H.R. 5855, The Foreclosure Counseling Assistance Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 5855 would establish a program to provide grants to help homeowners who are facing foreclosure to receive professional counseling.

Detailed Summary

Foreclosure Counseling Assistance Act of 2008 - Directs the Neighborhood Reinvestment Corporation (NRC) to make grants to qualified counseling intermediaries and qualified legal organizations to provide legal assistance to homeowners of owner-occupied homes with mortgages in default, in danger of default, or subject to or at risk of foreclosure.

Requires the NRC to give priority to qualified counseling intermediaries and qualified legal organizations that: (1) provide legal assistance in the 100 metropolitan statistical areas with the highest home foreclosure rates; and (2) have the capacity to begin using the grant funds within 90 days after receipt of the funds.

Status of the Legislation

Latest Major Action: 4/17/2008: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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