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S. 488: Reduce Excessive Interest Payments Act

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S. 488: Reduce Excessive Interest Payments Act

112th Congress · introduced 2011-03-03 · 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 2011-03-03 · official record
  2. Who proposed it: Sen. Cardin, Benjamin L. [D-MD] · 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

Reduce Excessive Interest Payments Act

Plain summary

Reduce Excessive Interest Payments Act or REIP Act - Amends the National Housing Act to prohibit each mortgagee (or servicer) from imposing, and the Secretary of Housing and Urban Development (HUD) from requiring imposition of, any interest charge on an insured mortgage as a result of the loss of any time period provided by the mortgagee (or servicer) within which the mortgagor may fully repay the principal balance amount of the mortgage, with respect to: (1) any days in the preceding billing cycle in which such amounts were repaid, or (2) any amounts repaid in the current billing cycle that were repaid within such time period.

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

Reduce Excessive Interest Payments Act

Source: Congressional Research Service summary (Introduced in Senate)

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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: Sen. Cardin, Benjamin L. [D-MD] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

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-cong112-s488 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112