S. 3426: Homeowner Foreclosure Reduction Act of 2016

114th Congress · introduced 2016-09-28 · 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

Where it came from: introduced 2016-09-28 · official record
Who proposed it: Sen. Booker, Cory A. [D-NJ] · 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

Homeowner Foreclosure Reduction Act of 2016

Plain summary

Homeowner Foreclosure Reduction Act of 2016 This bill requires the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Housing Administration to permit certain nonprofit organizations and local governments to match the highest bids during sales of pools of certain nonperforming loans. An entity that purchases a pool of loans under this bill may not foreclose on any of the occupied properties that secure loans in the pool during the 12-month period following the purchase. The entity must also ensure that, within four years of the settlement date, at least 50% of the loans in the pool result in: a modified loan that meets specified requirements regarding the loan-to-value ratio, performance over a six-month period, fees and prepayment requirements, and the interest rate; a short sale of the property that secures the loan to an owner-occupant; holding the property that secures the loan for rental for a period of not less than three years, where the rental is affordable to a household with an annual income at or below the area median income; gifting the property that secures the loan to a land bank, a nonprofit organization, or a state or local government, with additional funds provided for demolition and maintenance; or sale of the loan or the property that secures the loan to a nonprofit organization. If the entity purchases a pool that contains a loan secured by a vacant property, the entity must ensure that the servicer of the loan: (1) does not release the lien on the property, and (2) maintains the property in accordance with generally acceptable maintenance standards.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Homeowner Foreclosure Reduction Act of 2016

Source: Congressional Research Service summary (Introduced in Senate)

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

Officials and money

Sponsor: Sen. Booker, Cory A. [D-NJ] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Sen. Booker, Cory A. [D-NJ] reported raising $21.3 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 (1)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

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-114s3426.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s3426 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114