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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Senate Committee on Banking, Housing, and Urban Affairs
  • The house Passed July 29th, 2009
    Passed by Voice Vote
      house Committees
      House Committee on Financial Services
    IntroducedMay 20th, 2009

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Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
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Title

Neighborhood Preservation Act

Official Title

To amend the Federal Deposit Insurance Act to authorize depository institutions and depository institution holding companies to lease foreclosed property held by such institutions and companies for up to 5 years, and for other purposes.

Summary

Neighborhood Preservation Act - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or affiliate); and (2) came under the institution's or affiliate's ownership or control through foreclosure (or a deed in lieu of foreclosure) on the extension of credit. Directs the federal banking agencies to jointly prescribe specified safety and soundness regulations, including minimum capital requirements for such institutions or affiliates. Permits extension of such a lease beyond five years if any federal or state law, including the Bank Holding Company Act of 1956, so permits. States this Act applies only to leases entered into during the two-year period beginning on the date of the enactment of this Act. States the intent of the Congress that: (1) no permanent change in policy on leasing foreclosed property is being established with respect to depository institutions and depository institution holding companies; and (2) bank leasing of foreclosed property authorized under this Act should not apply to leases entered into after such two-year period.

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