[20080829]RS22943_H、 R.6076 2008年《住房保留和经济稳定法》.pdf

1 Passed as H.R. 3221, Housing and Economic Recovery Act of 2008, and enacted as P.L. 110-289 on July 30, 2008. See CRS Report RL34623, Housing and Economic Recovery Act of 2008,by N. Eric Weiss, Darryl E. Getter, Mark Jickling, Mark P. Keightley, Edward Vincent Murphy,and Bruce E. Foote. Order Code RS22943August 29, 2008H.R. 6076: Home Retention and EconomicStabilization Act of 2008Edward Vincent MurphyAnalyst in Financial EconomicsGovernment and Finance DivisionSummaryThe Home Retention and Economic Stabilization Act of 2008 (H.R. 6076) woulddefer foreclosure for eligible mortgage borrowers for up to 270 days. If passed, the billwould give extra time to some borrowers and lenders to consider alternatives toforeclosure, including traditional loss mitigation and participation in the new FederalHousing Administration (FHA) program for refinancing troubled loans. Somepolicymakers believe that a moratorium on foreclosures (more accurately, a delay inexecuting foreclosures) could help stabilize housing markets and alleviate problemsfrom the subprime financial turmoil.The bill would allow borrowers with subprime and negative amortizationmortgages to delay foreclosure proceedings if they