Actions
April 30, 2009, 12:00 am ET - Amendment SA 1019 proposed by Senator Corker to Amendment SA 1018.
May 1, 2009, 12:00 am ET - Considered by Senate.
May 4, 2009, 12:00 am ET - Considered by Senate.
May 5, 2009, 12:00 am ET - Considered by Senate.
May 5, 2009, 10:51 am ET - Corker Amdt. No. 1019
Full Text of this Amendment
SA 1019. Mr. CORKER submitted an amendment intended to be proposed to amendment SA 1018 submitted by Mr. Dodd (for himself and Mr. Shelby) to the bill S. 896, to prevent mortgage foreclosures and enhance mortgage credit availability; as follows:
On page 17, strike line 1 and all that follows through page 18, line 4 and insert the following:
``(1) to the extent that the servicer owes a duty to investors or other parties to maximize the net present value of such mortgages, the duty shall be construed to apply to all such investors or group of investors; and
``(2) the servicer shall be deemed to have satisfied the duty set forth in paragraph (1) if, before December 31, 2012, the servicer implements a qualified loss mitigation plan that meets the following criteria:
``(A) Default on the payment of such mortgage has occurred, is imminent, or is reasonably foreseeable, as such terms are defined by guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Stabilization Act of 2008.
``(B) The mortgagor occupies the property securing the mortgage as his or her principal residence.
``(C) The servicer reasonably determined, in good faith, consistent with the guidelines issued by the Secretary of the Treasury or his designee, that the application of such qualified loss mitigation plan to a mortgage or class of mortgages will likely provide an anticipated recovery on the outstanding principal mortgage debt that will exceed the anticipated recovery through foreclosures or other resolution.
(As printed in the Congressional Record for the Senate on Apr 30, 2009.)
On page 17, strike line 1 and all that follows through page 18, line 4 and insert the following:
``(1) to the extent that the servicer owes a duty to investors or other parties to maximize the net present value of such mortgages, the duty shall be construed to apply to all such investors or group of investors; and
``(2) the servicer shall be deemed to have satisfied the duty set forth in paragraph (1) if, before December 31, 2012, the servicer implements a qualified loss mitigation plan that meets the following criteria:
``(A) Default on the payment of such mortgage has occurred, is imminent, or is reasonably foreseeable, as such terms are defined by guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Stabilization Act of 2008.
``(B) The mortgagor occupies the property securing the mortgage as his or her principal residence.
``(C) The servicer reasonably determined, in good faith, consistent with the guidelines issued by the Secretary of the Treasury or his designee, that the application of such qualified loss mitigation plan to a mortgage or class of mortgages will likely provide an anticipated recovery on the outstanding principal mortgage debt that will exceed the anticipated recovery through foreclosures or other resolution.
(As printed in the Congressional Record for the Senate on Apr 30, 2009.)
