2/13/2008--Introduced.
Foreclosure Prevention Act of 2008 - Amends the Internal Revenue Code to: (1) authorize proceeds of a qualified mortgage issue to be used to refinance a mortgage on a residence originally financed through a qualified subprime loan; (2) raise the ceiling imposed upon certain state housing bonds; and (3) redefine private activity bonds in connection with tax preference items to exclude certain qualified mortgage bonds or veterans'' mortgage bonds issued after the date of the enactment of this Act and before January 1, 2011.
Makes appropriations for: (1) emergency needs of states and local governmental units to redevelop certain abandoned and foreclosed homes; and (2) the Neighborhood Reinvestment Corporation--Payment to the Neighborhood Reinvestment Corporation [sic] for foreclosure mitigation activities.
Waives the counseling prerequisite upon certification that a debtor''s principal residence is scheduled for foreclosure.
Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy plan for individuals with regular income to: (1) modify an allowed secured claim secured by the debtor''s principal residence if the debtor''s income is insufficient to retain possession of the residence by curing a default and maintaining payments while the case is pending; (2) provide for payment of such claim for a period not to exceed 30 years; (3) permit the addition of certain costs to secured debt under specified circumstances; and (4) waive any prepayment penalty on a claim secured by a debtor''s principal residence.
Permits the debtor to proceed as the real party in interest under specified circumstances.
Authorizes the bankruptcy court, in certain proceedings involving an individual debtor with primarily consumer debts, to hear and determine the proceeding and to enter orders and judgments in lieu of arbitration.
Creates a principal residence homestead exemption for debtors over 55 years of age.
Directs the bankruptcy court to disallow claims or interests subject to any remedy for damages or rescission due to noncompliance with state or federal consumer protection law, notwithstanding a prior foreclosure judgment.
Mortgage Disclosure Improvement Act of 2008 - Amends the Truth in Lending Act to set forth disclosure requirements governing certain extensions of credit secured by the dwelling of a consumer.
Increases civil liability penalties for violations of such Act.
Amends the Internal Revenue Code to: (1) set forth carryback rules for net operating losses for specified taxable years; and (2) modify the limit on certain net operating losses carrybacks and carryovers.