Representatives Michelle Lujan Grisham (D-NM) and Marcy Kaptur (D-OH) introduced H.R. 4963, the National Homeowners Bill of Rights, on June 25. Among its provisions is the repeal of the December 31, 2014 sunset date for the federal Protecting Tenants at Foreclosure Act (PTFA).
PTFA is the only federal protection for renters living in foreclosed properties. The law assures these renters the right to at least 90 days’ notice before being required to move after a foreclosure. NLIHC and other advocates are working to assure that the protections provided in the law are extended before the end of 2014. Representative Keith Ellison (D-MN) and Senator Richard Blumenthal (D-CT) have introduced standalone bills (H.R. 3543 and S. 1761 respectively) that would make the PTFA permanent and add a private right of action to the law.
H.R. 4963 is modeled after the California Homeowner's Bill of Rights and includes a number of provisions targeted at helping homeowners at risk of foreclosure. These include penalties for robo-signing practices, restrictions and added requirements that limit when a foreclosure can be initiated against a homeowner, and new requirements that loan servicers evaluate whether a homeowner is eligible for a loan modification.
The measure has been referred to the House Committee on Financial Services.