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S. 2969: Homeowners' Relief and Neighborhood Stabilization Act of 2010

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S. 2969: Homeowners' Relief and Neighborhood Stabilization Act of 2010

111th Congress · introduced 2010-01-28 · Housing and Community Development · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2010-01-28 · official record
  2. Who proposed it: Sen. Casey, Robert P., Jr. [D-PA] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. 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.
  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

Homeowners' Relief and Neighborhood Stabilization Act of 2010

Plain summary

Homeowners' Relief and Neighborhood Stabilization Act of 2010 - Directs the Secretary of the Treasury to transfer to the Secretary of Housing and Urban Development (HUD) $3 billion from Troubled Asset Relief Program (TARP) funds under the Emergency Economic Stabilization Act of 2008 (EESA), to be credited to the Emergency Homeowners' Relief Fund for use for emergency mortgage assistance. Allows mortgage assistance if the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to medical conditions. Caps the aggregate amount of emergency mortgage assistance provided to a homeowner at $50,000. Revises conditions and terms of repayment of such assistance to state that: (1) the rate of interest on any loan or advance of credit insured shall be fixed for the life of the loan or advance of credit and shall not exceed the rate of interest generally charged for mortgages on single-family housing insured by the HUD Secretary; (2) interest shall not be charged on interest which is deferred on a loan or advance of credit; and (3) an eligible homeowner who receives a grant or an advance of credit may repay the loan in full, without penalty at any time before the loan becomes due and payable. Repeals the limitation on mortgage insurance granted by the Secretary to any financial institution to 40% of the total amount of loans and advances the institution makes. Directs the HUD Secretary to allow funds to be administered by a state with an existing program that provides substantially similar assistance to homeowners. Amends the Emergency Housing Act of 1975 to reauthorize the Emergency Mortgage Relief Program through FY2011. Directs the Secretary of the Treasury to transfer to HUD $1 billion for assistance to states and local governments for redevelopment of abandoned and foreclosed homes.

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

Homeowners' Relief and Neighborhood Stabilization Act of 2010

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. Casey, Robert P., Jr. [D-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

Record fed-us-cong111-s2969 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111