,i #aacth ,,congress #b;d ,session ,h4 ,r4 #edif ,,in ,,the ,,house ,,of ,,representatives ,september #af1 #bjad ,mr4 ,mc,nerney 7for himself1 ,mr4 ,nugent1 ,mr4 ,rooney1 ,mr4 ,costa1 ,mr4 ,crdenas1 ,mr4 ,johnson of ,georgia1 and ,mr4 ,george ,miller of ,california7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to require the holder of a subordinate lien on the property that secures a federally related mortgage loan1 upon a request by the homeowner for a short sale1 to make a timely decision whether to allow the sale4 #a4 ,short title ,this ,act may be cited as the ,fast ,help ,for ,homeowners ,act4 #b4 ,requirement for prompt decision 7a7 ,in general ,chapter #b of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afca et seq47 is amended by inserting before section #acj 7#ae ,u4,s4,c4 #afdj7 the following new section3 #abi;,i4 ,prompt decisionmaking regarding short sale 7a7 ,in general ,not later than the end of the #aj-;calendar-day period beginning on the date of receipt of a written request from a mortgagor of a federally related mortgage loan that meets the requirements of subsection 7c71 a servicer shall-- 7#a7 notify in writing each holder of a subordinate lien on the residential real property that secures such loan of such request2 and 7#b7 submit to each such holder a copy of such request4 7b7 ,timely response to servicer notification required 7#a7 ,in general 7,a7 ,timely response required ,except as provided in subsection 7d7 and notwithstanding any other provision of law or of any contract1 including a contract between a servicer of a federally related mortgage loan and a securitization vehicle or other investment vehicle1 a holder of a subordinate lien that is notified by a servicer under subsection 7a7 shall respond in writing to such servicer not later than the end of the #de-;calendar-day period beginning on the date of receipt of such notification4 7,b7 ,failure to respond ,if the holder of a subordinate lien that is notified by a servicer under subsection 7a7 does not respond within the #de-;calendar-day period described in subparagraph 7,a71 the request from a mortgagor described in subsection 7a7 shall be considered to have been approved by the such holder4 7#b7 ,content ,a written response by such holder under subsection 7a7 shall specify a decision on whether the request described in such subsection has been denied1 approved1 or that such request has been approved subject to specified changes4 7c7 ,mortgagor submission ,subsection 7a7 shall apply in any case in which the mortgagor of a federally related mortgage loan submits to the servicer thereof-- 7#a7 a written offer for a short sale of the dwelling or residential real property that is subject to a mortgage1 deed of trust1 or other security interest that secures the mortgage loan2 and 7#b7 all information required by the servicer in connection with such a request 7including a copy of an executed contract between the owner of the dwelling or property and the prospective buyer that is subject to approval by the servicer74 7d7 ,inapplicability to certain existing mortgages ,this section shall not apply to any federally related mortgage loan with respect to which the mortgagor and the mortgagee or servicer have entered into a written agreement before the date of the enactment of the ,fast ,help ,for ,homeowners ,act explicitly providing a procedure or terms for approval of a short sale4 7e7 ,treatment of other time limits ,this section may not be construed to preempt1 annul1 or otherwise affect any other provision of law or of any contract or program that provides a shorter period than is provided under subsection 7b7 for a decision to be made by a holder of a subordinate lien described in subsection 7a77#a7 regarding a short sale4 7f7 ,definitions ,for purposes of this section1 the following definitions shall apply3 7#a7 ,federally related mortgage loan ,the term federally related mortgage loan has the same meaning as is given in section #c of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjb74 7#b7 ,securitization vehicle ,the term securitization vehicle means a trust1 special purpose entity1 or other legal structure that is used to facilitate the issuing of securities1 participation certificates1 or similar instruments backed by or referring to a pool of assets that includes federally related mortgage loans 7or instruments that are related to federally related mortgage loans1 such as credit-linked notes74 7#c7 ,servicer ,the term servicer has the same meaning as in section #abi;,a1 except that such term includes a person who makes or holds a federally related mortgage loan 7including a pool of federally related mortgage loans71 if such person also services the loan4 7#d7 ,short sale ,the term short sale means the sale of the dwelling or residential real property that is subject to the mortgage1 deed or trust1 or other security interest that secures a federally related mortgage loan that-- 7,a7 will result in proceeds in an amount that is less than the remaining amount due under the mortgage loan2 and 7,b7 requires authorization by the securitization vehicle or other investment vehicle or holder of the mortgage loan1 or the servicer acting on behalf of such a vehicle or holder4 4 7b7 ,applicability ,the amendment made by subsection 7a7 shall apply to any written request for a short sale made after the date of the enactment of this ,act4