H.R. 1712 · 113th Congress
Housing Opportunity and Mortgage Equity Act of 2013
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
McNerneySponsor4 cosponsors · 4 D
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Housing Opportunity and Mortgage Equity Act of 2013 - 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…
What it does: CRS summary · Introduced in House · Apr 24, 2013
Housing Opportunity and Mortgage Equity Act of 2013 - 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 (FHFA).
Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, 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) was originated on or before enactment of this Act.
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.
Authorizes the FHFA Director, in his or her sole discretion, to require each enterprise to pay a servicer an appropriate fee for each qualified mortgage of an enterprise that the servicer refinances through a refinancing mortgage.
Prohibits any requirement of a property appraisal.
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 2013
Latest action (Apr 24, 2013): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Apr 24, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.