,i #aac? ,,congress #a/ ,session ,h4 ,r4 #behj ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #bh1 #bjac ,mr4 ,grijalva 7= himself1 ,mr4 ,c>son ( ,indiana1 ,ms4 ,cl>ke1 ,mr4 ,clay1 ,mr4 ,cony]s1 ,mr4 ,ellison1 ,mr4 ,h9ojosa1 ,mr4 ,holt1 ,ms4 ,jackson ,lee1 ,ms4 ,kaptur1 ,ms4 ,lee ( ,cali=nia1 ,ms4 ,norton1 ,mr4 ,payne1 ,mr4 ,ru%1 & ,ms4 ,wilson ( ,florida7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to all[ home[n]s ( mod]ate-value homes :o are subject to mortgage =eclosure proce$+s to rema9 9 _! homes z r5t]s4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,"r to ,r5t ,act ( #bjac4 #b4 ,"r to r5t home subject to =eclosure 7a7 ,ex]cise ( "r ,if1 at any "t aft] notice "u subsection 7b7 = an eligible mortgage is provid$ to ! eligible mortgagor & be=e ! comm5cem5t ( ! #g-;day p]iod t ends on ! fir/ date t ! =eclos+ cr$itor may fir/ comm5ce or execute su* =eclosure pursuant to su* notice1 ! eligible mortgagor "u ! eligible mortgage t is subject to su* =eclosure provides notice 9 accordance ) section #c1 not)/&+ su* =eclosure or any o!r int]e/s 9 ! prop]ty1 ! eligible mortgagor may1 at ! sole option ( ! eligible mortgagor1 cont9ue to occupy ! =eclos$ prop]ty dur+ ! #e-ye> p]iod t beg9s ^u ! comm5cem5t ( su* occupancy1 subject to ! requirem5ts ( subsection 7c74 7b7 ,limitation on tim+ ( =eclosure2 notice ( default & "r ,to r5t ,not)/&+ any o!r provision ( law or any contract1 a =eclosure ( an eligible mortgage may n be comm5c$ or execut$ be=e ! expiration ( ! #be-;day p]iod 7n includ+ ,saturdays1 ,sundays1 & legal public holidays7 beg9n+ ^u ! receipt1 by ! eligible mortgagor1 ( writt5 notice provid$ by ! =eclos+ cr$itor = ! mortgage t-- 7#a7 cle>ly /ates t-- 7,a7 ! eligible mortgagor is 9 default on ! mortgage2 & 7,b7 =eclosure on ! mortgage may or w be comm5c$ on acc\nt ( su* default2 7#b7 cle>ly /ates t ! eligible mortgagor has ! "r1 not)/&+ =eclosure1 to cont9ue to occupy ! =eclos$ prop]ty 9 accordance ) ?is ,act1 & sets =? ! t]ms ( su* occupancy "u subsections 7a7 & 7c72 & 7#c7 cle>ly id5tifies ! fir/ date1 pursuant to ?is section & any o!r provisions ( law & contract1 t su* =eclosure may be comm5c$4 7c7 ,t]ms ( p]iodic t5ancy ,occupancy1 by an eligible mortgagor1 ( a =eclos$ prop]ty pursuant to subsection 7a7 %all be "u a p]iodic mon?-to-mon? t5ancy "u :i* ! own] ( ! prop]ty may t]m9ate ! t5ancy = mat]ial brea* b %all h no au?ority1 at w1 to t]m9ate ! t5ancy dur+ ! occupancy pursuant to subsection 7a7 if ! mortgagor-- 7#a7 timely pays to ! own] ( ! =eclos$ prop]ty r5t on a mon?ly basis 9 ! am\nt ( ! fair m>ket r5t = ! prop]ty det]m9$ 9 accordance ) section #d2 & 7#b7 uses prop]ty z ! pr9cipal resid5ce ( ! mortgagor4 #c4 ,requir$ notice ,) respect to an eligible mortgage = :i* notice "u section #b7;b7 has be5 provid$1 notice 9 accordance ) ?is section is notice t-- 7#a7 is made 9 writ+2 7#b7 is submitt$1 by a means "u :i* ! act ( deliv]y is record$1 to-- 7,a7 ! c\rt hav+ jurisdiction & v5ue to conduct ! cov]$ =eclosure proce$+ = ! eligible mortgage or1 9 ! case ( nonjudicial =eclosure1 ! c\rt 9 :i* an action is br\ght pursuant to section #e2 & 