Preserving Homes and Communities Act of 2024
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S 3784 — Preserving Homes and Communities Act of 2024
Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Bill Text
- Introduced Introduced in Senate Current html February 08, 2024
Compared against current U.S. Code AI-generated reading aid — verify against the official bill.
The bill establishes new requirements and procedures for the sale of non-performing single family mortgage loans insured under the National Housing Act.
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12 U.S.C. 1707
SEC. 259. SALE OF NON-PERFORMING SINGLE FAMILY MORTGAGE LOANS.
This section adds new provisions governing the sale of non-performing mortgage loans.
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12 U.S.C. 1707
The Secretary may conduct sales of 1 or more single family non-performing residential mortgage loans insured under this title only if the following requirements are met:
It specifies conditions under which the Secretary may sell non-performing loans.
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12 U.S.C. 1707
The Secretary establishes a system that provides priority to Federal, State, local, or Tribal governments or nonprofit organizations... for buying, servicing, and resolving single family mortgage loans...
This creates a prioritization system for certain buyers in loan sales.
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12 U.S.C. 1707
Applicable loss mitigation required under section 230 is exhausted before any loan is placed into the loan sale.
Requires that loss mitigation options be fully explored before sale.
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12 U.S.C. 1707
Clear, written notice is sent by certified and first-class mail by the servicer to the borrower of the loan... not less than 90 days before the inclusion of the loan in any single family sale...
Mandates borrower notification before loans can be sold.
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12 U.S.C. 1707
Purchasers take loans subject to... The provision of loss mitigation options to all eligible borrowers that offer terms and protections at least as favorable as those available under loss mitigation guidelines of the Federal Housing Administration...
Ensures that new purchasers of loans continue to offer loss mitigation options.
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12 U.S.C. 1707
Failure by the purchaser to follow the established loss mitigation guidelines shall serve as a defense to a judicial foreclosure...
Strengthens borrower protections against foreclosure for non-compliance.
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12 U.S.C. 1707
Purchaser reporting... shall require each purchaser of such a loan... to provide to the Secretary quarterly loan-level data...
Imposes data reporting requirements on purchasers of loans.
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12 U.S.C. 1707
The Secretary shall submit to Congress, and make publicly available... semi-annual reports to Congress on loans sold in a single family sale...
Mandates regular reporting to Congress on loan sales.
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12 U.S.C. 1707
The Secretary may... enact additional penalties for purchasers... who repeatedly have not complied with the requirements
Establishes penalties for non-compliance with new loan sale requirements.
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12 U.S.C. 1707
The Secretary shall issue regulations related to single family sales in accordance with the requirements in this section.
Empowers the Secretary to create regulations to enforce these new loan sale provisions.
Action History
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Introduced in Senate
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
- Jack Reed · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
- Reed, Jack Democratic
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- Who sponsors S 3784?
- S 3784 is sponsored by Reed, Jack (Democratic).
- What is the current status of S 3784?
- This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track S 3784?
- Track S 3784 free on One Click Politics — get push/email alerts when it moves.
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