US Congress House Bill 1903 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 25-0)
Status: Introduced on April 2 2009 - 25% progression, died in committee
Action: 2009-04-02 - Referred to House Judiciary
Pending: House Judiciary Committee
Text: Latest bill text (Introduced) [PDF]

Responsible Homeowners Act of 2009 - Requires the Secretary of Housing and Urban Development (HUD), the Assistant Secretary for Housing--Federal Housing Commissioner of HUD, and the Director of the Federal Housing Finance Agency (FHFA) to give increased priority to efforts and activities to detect, identify, reduce, and report fraud in residential mortgage lending. Amends the Internal Revenue Code to grant: (1) individual taxpayers a $5,000 tax credit through June 30, 2010, for refinancing a mortgage on a principal residence located in the United States; (2) mortgage lenders an exclusion from gross income for their share of appreciation from a principal residence subject to a mortgage modification; (3) an exclusion from gross income for income resulting from a discharge of indebtedness under a mortgage modification; (4) a tax credit for up to $15,000 of the purchase price of a principal residence purchased before July 1, 2010, on which the taxpayer makes not less than a 5% downpayment; and (5) an exclusion from gross income of gain on the sale of single-family residential rental property held by a taxpayer for two years or more and rented as a single dwelling unit on a regular basis. Grants civil immunity and legal protections to mortgage servicers who enter into loan modifications, mortgage workouts, or other loss mitigation plans.

Responsible Homeowners Act of 2009

Rep. Steve Austria [R-OH]	Rep. Michele Bachmann [R-MN]	Rep. Judy Biggert [R-IL]	Rep. Mary Bono Mack [R-CA]
Sen. John Boozman [R-AR]	Rep. Charles Boustany [R-LA]	Rep. Kevin Brady [R-TX]	Rep. John Campbell [R-CA]
Rep. Eric Cantor [R-VA]	Sen. Bill Cassidy [R-LA]	Rep. John Culberson [R-TX]	Rep. David Dreier [R-CA]
Rep. Bob Goodlatte [R-VA]	Rep. John Kline [R-MN]	Rep. Christopher Lee [R-NY]	Rep. Kevin McCarthy [R-CA]
Rep. Sue Myrick [R-NC]	Rep. Erik Paulsen [R-MN]	Rep. Bill Posey [R-FL]	Rep. Denny Rehberg [R-MT]
Rep. James Sensenbrenner [R-WI]	Rep. Pete Sessions [R-TX]	Rep. Michael Simpson [R-ID]	Rep. Lee Terry [R-NE]
Rep. Robert Wittman [R-VA]

Date	Chamber	Action
2009-04-02		Referred to House Judiciary
2009-04-02		Referred to House Financial Services
2009-04-02		Referred to House Ways and Means
2009-04-02		Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, 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.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/1903/all-info
Text	https://www.congress.gov/111/bills/hr1903/BILLS-111hr1903ih.pdf