Bill Type
Congress Name
Long Title
AN ACT TO ESTABLISH A SOCIALIZED AND LOW-COST HOUSING LOAN RESTRUCTURING PROGRAM, PROVIDING THE MECHANISMS THEREFOR, AND FOR OTHER PURPOSES
Text as filed (link)
Date filed
July 1, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB00241 |
| FULL TITLE : AN ACT TO ESTABLISH A SOCIALIZED AND LOW-COST HOUSING LOAN RESTRUCTURING PROGRAM, PROVIDING THE MECHANISMS THEREFOR, AND FOR OTHER PURPOSES |
| SHORT TITLE : Socialized and Low-Cost Housing Loan Restructuring Act of 2004 |
| ABSTRACT : "Socialized and Low-Cost Housing Loan Restructuring Act of 2004". The bill seeks to establish a mechanism that would provide a low-cost housing loan restructuring program. It provides incentives to those who pay monthly amortizations on time by giving them reasonable discounts on their loan interest. Under the bill, all penalties and surcharges shall be condoned upon approval of the application provided that all accrued interests shall be added to the remaining balance of the principal, the aggregate amount of which shall be considered as the new principal amount. |
| PRINCIPAL AUTHOR/S : DADIVAS, RODRIGUEZ D. |
| DATE FILED : 2004-07-01 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Amin (006 ) |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITEE HEARINGS/ACTIONS: |
| 1. Committee Report filed on 2005-03-01 |
| MOTHER BILL: HB03835 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON HOUSING AND URBAN DEVELOPMENT ON 2004-07-27 |
Abstract
"Socialized and Low-Cost Housing Loan Restructuring Act of 2004". The bill seeks to establish a mechanism that would provide a low-cost housing loan restructuring program. It provides incentives to those who pay monthly amortizations on time by giving them reasonable discounts on their loan interest. Under the bill, all penalties and surcharges shall be condoned upon approval of the application provided that all accrued interests shall be added to the remaining balance of the principal, the aggregate amount of which shall be considered as the new principal amount.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.