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. HB00267 | |
| 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". Only 37,000 out of the delinquent 96,000 borrowers availed of the condonation package offered under the Housing Loan Condonation Act of 1998. However, because of another surge of financial crisis, the borrowers were still unable to compny with the terms and conditions of their restructured loan agreement. To provide relief to these borrowers until such time that our economic conditions improve, the bill seeks to establish a socialized and low-cost housing loan restructuring program for the next three years from the effectivity of the proposed act. | |
| PRINCIPAL AUTHOR/S : NOGRALES, PROSPERO C. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Arroyo (006 ) | 2. Jaraula (015 ) |
| 3. Syjuco (041 ) | |
| 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". Only 37,000 out of the delinquent 96,000 borrowers availed of the condonation package offered under the Housing Loan Condonation Act of 1998. However, because of another surge of financial crisis, the borrowers were still unable to compny with the terms and conditions of their restructured loan agreement. To provide relief to these borrowers until such time that our economic conditions improve, the bill seeks to establish a socialized and low-cost housing loan restructuring program for the next three years from the effectivity of the proposed act.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.