S 222

112th CONGRESS
1st Session

S. 222

To limit investor and homeowner losses in foreclosures, and for other purposes.

IN THE SENATE OF THE UNITED STATES

January 27, 2011

Mr. WHITEHOUSE introduced the following bill; which was read twice and referred to the Committee on the Judiciary


A BILL

To limit investor and homeowner losses in foreclosures, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Limiting Investor and Homeowner Loss in Foreclosure Act of 2010'.

SEC. 2. LOSS MITIGATION PROGRAMS.

    (a) In General- Section 105 of title 11, United States Code, is amended by adding at the end the following:

    `(e) Without limiting the court's authority under subsection (d) or under any other statute or rule, the court, by local rule or order, may establish and maintain a loss mitigation program for the consideration and negotiation of consensual alternatives to avoid foreclosure between an individual debtor and the holder of a claim secured by a security interest in real property that is the debtor's principal residence.'.

    (b) Conforming Amendment- Section 362(e) of title 11, United States Code, is amended by adding at the end the following:

    `(3) If the party in interest requesting relief from the stay under subsection (d) of this section participates in a loss mitigation program maintained pursuant to section 105(e) of this title, the time periods specified in paragraphs (1) and (2) of this subsection shall be tolled during the time period commencing on the date on which such participation began and ending on the date on which notice of such termination is filed and served on the debtor.'.

END