-Enacts the Special Program to Reduce Foreclosures Act, which requires servicers to provide notice and information to property owners. In addition, it requires an additional $750 fee for mortgage servicers filing a complaint to initiate a foreclosure action (Sec. 1323).
-Enacts the Residential Mortgage Servicers Registration Act requiring servicers to register with the Department of Commerce, pay relevant fees, and to meet certain requirements (Sec. 1323).
-Modifies court procedures and requirements with respect to residential mortgage foreclosure actions (Sec. 2308).
-Calls for a six-month moratorium on residential mortgage foreclosure judgment and sales, provided monthly payments are made equal to one-half of the monthly mortgage payment (Sec. 2303).