Establishes a Residential Mortgage Foreclosure Prevention Program to assist homeowners at risk of foreclosure.
The bill creates a Residential Mortgage Foreclosure Prevention Program to help homeowners facing foreclosure. It allows qualified homeowners to apply for assistance, including equity payments and low-interest loans. The program is funded by fees collected from participating lenders and includes a fund for administrative expenses. The District of Columbia Housing Finance Agency administers the program, which includes offering group homebuyer education in an asynchronous format.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.