,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #cbjc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bc1 #bjae ,mr4 
,higg9s introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require prompt 
responses by mortgage own]s ( homes 9   
=eclosure to %ort sale (f]s to pur*ase  
su* homes1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,vacant 
,homes ,act ( #bjae4  #b4 ,prompt       
response requir$  7a7 ,be=e ,=eclosure  
7#a7 #ij days provid$ to respond ,)     
respect to a home 9 =eclosure1 !        
mortgage own] ( su* home :o receives    
notice f ! own] ( su* home 7or f su*    
own]'s designee7 ( a qualifi$ (f] to buy
 su* home 9 a %ort sale %all1 no lat]   
?an #ij days aft] receipt ( su* notice1 
provide a response to--  7,a7 su*       
home[n]2 &  7,b7 ! p]son :o made su*    
(f]4  7#b7 ,c]tification requir$ :5 own]
 9 imm95t default ,if su* home is a home
 9 =eclosure only because ! own] is 9   
imm95t default on a loan secur$ by a    

mortgage ( su* home1 a communication f  
su* own] 7or designee7 to su* mortgage  
own] does n con/itute notice "u p>agraph
 7#a7 unless su* own] c]tifies 9 su*    
notice t he or %e is 9 imm95t default on
 su* loan4  7#c7 ,cont5ts ( response ,a 
response describ$ "u p>agraph 7#a7      
%all-- 7,a7 /ate t su* mortgage own]    
accepts ! (f]2 or  7,b7 /ate t su*      
mortgage own] rejects ! (f] & adequately
 provide a reason = su* rejection4  7#d7
 ,suffici5t responses ,a response       
describ$ "u p>agraph 7#a7 :i* /ates t   
su* mortgage own] rejects ! (f]         
adequately provides a reason = su*      
rejection only if x provides--  7,a7 a  
c\nt](f] /at+-- 7i7 an alt]native price 
at :i* ! mortgage own] w\ld approve !   
(f]2 &  7ii7 an economic analysis       
demon/rat+ a reasonable expectation t1  
)9 ! #a-ye> p]iod foll[+ ! #ij-;day     
p]iod "u subsection 7a71 ! home's fair  
m>ket value w likely be equal or great] 
?an su* alt]native price2  7,b7 pro( t !
 home's title is encumb]$ su* t !       

transf] ( title propos$ by ! (f] is     
prohibit$2  7,c7 pro( t ano!r mortgage  
own] ( ! home prohibits its be+ !       
subject ( a %ort sale2 or  7,d7 pro( t  
an en=ceable contract betwe5 ! mortgage 
own] & ano!r p]son prohibits ! mortgage 
own] f approv+ ! (f]4  7b7 ,aft]        
=eclosure  7#a7 #ij days provid$ to     
respond ,) respect to a =eclos$ home1 ! 
own] ( su* home 7or a s]vic] act+ on    
behalf ( ! own]7 :o receives a qualifi$ 
(f] to buy su* home %all1 no lat] ?an   
#ij days aft] receipt ( su* (f]1 provide
 a response to ! p]son :o made su* (f]4 
7#b7 ,cont5ts ( response ,a response    
describ$ "u p>agraph 7#a7 %all-- 7,a7   
/ate t su* own] or s]vic] accepts ! (f]2
 or  7,b7 /ate t su* own] or s]vic]     
rejects ! (f] & adequately provide a    
reason = su* rejection4  7#c7 ,suffici5t
 responses ,a response describ$ "u      
p>agraph 7#a7 :i* /ates t su* mortgage  
own] rejects ! (f] adequately provides a
 reason = su* rejection only if x       
provides--  7,a7 a c\nt](f] /at+-- 7i7  

an alt]native price at :i* ! mortgage   
own] w\ld approve ! (f]2 &  7ii7 an     
economic analysis demon/rat+ a          
reasonable expectation t1 )9 ! #a-ye>   
p]iod foll[+ ! #ij-;day p]iod "u        
subsection 7a71 ! home's fair m>ket     
value w likely be equal or great] ?an   
su* alt]native price2 or  7,b7 pro( t ! 
home's title is encumb]$ su* t ! transf]
 ( title propos$ by ! (f] is prohibit$4 
#c4 ,private rights ( action  7a7 ,=    
home[n]s ,a home[n] :o has provid$ a    
mortgage own] ) notice ( a qualifi$ (f] 
"u section #b7;a7 & does n )9 #ij days  
receive ! response requir$ !reund] may  
br+ a civil action 9 ! di/rict c\rt ( ! 
,unit$ ,/ates = ! di/rict 9 :i* su* home
 is locat$ aga9/ an entity requir$ to   
provide su* response4  7b7 ,= (f]ors ,a 
p]son :o has made a qualifi$ (f] to     
pur*ase a home 9 =eclosure or a =eclos$ 
home & does n receive a response )9 !   
#ij-;day p]iod applicable "u section    
#b7;a7 or #b7;b7 may br+ a civil action 
9 ! di/rict c\rt ( ! ,unit$ ,/ates = !  

