S. 824: Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011

112th Congress · introduced 2011-04-14 · 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

Where it came from: introduced 2011-04-14 · official record
Who proposed it: Sen. Brown, Sherrod [D-OH] · 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 Fraud and Homeowner Abuse Prevention Act of 2011

Plain summary

Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 - Amends the Trust Indenture Act of 1939 to include within its purview mortgage-backed securities and their servicers. Imposes upon each servicer of a mortgage-backed security a fiduciary duty, not waivable by an investor, to protect the economic interests of the investors as a whole in an asset-backed security. Provides for removal of an indenture trustee that is a servicer of mortgage-backed securities if at least 50% of the investors petition the court for such removal. Authorizes amendment of a pooling and servicing agreement with respect to any mortgage-backed security without the consent of a majority of the security holders if at least 25% of them petition the court for such action. Defines such an agreement as any contract establishing the transaction rights and duties of the parties to a mortgage-backed securitization transaction. Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to promulgate specified requirements governing mortgage related securities. Amends the Truth In Lending Act (TILA) to prohibit the servicer of a securitized residential mortgage loan (or an affiliate) from owning or holding any interest in any other residential mortgage loan that is secured by a consensual security interest on the same dwelling or residential real property that is subject to the security interest that secures the securitized residential mortgage loan. Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to require all fees charged for a real estate settlement service in connection with a transaction involving a federally related mortgage loan, or incurred in connection with servicing such loan, to be reasonably related to the cost of providing the service. Sets forth specified prohibitions, restrictions, or requirements for: (1) use of subsidiaries and insourcing, (2) force-placed insurance, (3) disclosures related to insurance coverage information, and (4) loss mitigation. Amends TILA to: (1) prescribe the treatment of mistaken loan payments during the period that servicing of a loan is in transition, and (2) set limitations upon foreclosure proceedings. Amends the Fair Debt Collection Practices Act to: (1) bring within its purview a securitized residential mortgage loan and its servicer, and (2) subject to civil liability a debt collector who violates such Act in connection with a debt secured by a consumer's residence. Directs: (1) federal banking agencies to promulgate independent capital reserve standards for affiliates of mortgage-backed securities servicers, and (2) the SEC to promulgate regulations regarding treatment of delinquent loans.

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

Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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

Officials and money

Sponsor: Sen. Brown, Sherrod [D-OH] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Bernard Sanders (I-VT), Jeff Merkley (D-OR)

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)

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.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

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-112s824.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s824 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112