7,b7 ! =eclos+ cr$itor2 & 7#c7 /ates t ! eligible mortgagor is ex]cis+ ! au?ority "u section #b7;a7 to cont9ue to occupy ! =eclos$ prop]ty4 #d4 ,det]m9ation ( fair m>ket r5t 7a7 ,initial det]m9ation ,= purposes ( ?is ,act1 ! fair m>ket r5t = a =eclos$ prop]ty involv$ 9 a cov]$ =eclosure proce$+ %all be ! am\nt t is det]m9$ by ! c\rt conduct+ su* proce$+ or he>+ an action pursuant to section #e4 7b7 ,p]iodic adju/m5ts ,! fair m>ket r5t det]m9$ "u subsection 7a7 = a =eclos$ prop]ty %all be adju/$ annually to reflect *anges 9 ! own]s' equival5t r5t ( prim>y resid5ce compon5t1 = ! appropriate city1 region1 or class ( city1 z available1 ( ! ,consum] ,price ,index = ,all ,urban ,consum]s ( ! ,bureau ( ,labor ,/ati/ics ( ! ,dep>tm5t ( ,labor4 7c7 ,r$et]m9ation ,if ! own] ( a =eclos$ prop]ty or ! eligible mortgagor "u ! eligible mortgage reque/s ! c\rt describ$ 9 subsection 7a7 to r$et]m9e ! fair m>ket r5t = a =eclos$ prop]ty det]m9$ pursuant to ?is section 7z su* am\nt may h be5 adju/$ pursuant to subsection 7b77 & agrees to pay any co/s ( su* r$et]m9ation 7includ+ co/s ( ! appraisal involv$71 ! c\rt %all provide = r$et]m9ation ( ! fair m>ket r5t = ! =eclos$ prop]ty 9 ! mann] provid$ "u subsection 7a71 except t no su* r$et]m9ation %all be made pursuant to a reque/ "u ?is subsection made be=e ! expiration ( ! #ab-mon? p]iod beg9n+ ^u ! mo/ rec5t r$et]m9ation conduct$ at ! reque/ ( ! same p>ty4 #e4 ,nonjudicial =eclosure proce$+s ,9 ! case ( any cov]$ =eclosure proce$+ t is n conduct$ or adm9i/]$ by a c\rt1 ! eligible mortgagor may br+ an action 9 an appropriate c\rt ( ! ,/ate 9 :i* ! =eclos$ prop]ty is locat$ = a det]m9ation ( fair m>ket r5t = ! =eclos$ prop]ty = purposes ( ?is ,act1 by fil+ notice 9 accordance ) section #c ) su* c\rt & o!rwise comply+ ) ! rules ( su* c\rt4 #f4 ,no b> to =eclosure ,?is ,act may n be con/ru$ to delay1 or o!rwise modify1 affect1 or alt] any "r ( a cr$itor "u an eligible mortgage to =eclose on ! mortgage & to sell ! =eclos$ prop]ty 9 connection ) su* =eclosure1 except t ! "r ( any own] ( ! prop]ty to possession ( ! prop]ty %all be subject to ! leasehold int]e/ e/abli%$ pursuant to section #b7;c74 #g4 ,"r to re9/atem5t ,?is ,act may n be con/ru$ to affect any "r ( any eligible mortgagor to re9/atem5t ( an eligible mortgage1 includ+ any "r e/abli%$ "u contract or ,/ate law4 #h4 ,jurisdiction ( ,f$]al c\rts ,at ! option ( ! eligible mortgagor1 a proce$+ "u section #d or #e %all be remov$ to ! appropriate di/rict c\rt ( ! ,unit$ ,/ates 9 accordance ) section #adda ( title #bh1 ,unit$ ,/ates ,code4 #i4 ,effect on ,/ate law 7a7 ,=eclosure laws ,?is ,act does n annul1 alt]1 affect1 or exempt any p]son subject to ! provisions ( ?is ,act f comply+ ) ! laws ( any ,/ate reg>d+ =eclosure on resid5tial prop]ties1 except to ! ext5t t su* laws are inconsi/5t ) any provision ( ?is ,act1 & !n only to ! ext5t ( su* inconsi/5cy4 7b7 ,l&lord-,t5ant laws ,no?