Benjamin Cardin on Budget & Economy Democratic Jr Senator (MD)

Reform mortgage rules to prevent foreclosure & bankruptcy.

• Foreclosure Prevention Act of 2008 - refinance mortgages originally financed through a qualified subprime loan.
• Makes FY2008 appropriations for emergency needs of states and local governments to redevelop abandoned and foreclosed homes; and the Neighborhood Reinvestment Corporation for foreclosure mitigation activities.
• Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy plan for individuals with regular income to provide for payment of such claim for a period of up to 30 years. Creates a principal residence homestead exemption for debtors over 55 years of age.
• Mortgage Disclosure Improvement Act of 2008 - Amends the Truth in Lending Act to set forth additional disclosure requirements governing any extensions of credit (not only mortgages) secured by the dwelling of a consumer.

More enforcement of mortgage fraud and TARP fraud.

An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, and for the recovery of funds lost to these fraud.
• Amends the federal criminal code to include within the definition of `financial institution` a mortgage lending business or any entity that makes a federally related mortgage loan.
• Extends the prohibition against making false statements in a mortgage application to employees and agents of a mortgage lending business.
• Applies the prohibition against defrauding the federal government to fraudulent activities involving the Troubled Assets Relief Program (TARP) or a federal economic stimulus, recovery, or rescue plan.
• Expands securities fraud provisions to cover fraud involving options and futures in commodities.
• Authorizes appropriations to the Attorney General, the Postal Service, and HUD, for investigations, prosecutions, and civil proceedings involving federal assistance programs and financial institutions.
• Amends the Omnibus Crime Control and Safe Streets Act of 1968 to define `covered criminal activity` as including a criminal conspiracy including economic crime, financial fraud, and mortgage fraud.

$1.9 trillion ARPA bill for COVID relief.

This bill provides additional relief to address the continued impact of COVID-19 on the economy, public health, state and local governments, individuals, and businesses:

• Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program);
• schools and institutions of higher education;
• child care and programs for older Americans and their families;
• COVID-19 vaccinations, testing, treatment, and prevention;
• emergency rental assistance, homeowner assistance, and other housing programs;
• payments to state and local governments for economic relief;
• small business assistance, including restaurants;
• and state capital projects that enable work, education, and health monitoring in response to COVID-19

Rep. Kevin McCarthy in OPPOSITION (3/11/21): The so-called American Rescue Plan imposed a $1.9 trillion new burden on American families. Despite being branded as `COVID relief,` only 9% of funds in this bill actually goes to defeating the virus, and almost half of the money, including more than 95% of the education funds, will not be spent until 2022 or later. After a year of struggle and sacrifice, students and parents get no answer to the vital question of when they can expect schools to reopen full time. President Biden wants Americans to believe `help is on the way.` But under this bill, it isn`t; waste is.

Biden Administration in SUPPORT (2/26/21): ARPA provides the tools and support critical to tackle the urgent public health and economic crises the Nation faces as a result of COVID-19. The bill also provides eligible Americans with a $1,400 payment in addition to the $600 payment provided in December of 2020. The bill also extends key emergency unemployment benefits, and raises the minimum wage to $15 per hour.

Legislative Outcome: Passed House 219-212-1 on 2/27/21; passed Senate 50-49-1 on 3/6/21; signed by President on 3/11/21.