H.R. 2666 would require the Federal Trade Commission to conduct a rulemaking proceeding with respect to mortgage foreclosure rescue and loan modification services.
Detailed Summary
Mortgage Foreclosure Rescue and Loan Modification Services Fraud Prevention Act of 2009 - Directs the Federal Trade Commission (FTC) to conduct a rulemaking proceeding with respect to mortgage foreclosure rescue and loan modification services.
Directs the FTC to include in the rule, among other things, requirements that: (1) any residential real property mortgage foreclosure rescue or loan modification service provided to a homeowner contain a written contract meeting specified criteria; (2) any such contract contain a clearly and prominently disclosed right for the homeowner to cancel within a set number of business days with no penalty or obligation; and (3) prohibits or restricts mortgage foreclosure rescue and loan modification services from requesting or receiving any funds until any such services have been fully performed, results have been achieved, and both have been documented to the consumer.
Status of the Legislation
Latest Major Action: 6/2/2009: Referred to House committee. Status: Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, 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.
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