I
110th CONGRESS
2d Session
H. R. 5500
IN THE HOUSE OF REPRESENTATIVES
February 26, 2008
Mr. Wynn introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Fair Credit Reporting Act to provide forbearance from foreclosures of subprime mortgages in the determination of a consumer credit score, and for other purposes.
Short title
This Act may be cited as the
Foreclosure Credit Forgiveness Act of
2008
.
Forbearance in creation of credit score
In general
Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended by adding at the end the following new subsection:
Foreclosure on subprime not taken into account for credit scores
In general
A foreclosure on a subprime mortgage of a consumer may not be taken into account by any person in preparing or calculating the credit score (as defined in subsection (f)(2)) for, or with respect to, the consumer.
Subprime defined
The term
subprime mortgage
means any consumer credit transaction secured
by the principal dwelling of the consumer that bears or otherwise meets the
terms and characteristics for such a transaction that the Board has defined as
a subprime
mortgage.
.
Regulations
The Board shall prescribe regulations defining a subprime mortgage for purposes of the amendment made by subsection (a) before the end of the 90-day period beginning on the date of the enactment of this Act.
Effective date
The amendment made by subsection (a) shall take effect at the end of the 30-day period beginning on the date of the enactment of this Act and shall apply without regard to the date of the foreclosure.