To amend the Fair Credit Reporting Act to provide forbearance from foreclosures of subprime mortgages in the determination of a consumer credit score, and for other purposes.
Foreclosure Credit Forgiveness Act of 2008 - Amends the Fair Credit Reporting Act to prohibit the foreclosure on a subprime mortgage of a consumer from being taken into account by any person preparing or calculating the consumer's credit score.
Defines "subprime mortgage" as any consumer credit transaction secured by the consumer's principal dwelling that meets criteria prescribed by the Board of Governors of the Federal Reserve System.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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