S. 2854 · 113th Congress
Preserving American Homeownership Act of 2014
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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
MenendezSponsor3 cosponsors · 3 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Preserving American Homeownership Act of 2014 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.
What it does: CRS summary · Introduced in Senate · Sep 18, 2014
Preserving American Homeownership Act of 2014 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.
Requires a shared equity mortgage modification to:
- reduce by specified action the loan-to-value ratio of a covered mortgage to 100% or less within 3 years;
- reduce the interest rate if such a reduction of principal would not result in an affordable reduced monthly payment;
- reduce to a specified amount any periodic payment the homeowner is required to make;
- require the homeowner to pay the investor, upon refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of the equity value of the real property, subject to certain conditions;
- be designed to deliver maximal net present value to the investor; and
- be based on specified factors.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Preserving American Homeownership Act of 2014
Latest action (Sep 18, 2014): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: Sep 18, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.