di/rict 9 :i* su* home is locat$ aga9/  
an entity requir$ to provide su*        
response4  7c7 ,relief ,! relief s\ght 9
 a civil action "u subsection 7a7 or 7b7
 may include an ord] requir+ ! def5dant 
to comply ) section #b4  #d4 ,au?ority  
grant$ to ! ,bureau ( ,consum] ,f9ancial
 ,protection  7a7 ,en=cem5t au?ority ,! 
,bureau ( ,consum] ,f9ancial ,protection
 may apply to ! di/rict c\rt ( ! ,unit$ 
,/ates = ! di/rict 9 :i* a home 9       
=eclosure or a =eclos$ home is locat$ = 
an ord] requir+--  7#a7 ! mortgage own] 
( su* home 9 =eclosure to comply )      
section #b1 & = su* o!r relief z ! c\rt 
may deem appropriate to c>ry out ?is    
,act2 or  7#b7 ! own] ( su* =eclos$ home
 7or a s]vic] act+ on behalf ( su* own]7
 to comply ) section #b1 & = su* o!r    
relief z ! c\rt may deem appropriate to 
c>ry out ?is ,act4  7b7 ,rulemak+       
au?ority ,! ,bureau ( ,consum] ,f9ancial
 ,protection %all h ! p[] to make su*   
rules z may be necess>y or appropriate  
to c>ry out ?is ,act4  #e4 ,def9itions  

,z us$ 9 ?is ,act3 7a7 ,dwell+2 home ,! 
t]ms dwell+ & home h ! mean+ giv5 ! t]m 
dwell+ "u section #ajc ( ! ,tru? 9 ,l5d+
 ,act 7#ae ,u4,s4,c4 #afjb74  7b7       
,=eclos$ ,home ,! t]m =eclos$ home means
 a dwell+ ^: own] obta9$ su* dwell+--   
7#a7 by reason ( ! acceptance by su*    
own] 7or by a s]vic] act+ on behalf (   
su* own]7 ( a de$ 9 lieu ( =eclosure on 
a mortgage ( t dwell+2 or  7#b7 by      
reason ( =eclosure on a mortgage ( t    
dwell+ by su* own] 7or by a s]vic] act+ 
on behalf ( su* own]74  7c7 ,home 9     
=eclosure ,! t]m home 9 =eclosure means 
a dwell+-- 7#a7 ^: own] is 9 imm95t     
default on a loan secur$ by a mortgage (
 su* dwell+2  7#b7 ^: own] has default$ 
on a loan secur$ by a mortgage ( su*    
dwell+2 or  7#c7 :i* is ! subject ( a   
=eclosure proce$+4  7d7 ,imm95t default 
,! t]m imm95t default ) respect to a    
loan obligation means a situation 9 :i* 
! obligor "u su* loan-- 7#a7 is curr5t1 
or del9qu5t by less ?an #cj days1 on !  
obligation "u su* loan2 &  7#b7 is      

exp]i5c+ a significant r$uction 9 income
 or o!r h>d%ip t w sev]ely limit 8 or h]
 ability to make ! next requir$ paym5t  
on su* loan4  7e7 ,mortgage ,! t]m      
mortgage includes a de$ ( tru/ or o!r   
security int]e/ 9 real prop]ty4  7f7    
,mortgage own] ,! t]m mortgage own] )   
respect to a dwell+ means--  7#a7 !     
mortgagee ( su* dwell+2  7#b7 ! obligee 
( a loan secur$ by a mortgage ( su*     
dwell+2 or  7#c7 ! s]vic] ( a loan      
secur$ by a mortgage ( su* dwell+4  7g7 
,qualifi$ (f]  7#a7 ,9 g5]al ,! t]m     
qualifi$ (f] means an (f] to buy a home 
= at lea/ ! l[e/ (--  7,a7 half !       
assess$ value ( a home = ! purposes (   
,/ate or local taxation2 or  7,b7 half !
 value ( a home z e/abli%$ by a private 
appraisal4  7#b7 ,no appraisal or       
assessm5t ,if a home t is ! subject ( an
 (f] to buy has n be5 assess$ = tax     
purposes or by a private appraisal1 su* 
(f] %all be deem$ to be a qualifi$ (f]  
if x includes an (f] to pay at lea/ half
 ! home's value z e/imat$ = acc\nt+     

purposes by--  7,a7 if x is a =eclos$   
home1 its own]2 or  7,b7 if x is a home 
9 =eclosure1 its mortgage own]4  7h7    
,s]vic] ,! t]m s]vic] has ! mean+ giv5  
su* t]m "u section #f7;i77#b7 ( ! ,real 
,e/ate ,settlem5t ,proc$ures ,act (     
#aigd 7#ab ,u4,s4,c4 #bfje7;i77#b771 &  
includes a p]son :o 0 a s]vic] ( a loan 
secur$ by a dwell+ be=e t dwell+ became 
a =eclos$ home4  7i7 ,%ort sale ,! t]m  
%ort sale means a transaction-- 7#a7    
involv+ ! sale ( a dwell+ t is ! subject
 ( a mortgage secur+ a loan = less ?an !
 am\nt ( ! out/&+ obligation "u su*     
loan2 &  7#b7 9 :i* ! mortgage own] (   
su* dwell+-- 7,a7 accepts ! proce$s (   
su* sale 9 p>tial or complete           
satisfaction ( su* loan2 &  7,b7        
releases ! mortgage ( su* dwell+4