http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/111_HR_384.html#56087 NO BE RESPONSIBLE YOU NEED TO OWN YOUR OWN PROBLEMS FREEDOM... 56087@http://www.washingtonwatch.com Fri, 10 Apr 2009 00:00:00 EDT http://www.washingtonwatch.com/bills/show/111_HR_384.html#55858 this bill came from ACORN check out their website under press... they are taking credit for this stating they sent to Obama during transition via memo. Who is running this country?? Should not pass.... 55858@http://www.washingtonwatch.com Tue, 07 Apr 2009 00:00:00 EDT http://www.washingtonwatch.com/bills/show/111_HR_384.html#53609 So this has passed the House - what is the status with consideration by the Senate/being put into law?... 53609@http://www.washingtonwatch.com Sun, 15 Mar 2009 00:00:00 EDT http://www.washingtonwatch.com/bills/show/111_HR_384.html#53244 Do you think that this legislation will be passed before they power through the whole 700 Billion dollars? Foreclosure prevention is already being sidetracked by the "plotititions"... 53244@http://www.washingtonwatch.com Mon, 09 Mar 2009 00:00:00 EDT http://www.washingtonwatch.com/bills/show/111_HR_384.html#50853 ALL I NEED TO KNOW IS HOW DOES IS TANF EFFECT ME OR WILL IT HELP ME STAY IN MY FORCLOSED HOME?... 50853@http://www.washingtonwatch.com Wed, 04 Feb 2009 00:00:00 EST http://www.washingtonwatch.com/bills/history/111_HR_384.html?rev=37427 <p>H.R. 384 would reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.</p> <h2 id="toc0"> Detailed Summary </h2> <p>TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.</p> <p>Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds.</p> <p>Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.</p> <p>Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds.</p> <p>Sets forth executive compensation and corporate governance requirements.</p> <p>Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance.</p> <p>Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants.</p> <p>Instructs the Secretary to make TARP available funds to smaller community financial institutions.</p> <p>Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary.</p> <p>Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan.</p> <p>Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle.</p> <p>Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers.</p> <p>Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan.</p> <p>Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee.</p> <p>Subjects bridge loan recipients to specified standards for executive compensation and corporate governance.</p> <p>Grants the Comptroller General oversight authority over the President's designee.</p> <p>Makes it the duty of the Special Inspector General to audit and investigate the President's designee.</p> <p>Requires the President's designee to report to Congress within five days of making any such bridge loan.</p> <p>Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities.</p> <p>Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs.</p> <p>Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties.</p> <p>Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000.</p> <p>Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 1/22/2009: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Finance.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 37427@http://www.washingtonwatch.com Fri, 23 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/history/111_HR_384.html?rev=37282 <p>H.R. 384 would reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.</p> <h2 id="toc4"> Detailed Summary </h2> <p>TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.</p> <p>Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds.</p> <p>Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.</p> <p>Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds.</p> <p>Sets forth executive compensation and corporate governance requirements.</p> <p>Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance.</p> <p>Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants.</p> <p>Instructs the Secretary to make TARP available funds to smaller community financial institutions.</p> <p>Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary.</p> <p>Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan.</p> <p>Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle.</p> <p>Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers.</p> <p>Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan.</p> <p>Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee.</p> <p>Subjects bridge loan recipients to specified standards for executive compensation and corporate governance.</p> <p>Grants the Comptroller General oversight authority over the President's designee.</p> <p>Makes it the duty of the Special Inspector General to audit and investigate the President's designee.</p> <p>Requires the President's designee to report to Congress within five days of making any such bridge loan.</p> <p>Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities.</p> <p>Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs.</p> <p>Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties.</p> <p>Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000.</p> <p>Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 1/21/2009: Passed/agreed to in House. Status: On passage Passed by recorded vote: 260 - 166 (Roll no. 26).</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 37282@http://www.washingtonwatch.com Thu, 22 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html 1/22/2009: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Finance. 42688@http://www.washingtonwatch.com Thu, 22 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48444 I agree, we need something quick, this TARP program keeps dragging the economy in the tank because it was supposed to go to housing and it did not. When is someone going to take a stand and explain to homeowner, taxpayer and wall street how to get out of this mess. Maybe the Mo Mod can do it!... 48444@http://www.washingtonwatch.com Wed, 21 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html 1/21/2009: Passed/agreed to in House. Status: On passage Passed by recorded vote: 260 - 166 (Roll no. 26). 42636@http://www.washingtonwatch.com Wed, 21 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48421 Watching bank stocks come down to historic lows, It looks like a run on the banks soon, I would welcome Smithfield's model, and hope it addresses buying illiquid assets also, we need something very quickly or this country will be finished... 48421@http://www.washingtonwatch.com Tue, 20 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48399 We need to fix the housing part first, then everything else will fall into place. Proper valuation is needed along with risk analysis and proper underwriting for this thing to work properly, I personally checked out the Mo Mod from Smithfield, it appears it has all the tools needed to perform this major investment correctly. We keep asking for an answer, lets look at the Mo Mod platform and see if it will work, being in the banking industry it sounds promising... 