S. 2072 · 112th Congress
Helping Homeowners Refinance Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
FrankenSponsor2 cosponsors · 2 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Helping Homeowners Refinance Act - Requires the Director of the Federal Housing Finance Agency to promulgate rules prohibiting the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and their affiliates from holding any possessory interest in or otherwise…
What it does: CRS summary · Introduced in Senate · Feb 6, 2012
Helping Homeowners Refinance Act - Requires the Director of the Federal Housing Finance Agency to promulgate rules prohibiting the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and their affiliates from holding any possessory interest in or otherwise owning, in whole or in part, any financial market instrument that would, in the Director's discretion, substantially reduce the financial incentive to carry out the statutory mission of the GSEs to provide liquidity, stability, and affordability to the U.S. housing market under the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act.
Directs Freddie Mac to implement policies (consistent with Fannie Mae's as of February 1, 2012) to reduce the putback risk on a mortgage, including any putback risk associated with loan refinancing, regardless of the loan-to-value ratio on the mortgage. Defines "putback risk" as the probability that a GSE would require a loan originator to repurchase a loan purchased by the GSE.
Requires the GSEs to apply the same putback risks to all financial institutions that refinance mortgage loans owned or guaranteed by a GSE, regardless of whether the loans being refinanced were originated by the same institution that is originating the new loan.
Authorizes the Director to waive any rule under this Act or the application of such a putback risk if the Director certifies in writing to Congress that the GSE's safety and soundness is put at risk by the applicability of the putback risk.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Helping Homeowners Refinance Act
Latest action (Feb 6, 2012): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: Feb 6, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.