Referred to the House Committee on Financial Services.
The bill requires mortgage servicers to grant up to 180 days of forbearance to borrowers with covered Federally backed mortgage loans on properties damaged or destroyed in a presidentially declared disaster if the borrower requests it and provides documentation. Borrowers may request one extension of up to 180 additional days and may discontinue forbearance anytime.
Scope: liberals want FHA/VA included; conservatives note limited scope but worry about costs
Relative to its intended legislative type, this bill creates a clear substantive entitlement (disaster forbearance for covered federally backed loans) with a concise core mechanism, but it provides limited implementation detail, lacks fiscal and enforcement provisions, and does not sufficiently integrate with existing statutory or regulatory frameworks.
The bill requires mortgage servicers to grant up to 180 days of forbearance to borrowers with covered Federally backed mortgage loans on properties damaged or destroyed in a presidentially declared disaster if the borrower requests it and provides documentation.
Borrowers may request one extension of up to 180 additional days and may discontinue forbearance anytime.
During forbearance, no fees, penalties, or interest beyond amounts scheduled or calculated as if contractual payments were made on time shall accrue.
Content is sympathetic and narrow, aiding enactment, but regulatory burden on servicers/GSEs and absence of cost/implementation details reduce near‑term prospects.
Relative to its intended legislative type, this bill creates a clear substantive entitlement (disaster forbearance for covered federally backed loans) with a concise core mechanism, but it provides limited implementation detail, lacks fiscal and enforcement provisions, and does not sufficiently integrate with existing statutory or regulatory frameworks.
Scope: liberals want FHA/VA included; conservatives note limited scope but worry about costs
These are examples from the analysis, not a ranked list of the most-affected groups.
Scope: liberals want FHA/VA included; conservatives note limited scope but worry about costs
This persona will generally view the bill positively as direct relief to disaster-affected homeowners and renters living in federally securitized properties.
They will highlight protections against fee and penalty accrual and the automatic access regardless of prior delinquency.
They may want broader scope to include FHA/VA borrowers and stronger renter protections.
This persona will generally favor targeted disaster relief but seek clarity about implementation and fiscal impacts.
They will appreciate borrower protections, but request explicit rules on repayment, servicing liquidity, and the number of allowable extensions.
They will push for measured fixes to avoid unintended costs.
This persona is inclined to view the bill skeptically as an expansion of mandates on mortgage servicers and potential subsidy risk to borrowers.
They will be concerned about moral hazard, cost shifting to taxpayers or investors, and unclear implementation burdens.
They may support narrowly tailored disaster relief but want stronger safeguards for servicers and investors.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Content is sympathetic and narrow, aiding enactment, but regulatory burden on servicers/GSEs and absence of cost/implementation details reduce near‑term prospects.
The bill has not accumulated any surfaced votes yet.
Scope: liberals want FHA/VA included; conservatives note limited scope but worry about costs
Content is sympathetic and narrow, aiding enactment, but regulatory burden on servicers/GSEs and absence of cost/implementation details red…
Relative to its intended legislative type, this bill creates a clear substantive entitlement (disaster forbearance for covered federally backed loans) with a concise core mechanism, but it provides limited implementatio…
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