+ 9 ?is ,act may be con/ru$ to n annul1 alt]1 affect1 or exempt any su* t5ancy creat$ pursuant to section #b7;c7 f any applicable ,/ate or local laws reg>d+ ! rights or responsibilities ( l&lords or t5ants4 #aj4 ,ov]sight by ,,hud ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all-- 7#a7 monitor compliance ) ! requirem5ts "u ?is ,act2 7#b7 make available1 & provide1 appropriate assi/ance to eligible mortgagors 9 ex]cis+ _! rights "u ?is ,act2 7#c7 conduct outrea* activities appropriate to in=m eligible mortgagors ( ! provisions ( ?is ,act2 & 7#d7 submit to ! ,congress1 n less ?an annually1 reports describ+ ! implem5tation ( ?is ,act1 ! ext5t to :i* ?is ,act is utiliz$ by eligible mortgagors1 & any issues reg>d+ su* implem5tation or utilization4 #aa4 ,def9itions ,= purposes ( ?is ,act1 ! foll[+ def9itions apply3 7#a7 ,cov]$ =eclosure proce$+ ,! t]m cov]$ =eclosure proce$+ means a =eclosure proce$+ ) respect to an eligible mortgage1 & includes any =eclosure proce$+ au?oriz$ "u ! law ( ! applicable ,/ate1 includ+ judicial & non-judicial =eclosure proce$+s4 7#b7 ,eligible mortgagor ,! t]m eligible mortgagor means a mortgagor "u an eligible mortgage4 7#c7 ,eligible mortgage ,! t]m eligible mortgage means a fir/ or subord9ate mortgage-- 7,a7 on a prop]ty t-- 7i7 is a s+le family prop]ty2 7ii7 has be5 us$ z ! pr9cipal resid5ce ( ! eligible mortgagor = a p]iod ( n less ?an #b ye>s imm$iately prec$+ ! initiation ( ! cov]$ =eclosure proce$+ involv$2 & 7iii7 _h a pur*ase price1 at ! "t pur*as$ by ! eligible mortgagor1 t is less ?an ! m$ian pur*ase price = resid5ces t are locat$ 9-- 7,i7 ! same metropolitan /ati/ical area2 or 7,,ii7 if ! prop]ty is n locat$ 9 a metropolitan /ati/ical area or in=mation = ! area is n available1 ! same ,/ate2 & 7,b7 t 0 orig9at$ be=e ,july #a1 #bjjg4 ,= purposes ( subp>agraph 7,a77iii71 ! m$ian pur*ase price ( resid5ces locat$ )9 a metropolitan area or ,/ate %all be det]m9$ accord+ to in=mation collect$ & made available by ! ,national ,association ( ,realtors = su* area or ,/ate = ! mo/ rec5tly complet$ mon? = :i* su* in=mation is available4 7#d7 ,=eclos$ prop]ty ,! t]m =eclos$ prop]ty means1 ) respect to a cov]$ =eclosure proce$+1 ! s+le family prop]ty t is subject to ! eligible mortgage be+ =eclos$ "u ! proce$+4 7#e7 ,=eclos+ cr$itor ,! t]m =eclos+ cr$itor means1 ) respect to a cov]$ =eclosure proce$+1 ! cr$itor t is =eclos+ ! eligible mortgage ?r\gh su* proce$+4 7#f7 ,own] ,! t]m own] means1 ) respect to a =eclos$ prop]ty1 ! p]son :o has title to ! prop]ty pursuant to ! =eclosure proce$+ = ! prop]ty1 & any successor or assign ( su* p]son4 7#g7 ,s+le family prop]ty ,! t]m s+le family prop]ty means-- 7,a7 a /ructure consi/+ ( #a to #d dwell+ units2 7,b7 a dwell+ unit 9 a multi-unit condom9ium prop]ty toge!r ) an undivid$ int]e/ 9 ! common areas & facilities s]v+ ! prop]ty2 or 7,c7 a dwell+ unit 9 a multi-unit project = :i* pur*ase ( /ock or a memb]%ip int]e/ entitles ! pur*as] to p]man5t occupancy ( t unit4 #ab4 ,applicability & sunset 7a7 ,applicability ,subject to subsection 7b71 ?is ,act %all apply to any cov]$ =eclosure proce$+ t has n be5 f9ally adjudicat$ z ( ! date ( ! enactm5t ( ?is ,act4 7b7 ,sunset ,?is ,act %all n apply to any =eclosure proce$+ comm5c$ aft] ! expiration ( ! #e-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4