48399@http://www.washingtonwatch.com Mon, 19 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48371 Perhaps the key question for any administration is how to buy these troubled assets, and how much to pay. The government cannot reasonably buy all the troubled assets in the marketplace. Instead, officials hope to restore a market for them by setting a minimum value -- the price that the government is willing to pay. If the Mo Mod can do that, we need to get this thing going, every day will be worse on banks until something is done.... 48371@http://www.washingtonwatch.com Sun, 18 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48351 Like other post's above, I checked out the Mo Mod, it sounds like proper valuation, which maybe Bank of America needed the Mo Mod before asking the taxpayer to insure another 180 BILLION DOLLARS, someone needs to be accountable for valuation, sounds like the Mo Mod is what the doctor ordered!... 48351@http://www.washingtonwatch.com Sat, 17 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48352 Proper valuation, risk management, proper underwriting, this was the basics the country was built on, if Mo Mod provides that get it going, before housing is at zero... 48352@http://www.washingtonwatch.com Sat, 17 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48364 We need accountability, oversight and basically a program that will work, that creates housing stability, which until this is fixed (housing) everything will continue to go down. I will look into the Mo Mod as posted above, if it has all of the elements that we need, GO FOR IT! Talk is all we are getting from D.C. right now, will my biggest asset is losing value every day. I am sick and tired or all the waiting, will the banks have taken the taxpayer money real quick... 48364@http://www.washingtonwatch.com Sat, 17 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48331 Why would the government risk spending all this taxpayer money on troubled assets collateralized by a BPO? Like the above poster stated, a BPO is ILLEGAL in 24 states. Shouldn't we use a model based on SOUND valuation principles, like the MO MOD? We need a solution, not another money pit. The MO MOD sounds like the right tool to get the job done.... 48331@http://www.washingtonwatch.com Fri, 16 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/history/111_HR_384.html?rev=37019 <p>H.R. 384 would reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.</p> <h2 id="toc8"> Detailed Summary </h2> <p>TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.</p> <p>Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds.</p> <p>Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.</p> <p>Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds.</p> <p>Sets forth executive compensation and corporate governance requirements.</p> <p>Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance.</p> <p>Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants.</p> <p>Instructs the Secretary to make TARP available funds to smaller community financial institutions.</p> <p>Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary.</p> <p>Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan.</p> <p>Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle.</p> <p>Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers.</p> <p>Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan.</p> <p>Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee.</p> <p>Subjects bridge loan recipients to specified standards for executive compensation and corporate governance.</p> <p>Grants the Comptroller General oversight authority over the President's designee.</p> <p>Makes it the duty of the Special Inspector General to audit and investigate the President's designee.</p> <p>Requires the President's designee to report to Congress within five days of making any such bridge loan.</p> <p>Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities.</p> <p>Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs.</p> <p>Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties.</p> <p>Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000.</p> <p>Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 1/15/2009: House floor actions. Status: Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 37019@http://www.washingtonwatch.com Fri, 16 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48273 When is help for the homeowner going to occur? All the bills and laws everybody is talking about does nothing for the homeowner. B of A said they will be short cash to buy Merrill Lynch, too bad, how about the guy fixing to lose his home, I bet he is so worried about Bank of America not having cash, I like the Mo Mod name, let the experts cure the problem and not allow government to stick all forty thumbs into this mess!... 48273@http://www.washingtonwatch.com Thu, 15 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html 1/15/2009: House floor actions. Status: Committee of the Whole House on the state of the Union rises leaving H.R. 384 as unfinished business. 42565@http://www.washingtonwatch.com Thu, 15 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48238 I watched the news concerning the H.R. 384 bill. It appears nothing is being done, and not going to be done. It appears the president elect will put a halt on foreclosures until a plan is adopted and implemented. I am going to research this Mo Mod platform, maybe this answers alot of the questions I had yesterday... 48238@http://www.washingtonwatch.com Wed, 14 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48254 Does the H.R. 384 have a exit strategy for mortgage modifications, the plan FDIC does not have one.... 48254@http://www.washingtonwatch.com Wed, 14 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_HR_384.html#48255 I would like to know more about this Mo Mod platform, the above post talk about, if this is the answer, let's look at this model and let the experts look at it also... 48255@http://www.washingtonwatch.com Wed, 14 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/history/111_HR_384.html?rev=36580 <p>H.R. 384 would reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.</p> <h2 id="toc12"> Detailed Summary </h2> <p>TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.</p> <p>Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds.</p> <p>Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.</p> <p>Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds.</p> <p>Sets forth executive compensation and corporate governance requirements.</p> <p>Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance.</p> <p>Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants.</p> <p>Instructs the Secretary to make TARP available funds to smaller community financial institutions.</p> <p>Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary.