Senate Banking Committee Releases Financial Reform Bill – November 16, 2009

by | Jun 21, 2011 | Housing News

On November 10, 2009, Senate Banking Committee Chairman Chris Dodd and fellow Banking Committee members unveiled a tough, bold bill to reform the way that our financial system is regulated.  The full press release can be read here.

Read a summary of the discussion draft by clicking here: http://banking.senate.gov/public/_files/FinancialReformDiscussionDraft111009.pdf

Read the full text of the discussion draft by clicking here: http://banking.senate.gov/public/_files/AYO09D44_xml.pdf

Legislature Sends An Act to Stabilize Neighborhoods to the Governor for His Approval – July 29, 2010

by | Jun 21, 2011 | Housing News

On July 28, 2010, the Legislature enacted S. 2407, An Act to Stabilize Neighborhoods. S. 2407 is a set of focused and practical tools that addresses various aspects of the foreclosure crisis. This legislation accomplishes the following:

1) Refines the existing right to cure a default to incentivize good faith efforts to modify loans and prevent foreclosures;
2) Provides equitable protections for tenants in foreclosed properties until the lender sells the property;
3) Criminalizes mortgage fraud;
4) Creates a new local option to relieve property taxes while nonprofits rehabilitate foreclosed properties; and
5) Requires in-person reverse mortgage counseling for low income seniors beginning in 2012.

CHAPA would like to thank the entire Legislature, especially Speaker Robert DeLeo, Senate President Therese Murray, Chairman Kevin Honan, and Chairwoman Sue Tucker for their leadership and support. We would also like to thank the dozens of organizations, leaders of faith, local elected officials and others that worked together to advocate for the legislation.

Congress Passes Homebuyer Tax Credit – November 6, 2009

by | Jun 21, 2011 | Housing News

Washington Post – The Senate voted Wednesday to renew the government’s $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits.

For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.

Please click here to read the full article.