HR 1567

112th CONGRESS
1st Session

H. R. 1567

To amend the Real Estate Settlement Procedures Act of 1974 to require mortgagees for mortgages in default to engage in reasonable loss mitigation activities, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

April 14, 2011

Ms. WATERS introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend the Real Estate Settlement Procedures Act of 1974 to require mortgagees for mortgages in default to engage in reasonable loss mitigation activities, and for other purposes.

SECTION 1. SHORT TITLE.

SEC. 2. DUTY TO ENGAGE IN LOSS MITIGATION.

`SEC. 6A. DUTY TO ENGAGE IN LOSS MITIGATION.

SEC. 3. DUTIES OF LENDERS AND LOAN SERVICERS.

`SEC. 129I. DUTIES OF LENDERS AND LOAN SERVICERS.

SEC. 4. NOTICE OF TRANSFER OF LOAN SERVICING.

SEC. 5. SERVICER COMPENSATION.

SEC. 6. EFFECTIVE DATE.

END