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To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes.
4/7/2025, 3:35 PM
Summary of Bill HR 788
Bill 111 HR 788, also known as the "Safe Harbor for Mortgage Servicers Act," aims to protect mortgage servicers who make certain modifications to mortgage loans. The bill provides a safe harbor for servicers who engage in specified loan modifications, shielding them from legal liability.
The purpose of this legislation is to encourage mortgage servicers to work with borrowers to modify their loans in order to prevent foreclosures and help homeowners stay in their homes. By providing a safe harbor, servicers can make these modifications without fear of facing lawsuits or other legal consequences.
The bill outlines the specific types of loan modifications that qualify for the safe harbor, including reducing the interest rate, extending the term of the loan, or forgiving a portion of the principal balance. Servicers must follow certain guidelines and procedures in order to qualify for the safe harbor protection. Overall, the Safe Harbor for Mortgage Servicers Act is designed to incentivize mortgage servicers to help struggling homeowners by providing them with legal protection when making loan modifications. This legislation aims to promote stability in the housing market and prevent foreclosures, ultimately benefiting both homeowners and the economy as a whole.
The purpose of this legislation is to encourage mortgage servicers to work with borrowers to modify their loans in order to prevent foreclosures and help homeowners stay in their homes. By providing a safe harbor, servicers can make these modifications without fear of facing lawsuits or other legal consequences.
The bill outlines the specific types of loan modifications that qualify for the safe harbor, including reducing the interest rate, extending the term of the loan, or forgiving a portion of the principal balance. Servicers must follow certain guidelines and procedures in order to qualify for the safe harbor protection. Overall, the Safe Harbor for Mortgage Servicers Act is designed to incentivize mortgage servicers to help struggling homeowners by providing them with legal protection when making loan modifications. This legislation aims to promote stability in the housing market and prevent foreclosures, ultimately benefiting both homeowners and the economy as a whole.
Current Status of Bill HR 788
Bill HR 788 is currently in the status of Bill Introduced since February 2, 2009. Bill HR 788 was introduced during Congress 111 and was introduced to the House on February 2, 2009. Bill HR 788's most recent activity was Placed on the Union Calendar, Calendar No. 5. as of February 10, 2009
Bipartisan Support of Bill HR 788
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 788
Primary Policy Focus
Housing and Community DevelopmentComments
Sponsors and Cosponsors of HR 788
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