S. 489: Preserving Homes and Communities Act of 2011

112th Congress · introduced 2011-03-03 · Housing and Community Development · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1233-1235)

federal

Follow this bill, step by step

Where it came from: introduced 2011-03-03 · official record
Who proposed it: Sen. Reed, Jack [D-RI] · 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. (text of measure as introduced: CR S1233-1235) 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

Preserving Homes and Communities Act of 2011

Plain summary

Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure against a covered mortgagor that is otherwise authorized under state law unless the covered mortgagee has: (1) used its best efforts to determine whether the mortgagor is eligible for a qualified loan modification, and to offer one if the mortgagor is eligible; and (2) made available to an ineligible mortgagor certain documentation of a loan modification calculation or net present value calculation, the loan origination, any pooling and servicing agreement, the mortgagor's payment history, and the specific alternatives to foreclosure considered by the mortgagee, including qualified loan modifications, workout agreements, and short sales. Requires a covered mortgagee to use its best efforts to suspend any foreclosure proceeding initiated before enactment of this Act, and to toll any deadlines limiting the mortgagor's rights. Prohibits any sale of the property under the mortgage or the entry of judgment against the mortgagor. Requires the mortgagee to reevaluate an eligible mortgagee's application for a qualified loan modification and offer one. Requires the Secretary of the Treasury, the Secretary of Housing and Urban Development (HUD), and the Bureau of Consumer Financial Protection (CFPB) Director to ensure that any home loan modification protocol includes a dispute resolution procedure to resolve any application disputes. Declares any sale of property in violation of this Act void. Makes failure to comply with this Act a bar to foreclosure under state law. Prohibits loan modification fees and sets forth rules governing foreclosure-related fees. Directs the Secretary of HUD to: (1) establish a grant program to make competitive grants to state and local governments to establish mediation programs that assist mortgagors facing foreclosure, and (2) develop and implement a plan to monitor conditions and trends in home ownership and the mortgage industry and the effectiveness of public and private efforts to reduce mortgage defaults and foreclosures. Directs the Secretary of the Treasury, out of funds received or to be received from the sale of warrants under the Emergency Economic Stabilization Act of 2008, to transfer and credit $1 billion to the Housing Trust Fund established under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

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

Preserving Homes and Communities Act of 2011

Source: Congressional Research Service summary (Introduced in Senate)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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

Officials and money

Sponsor: Sen. Reed, Jack [D-RI] · 18 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard J. Durbin (D-IL), Jeff Merkley (D-OR), Sheldon Whitehouse (D-RI), Bernard Sanders (I-VT), Charles E. Schumer (D-NY), Richard Blumenthal (D-CT), Patty Murray (D-WA)

Sponsor's campaign money: Sen. Reed, Jack [D-RI] reported raising $3.7 million (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 (3)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112s489.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s489 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112