The bill titled "Preserving Homes and Communities Act of 2024" proposes guidelines for the bulk auction or group sale of specific non-performing loans to ensure transparency and fair practices. It mandates that federal, state, local, or tribal governments, along with nonprofit organizations,...
Simple Explanation
The bill is about making sure that when big groups of unpaid home loans are sold, governments and non-profit groups get the first chance to buy them, so they can help people find affordable places to live. It also wants to collect information to see how well this helps neighborhoods.