,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #ebcg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #i1 #bjah,mr4    
,mc,nerney 7= himself & ,mr4 ,jones7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to require ! hold] ( a         
subord9ate li5 on ! prop]ty t secures a 
f$]ally relat$ mortgage loan1 ^u a      
reque/ by ! home[n] = a %ort sale1 to   
make a timely decision :e!r to all[ !   
sale4  #a4 ,%ort title ,?is ,act may be 
cit$ z ! ,fa/ ,help ,= ,home[n]s ,act4  
#b4 ,requirem5t = prompt decision  7a7  
,9 g5]al ,*apt] #b ( ! ,tru? 9 ,l5d+    
,act 7#ae ,u4,s4,c4 #afca et seq47 is   
am5d$ by ins]t+ be=e section #acj 7#ae  
,u4,s4,c4 #afdj7 ! foll[+ new section3  
#abi;,i4 ,prompt decisionmak+ reg>d+    
%ort sale  7a7 ,9 g5]al ,n lat] ?an !   
end ( ! #aj-;cal5d>-day p]iod beg9n+ on 
! date ( receipt ( a writt5 reque/ f a  
mortgagor ( a f$]ally relat$ mortgage   
loan t meets ! requirem5ts ( subsection 
7c71 a s]vic] %all-- 7#a7 notify 9 writ+

 ea* hold] ( a subord9ate li5 on !      
resid5tial real prop]ty t secures su*   
loan ( su* reque/2 &  7#b7 submit to ea*
 su* hold] a copy ( su* reque/4  7b7    
,timely response to s]vic] notification 
requir$  7#a7 ,9 g5]al  7,a7 ,timely    
response requir$ ,except z provid$ 9    
subsection 7d7 & not)/&+ any o!r        
provision ( law or ( any contract1      
includ+ a contract betwe5 a s]vic] ( a  
f$]ally relat$ mortgage loan & a        
securitization vehicle or o!r inve/m5t  
vehicle1 a hold] ( a subord9ate li5 t is
 notifi$ by a s]vic] "u subsection 7a7  
%all respond 9 writ+ to su* s]vic] n    
lat] ?an ! end ( ! #cj-;cal5d>-day p]iod
 beg9n+ on ! date ( receipt ( su*       
notification4  7,b7 ,failure to respond 
,if ! hold] ( a subord9ate li5 t is     
notifi$ by a s]vic] "u subsection 7a7   
does n respond )9 ! #cj-;cal5d>-day     
p]iod describ$ 9 subp>agraph 7,a71 !    
reque/ f a mortgagor describ$ 9         
subsection 7a7 %all be consid]$ to h be5
 approv$ by ! su* hold]4  7#b7 ,cont5t  

,a writt5 response by su* hold] "u      
subsection 7a7 %all specify a decision  
on :e!r ! reque/ describ$ 9 su*         
subsection has be5 d5i$1 approv$1 or t  
su* reque/ has be5 approv$ subject to   
specifi$ *anges4  7c7 ,mortgagor        
submission ,subsection 7a7 %all apply 9 
any case 9 :i* ! mortgagor ( a f$]ally  
relat$ mortgage loan submits to ! s]vic]
 !re(-- 7#a7 a writt5 (f] = a %ort sale 
( ! dwell+ or resid5tial real prop]ty t 
is subject to a mortgage1 de$ ( tru/1 or
 o!r security int]e/ t secures !        
mortgage loan2 &  7#b7 all in=mation    
requir$ by ! s]vic] 9 connection ) su* a
 reque/ 7includ+ a copy ( an execut$    
contract betwe5 ! own] ( ! dwell+ or    
prop]ty & ! prospective buy] t is       
subject to approval by ! s]vic]74  7d7  
,inapplicability to c]ta9 exi/+         
mortgages ,?is section %all n apply to  
any f$]ally relat$ mortgage loan )      
respect to :i* ! mortgagor & ! mortgagee
 or s]vic] h ent]$ into a writt5        
agreem5t be=e ! date ( ! enactm5t ( !   

,fa/ ,help ,= ,home[n]s ,act explicitly 
provid+ a proc$ure or t]ms = approval ( 
a %ort sale4  7e7 ,treatm5t ( o!r "t    
limits ,?is section may n be con/ru$ to 
preempt1 annul1 or o!rwise affect any   
o!r provision ( law or ( any contract or
 program t provides a %ort] p]iod ?an is
 provid$ "u subsection 7b7 = a decision 
to be made by a hold] ( a subord9ate li5
 describ$ 9 subsection 7a77#a7 reg>d+ a 
%ort sale4  7f7 ,def9itions ,= purposes 
( ?is section1 ! foll[+ def9itions %all 
apply3  7#a7 ,f$]ally relat$ mortgage   
loan ,! t]m f$]ally relat$ mortgage loan
 has ! same mean+ z is giv5 9 section #c
 ( ! ,real ,e/ate ,settlem5t ,proc$ures 
,act ( #aigd 7#ab ,u4,s4,c4 #bfjb74     
7#b7 ,securitization vehicle ,! t]m     
securitization vehicle means a tru/1    
special purpose entity1 or o!r legal    
/ructure t is us$ to facilitate ! issu+ 
( securities1 p>ticipation c]tificates1 
or simil> in/rum5ts back$ by or ref]r+  
to a pool ( assets t includes f$]ally   
relat$ mortgage loans 7or in/rum5ts t   

are relat$ to f$]ally relat$ mortgage   
loans1 su* z cr$it-l9k$ notes74  7#c7   
,s]vic] ,! t]m s]vic] has ! same mean+ z
 9 section #abi;,a1 except t su* t]m    
includes a p]son :o makes or holds a    
f$]ally relat$ mortgage loan 7includ+ a 
pool ( f$]ally relat$ mortgage loans71  
if su* p]son also s]vices ! loan4  7#d7 
,%ort sale ,! t]m %ort sale means ! sale
 ( ! dwell+ or resid5tial real prop]ty t
 is subject to ! mortgage1 de$ or tru/1 
or o!r security int]e/ t secures a      
f$]ally relat$ mortgage loan t--  7,a7 w
 result 9 proce$s 9 an am\nt t is less  
?an ! rema9+ am\nt due "u ! mortgage    
loan2 &  7,b7 requires au?orization by !
 securitization vehicle or o!r inve/m5t 
vehicle or hold] ( ! mortgage loan1 or !
 s]vic] act+ on behalf ( su* a vehicle  
or hold]4  4  7b7 ,applicability ,!     
am5dm5t made by subsection 7a7 %all     
apply to any writt5 reque/ = a %ort sale
 made aft] ! date ( ! enactm5t ( ?is    
,act4