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FTC

RIN: 3084-AB18

Publication ID: Fall 2009

Title: Rulemaking Proceeding With Respect to Mortgage Loans
Abstract: Section 626 of the Omnibus Appropriations Act of 2009 directed the Federal Trade Commission to initiate a rulemaking proceeding with respect to mortgage loans within 90 days after the date of enactment of that Act. The Act also mandated that the rulemaking be in accordance with section 553 of title 5, United States Code, and that any violation of a rule prescribed under this subsection shall be treated as a violation of a rule under section 18 of the Federal Trade Commission Act (15 U.S.C. 57a) regarding unfair or deceptive acts or practices. To implement the Act, the Commission has commenced a rulemaking proceeding in two parts. On June 1, 2009, the Commission issued an ANPRM, the Mortgage Acts and Practices Rulemaking, that would address activities that occur throughout the life cycle of a mortgage loan; i.e., practices with regard to mortgage loan advertising and marketing, origination, appraisals, and servicing. 74 FR 26118. Another ANPRM, the Mortgage Assistance Relief Services Rulemaking, addresses the practices of entities (other than mortgage servicers) who offer assistance to consumers in dealing with owners or servicers of their loans to modify them or avoid foreclosure. 74 FR 26130. The Commission sought public comment with regard to the unfair and deceptive acts and practices that should be prohibited or restricted pursuant to any rules adopted in this proceeding. The comment period for the Mortgage Acts and Practices Rulemaking closed on July 30, 2009. The comment period for the Mortgage Assistance Relief Services Rulemaking closed on July 15, 2009. Staff anticipates that the Commission will announce NPRMs for both parts of the proceeding by the end of the year.
Agency: Federal Trade Commission(FTC)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Proposed Rule Stage
Major: Undetermined	Unfunded Mandates: Undetermined
CFR Citation: To be codified at 16 CFR 321, 322 (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Omnibus Appropriations Act 2009, PL 111-8

Legal Deadline:

Action	Source	Description	Date
Other	Statutory	ANPRM	06/11/2009

Overall Description of Deadline: The Omnibus Appropriations Act of 2009 directed the Federal Trade Commission to initiate a rulemaking proceeding within 90 days of enactment, which occurred on March 11, 2009.

Timetable:

Action	Date	FR Cite
ANPRM (Mortgage Acts And Practices)	06/01/2009	74 FR 26118
ANPRM (Mortgage Assistance Relief Services)	06/01/2009	74 FR 26130
ANPRM (Mortgage Assistance Relief Services) Comment Period End	07/15/2009
ANPRM (Mortgage Acts and Practices) Comment Period End	07/30/2009
NPRM (Mortgage Acts and Practices)	12/00/2009
NPRM (Mortgage Assistance Relief and Services)	12/00/2009

Regulatory Flexibility Analysis Required: Undetermined	Government Levels Affected: Undetermined
Small Entities Affected: Businesses	Federalism: Undetermined
Included in the Regulatory Plan: No
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
RIN Data Printed in the FR: No
Agency Contact: Laura A. Johnson Attorney, Division of Financial Practices, Bureau of Consumer Protection Federal Trade Commission 600 Pennsylvania Avenue NW, Washington, DC 20580 Phone:202 326-3035 Email: ljohnson3@ftc.gov Evan Zullow Attorney, Division of Financial Practices, Bureau of Consumer Protection Federal Trade Commission 600 Pennsylvania Avenue NW, Washington, DC 20580 Phone:202 326-2914 Email: ezullow@ftc.gov