|
|
|
S. 170: Helping Responsible Homeowners Act
A bill to provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac.
|
Share
|
|
|
|
|
Introduced :
|
Tue, Jan 25, 2011
|
|
Sponsor :
|
|
|
Status :
|
introduced Tue, Jan 25, 2011
|
|
|
|
|
|
|
May-12
|
|
|
0 Total Hits For All Bills
|
|
|
|
|
|
|
Co-Sponsors
|
|
Actions
| Date | Type | Description | Result |
|
1/1/0001
|
action
|
Sponsor introductory remarks on measure. (CR S228)
|
|
|
1/1/0001
|
action
|
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
|
|
|
1/1/0001
|
action
|
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held.
|
|
|
|
Rolls
|
|
Committee Assignments
|
|
Subject Terms
|
|
Related Legislative
|
|
Amendments
|
|
Titles Assigned
| Type | AS | Title |
|
short
|
introduced
|
Helping Responsible Homeowners Act
|
|
official
|
introduced
|
A bill to provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac.
|
|
|
|
SUMMARY:
1/25/2011--Introduced.
Helping Responsible Homeowners Act - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. Defines a qualified mortgage as one that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence; (2) is owned or guaranteed by the particular GSE; and (3) the mortgagor is current on payments due under the mortgage. Specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage. Prohibits the GSEs from charging a mortgagee any up-front fee beyond the standard guarantee fee for the refinancing of the qualified mortgage. Makes ineligible for purchase or guarantee by either GSE of any new mortgage originated by a servicer or creditor holding a second lien on a qualified mortgage who refuses to resubordinate that lien, and thereby prevents the refinancing of the qualified mortgage. Directs the GSEs to require each servicer of a mortgage owned or guaranteed by the GSE to inform each mortgage borrower of the refinancing program authorized and established under this Act.
|
|
|
|
|