Detailed Summary

Foreclosure Prevention and Home ownership Protection Act - Establishes the Commission to Preserve the American Dream (Commission) to study and report to Congress and the President on: (1) the adequacy of the existing legal and regulatory framework to address the current foreclosure and mortgage lending crisis and to prevent similar crises from happening in the future; (2) the role of the states versus the role of the federal government in ensuring homeowners are protected against unscrupulous lending practices; and (3) the effects of this crisis on the domestic and world economies.

Requires the Commission to make recommendations regarding: (1) ways to assist homeowners currently in danger of losing their homes; (2) ways to encourage lenders and borrowers to work together to prevent foreclosure; and (3) legislative and regulatory changes to protect homeowners against unscrupulous lending practices and strengthen accountability for those involved in the mortgage lending market.

Status of the Legislation

Latest Major Action: 9/25/2007: 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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