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BILL SPONSOR
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Matthew Cartwright
Democratic - PA
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TRACK BILL
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Sponsor Party
Democratic
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Congress
113
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Bill Number
H.R.4255
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Date Introduced
3/14/2014
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Bill Progress
BILL INTRODUCED 3/14/2014
SENATE PASSED
HOUSE PASSED
PRESIDENT TO PRESIDENT
PRESIDENT SIGNS
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H.R.4255 : To require the Federal Housing Finance Agency to establish a 6-month moratorium on foreclosure of mortgages guaranteed by Fannie Mae or Freddie Mac on homes of individuals who have lost Federal unemployment insurance as a result of the expiration of such program, and for other purposes.
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- Rate Bill
Not yet rated
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Stop Foreclosures Due to Congressional Dysfunction Act of 2014 - Requires the Director of the Federal Housing Finance Agency (FHFA) to prohibit mortgagees of certain eligible mortgages from initiating a foreclosure during a specified six-month moratorium with respect to any of those mortgages owned, held, securitized, or guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Tolls the term of such mortgages during the moratorium, and requires deferral of any principal and interest payments due.
Qualifies for this mortatorium only Fannie Mae or Freddie Mac mortgages on a 1- to 4-family residence that is the principal residence of a mortgagor who: (1) was current on principal, interest, tax, and insurance payments at the start of the moratorium; (2) has received unemployment compensation during a certain period but exhausted all rights to it; and (3) as of the beginning of the moratorium has a ratio of debt to income on the mortgage greater than 40%.