To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes.

Hozzl · 2025-04-07T15:35:14Z

Explore the details of House Bill 788 To provide a safe harbor for mortgage servicers who engage in specified mortgage loan modifications, and for other purposes. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Housing and Community Development. Stay informed on legislative developments.

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.

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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 788

Primary Policy Focus

Housing and Community Development

Comments

Sponsors and Cosponsors of HR 788

Paul E. Kanjorski

PennsylvaniaIndependent

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