• Helping Families save Their Homes Act of 2009: Servicer Safe Harbor and Public-Private Investment Program Oversight
  • June 24, 2009
  • Law Firm: Skadden, Arps, Slate, Meagher & Flom LLP - New York Office
  • President Obama recently signed into law the Helping Families Save Their Homes Act of 2009 (the Act). The Act includes various provisions aimed at preventing mortgage foreclosures, including the modification of the Truth in Lending Act (TILA) to create a safe harbor for servicers implementing loan modifications. Another section of the Act provides guidance relating to requirements to be established in connection with participation in the Public-Private Investment Program (PPIP). Key provisions of these two sections are outlined below.