H.R. 2588 · 111th Congress
Housing Opportunity and Mortgage Equity Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CardozaSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Housing Opportunity and Mortgage Equity Act of 2009 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (the enterprises) each to implement a program to purchase and securitize qualified new mortgages on single-family housing in accordance with policies and procedures established by…
What it does: CRS summary · Introduced in House · May 21, 2009
Housing Opportunity and Mortgage Equity Act of 2009 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (the enterprises) each to implement a program to purchase and securitize qualified new mortgages on single-family housing in accordance with policies and procedures established by the Director of the Federal Housing Finance Agency (FHFA).
Sets forth requirements for the purchase and securitization of qualified new mortgages.
Terminates the requirement for the enterprises to purchase mortgages two years after the enactment of this Act.
Directs Fannie Mae and Freddie Mac each to implement a program to provide for the refinancing of qualified mortgages on single-family housing they own and for the purchase and securitization of such refinancing mortgages in accordance with policies and procedures established by the FHFA Director. Terminates this requirement two years after enactment of this Act.
Authorizes the Secretary of the Treasury to purchase securities issued by the enterprises under this Act and such other obligations as the enterprises may issue to carry out this Act.
Authorizes the Secretary also, for the purpose of purchasing any such securities and obligations, to use as a public debt transaction the proceeds from the sale of other public debt securities.
Treats all redemptions, purchases, and sales by the Secretary of obligations under this Act as public debt transactions of the United States.
Limits to $10 billion the aggregate principal amount of outstanding obligations and securities purchased by the Secretary under this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Housing Opportunity and Mortgage Equity Act of 2009
Latest action (May 21, 2009): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: May 21, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.