</p> <p>Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan.</p> <p>Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle.</p> <p>Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers.</p> <p>Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan.</p> <p>Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee.</p> <p>Subjects bridge loan recipients to specified standards for executive compensation and corporate governance.</p> <p>Grants the Comptroller General oversight authority over the President's designee.</p> <p>Makes it the duty of the Special Inspector General to audit and investigate the President's designee.</p> <p>Requires the President's designee to report to Congress within five days of making any such bridge loan.</p> <p>Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities.</p> <p>Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs.</p> <p>Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties.</p> <p>Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000.</p> <p>Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 1/13/2009: Rules Committee Resolution H. Res. 53 Reported to House. Rule provides for consideration of H.R. 384 with 2 hours of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all points of order against consideration of the bill except those arising under clause 9 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc14"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 36580@http://www.washingtonwatch.com Wed, 14 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/history/111_HR_384.html?rev=36688 <p>H.R. 384 would reform the Troubled Assets Relief Program of the Secretary of the Treasury and ensure accountability under such Program.</p> <h2 id="toc16"> Detailed Summary </h2> <p>TARP Reform and Accountability Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.</p> <p>Requires the Secretary to incorporate within the TARP assistance agreement how the funds are to be used and the benchmarks an institution must meet in using such funds.</p> <p>Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.</p> <p>Prohibits the use of TARP funds by a TARP-assisted institution for mergers or acquisitions unless such a transaction: (1) will reduce risk to the taxpayer; or (2) could have been consummated without such funds.</p> <p>Sets forth executive compensation and corporate governance requirements.</p> <p>Amends the Federal Deposit Insurance Act (FDIA) to require that reports of condition submitted by federally-assisted deposit institutions include the amount of any increase or decrease in new lending attributable to TARP investment or assistance.</p> <p>Amends the Act to condition TARP assistance to a depository institution upon its issuance to the Secretary of common stock warrants.</p> <p>Instructs the Secretary to make TARP available funds to smaller community financial institutions.</p> <p>Increases the size of the Financial Stability Oversight Board and authorizes it to overturn by a 2/3 vote any policy determination made by the Secretary.</p> <p>Conditions TARP assistance upon development of a Board-approved foreclosure mitigation and implementation plan.</p> <p>Cites circumstances in which a servicer shall not be: (1) liable for entering into a loan modification or workout plan with respect to any mortgage that meets specified criteria; (2) limited in the ability to modify mortgages, the number of mortgages that can be modified, the frequency of loan modifications, or the range of permissible modifications; or (3) obligated to repurchase loans or otherwise make payments to the securitization vehicle on account of a modification, workout, or other loss mitigation plan for residential mortgages that constitute a part or all of the mortgages in the securitization vehicle.</p> <p>Directs the President to designate officers from the Executive Branch (President's designees) to implement specified purposes, including the restructuring necessary to achieve the long-term financial viability of domestic automobile manufacturers.</p> <p>Requires the President's designees to: (1) authorize and direct the disbursement of bridge loans to, or to enter into commitments for lines of credit for, each automobile manufacturer that submitted a loan request and a plan to Congress on December 2, 2008; and (2) determine measures to assess the progress of each eligible automobile manufacturer toward transforming such plan into a restructuring plan.</p> <p>Conditions such bridge loans upon an eligible automobile manufacturer's issuance of common stock warrants to the President's designee.</p> <p>Subjects bridge loan recipients to specified standards for executive compensation and corporate governance.</p> <p>Grants the Comptroller General oversight authority over the President's designee.</p> <p>Makes it the duty of the Special Inspector General to audit and investigate the President's designee.</p> <p>Requires the President's designee to report to Congress within five days of making any such bridge loan.</p> <p>Authorizes the Secretary to establish or support: (1) facilities for the availability of consumer loans, including vehicle and student loans; (2) state and local governments, and other issuers of municipal securities, experiencing difficulty accessing financing in the capital markets (including direct purchases and credit enhancement); and (3) facilities to support the availability of commercial real estate loans, including asset-backed securities.</p> <p>Amends the National Housing Act to revise the HOPE for Homeowners Program to: (1) revise requirements governing insured mortgages and premium payments; (2) authorize the Program's Board of Directors to establish a payment to the servicer of the existing senior mortgage for every loan insured under the Program; and (3) instruct the Secretary to fund increased credit subsidy costs.</p> <p>Instructs the Secretary to implement a program to stimulate demand for home purchases and to reduce unsold inventories of residential properties, ensuring the availability of affordable interest rates on mortgages made for the purchase of one- to four-family residential properties.</p> <p>Amends the FDIA and the Federal Credit Union Act to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000.</p> <p>Revises requirements for systemic risk special assessments (to recover any loss to the Deposit Insurance Fund arising from actions taken or assistance provided with respect to an insured depository institution) to include assessments on depository institution holding companies.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc17"> Status of the Legislation </h2> <p>Latest Major Action: 1/14/2009: House floor actions. Status: House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 53 and Rule XVIII.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc18"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc19"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 36688@http://www.washingtonwatch.com Wed, 14 Jan 2009 00:00:00 EST