H.R.2529 - Neighborhood Preservation Act111th Congress (2009-2010)
Summary: H.R.2529 — 111th Congress (2009-2010)
Passed House amended (07/29/2009)
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.