H.Con.Res.257 - Expressing the sense of the Congress with regard to a moratorium on the payment of principal or interest on certain mortgage loans, small business loans, and consumer loans for residents of a Federal disaster area.
About This Bill
Committee
Latest Action · January 4, 2006
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Expresses the sense of Congress that: (1) a voluntary moratorium on mortgage, small business, and consumer loans should be recognized by creditors for a 90-day period beginning on August 28, 2005, with respect to borrowers who resided in, or whose businesses were within, an area in which the President determined that a major disaster exists; (2) creditors should take into account the effect of this dislocation and provide flexibility to affected consumers when considering applications for new loans and credit accounts; (3) federal financial institution regulatory agencies should provide written guidance for financial institutions in implementing such a moratorium; and (4) creditors should refrain from negative reporting with respect to any such loans during this period.
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