PTFA Extension, Other Housing Priorities Pass Final Hurdle with Senate Passage of Dodd-Frank Wall Street Reform Bill
Capitol Hill
Memo to Members: Vol 15, No. 28, July 16, 2010
In a move assuring an extension of the Protecting Tenants at Foreclosure Act and the passage of other housing priorities, the Senate on July 14 passed the conference report on H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act. The House passed the conference report on June 30 (see Memo, 7/2).
The conference report that was adopted will primarily reform the way financial institutions are regulated, including through the establishment of a consumer protection agency to ensure consumers get accurate information about mortgages, credit cards, and other financial products. In addition, among the bill’s provisions are several foreclosure-related items especially important to housing advocates.
Once signed by the President, the bill will extend the Protecting Tenants at Foreclosure Act protections until the end of 2014. The bill also provides $1 billion in additional assistance for the Neighborhood Stabilization Program, establishes a new program to help out of work homeowners, provides for a grant program to support the provision of legal services in connection with foreclosures, and requires the HUD Secretary to develop a program to refinance troubled multifamily mortgages
President Obama is expected to sign the bill the week of July 19.
