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S. 3690: Homeowner Assistance and Taxpayer Protection Act

110th Congress · introduced 2008-11-17 · Housing and Community Development · Latest: Committee on the Judiciary. Hearings held.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2008-11-17 · official record
  2. Who proposed it: Sen. Durbin, Richard J. [D-IL] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Committee on the Judiciary. Hearings held. 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

Homeowner Assistance and Taxpayer Protection Act

Plain summary

Homeowner Assistance and Taxpayer Protection Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA), with respect to mortgages acquired by the Secretary of the Treasury, to direct the Secretary to use authority to require (currently, encourage) the servicers of the underlying mortgages to take advantage of the HOPE for Homeowners Program under the National Housing Act or other available programs to minimize foreclosures. Requires federal property managers holding, owning, or controlling mortgages, mortgage backed securities, and other assets secured by residential real estate to do likewise. Directs a federal property manager to require (currently, encourage) loan servicers to implement specified loan modifications in any case in which the property manager does not own a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mortgage loans. Requires lenders to participate in HOPE for Homeowners Program when homeowners elect to participate. Amends Chapter 13 (Adjustment of Debts of an Individual with Regular Income) of the federal bankruptcy code to allow a debtor's plan to modify an allowed secured claim secured by the debtor's principal residence (mortgage), if, after deduction of permitted expenses, the debtor has insufficient remaining current monthly income to retain possession of the residence by curing a default and maintaining payments while the case is pending. Waives the credit counseling requirement for a debtor whose home is in foreclosure. Waives the liaibility of the debtor and the debtor's estate for certain fees arising in connection with a claim secured by the debtor's principal residence. Amends EESA to prohibit financial institutions from which troubled assets are purchased by the Secretary from paying increased dividends until such time as the troubled assets are no longer owned by the Secretary. Requires that dividends be reduced to pay for excessive executive compensation in the case of any such financial institution.

Congressional Research Service summary (Introduced in Senate), 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

Homeowner Assistance and Taxpayer Protection Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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

Officials and money

Sponsor: Sen. Durbin, Richard J. [D-IL] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Sen. Durbin, Richard J. [D-IL] reported raising $84,084 (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 (2)
Obligation
A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities
Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong110-s3690 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110