S. 1582 · 114th Congress
Preserving American Homeownership Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MenendezSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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 · Jun 16, 2015
Preserving American Homeownership Act of 2015
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;
- be based on specified factors; and
- require disclosure to the homeowner, before entering into the shared equity mortgage modification, of the estimated net present value of the equity sharing interest to be determined under this Act.
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 2015
Latest action (Jun 16, 2015): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: Jun 16, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.