WashingtonWatch.com - H.R. 1903, The Responsible Homeowners Act of 2009

Comment by alexis (October 5, 2009, 01:00:00)

Mon, 05 Oct 2009 00:00:00 EDT

When will we know if this is going to pass? Will it be decided before the current tax credit expires?...

Revision by webmaster (May 22, 2009, 01:00:00)

Fri, 22 May 2009 00:00:00 EDT

H.R. 1903 would provide incentives for the residential housing market.

Detailed Summary

Responsible Homeowners Act of 2009 - Requires the Secretary of Housing and Urban Development (HUD), the Assistant Secretary for Housing--Federal Housing Commissioner of HUD, and the Director of the Federal Housing Finance Agency (FHFA) to give increased priority to efforts and activities to detect, identify, reduce, and report fraud in residential mortgage lending.

Amends the Internal Revenue Code to grant: (1) individual taxpayers a $5,000 tax credit through June 30, 2010, for refinancing a mortgage on a principal residence located in the United States; (2) mortgage lenders an exclusion from gross income for their share of appreciation from a principal residence subject to a mortgage modification; (3) an exclusion from gross income for income resulting from a discharge of indebtedness under a mortgage modification; (4) a tax credit for up to $15,000 of the purchase price of a principal residence purchased before July 1, 2010, on which the taxpayer makes not less than a 5% downpayment; and (5) an exclusion from gross income of gain on the sale of single-family residential rental property held by a taxpayer for two years or more and rented as a single dwelling unit on a regular basis.

Grants civil immunity and legal protections to mortgage servicers who enter into loan modifications, mortgage workouts, or other loss mitigation plans.

Status of the Legislation

Latest Major Action: 4/2/2009: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

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Points Against

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Comment by R1J (April 13, 2009, 01:00:00)

Mon, 13 Apr 2009 00:00:00 EDT

People would do well to read and understand Sec. 139 D. (b) (3) before going this route. If your home increases in value the bank gets an unspecified amount of your increase in value - even if YOU improved its value with remodeling! Transfer of wealth? Yep......

Revision by webmaster (April 3, 2009, 01:00:00)

Fri, 03 Apr 2009 00:00:00 EDT

H.R. 1903 would provide incentives for the residential housing market.

Detailed Summary

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Status of the Legislation

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Points in Favor

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Points Against

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Revision by webmaster (April 3, 2009, 01:00:00)

Fri, 03 Apr 2009 00:00:00 EDT

H.R. 1903 would provide incentives for the residential housing market.

Detailed Summary

(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

Status of the Legislation

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

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Status as of April 2, 2009

Thu, 02 Apr 2009 00:00:00 EDT

4/2/2009: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.