US Congress House Bill 1712 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on April 24 2013 - 25% progression, died in committee
Action: 2013-04-24 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.

Housing Opportunity and Mortgage Equity Act of 2013

Rep. Jerry McNerney [D-CA]	Rep. Jim Costa [D-CA]	Rep. Michael Honda [D-CA]	Rep. Henry Johnson [D-GA]
Rep. Doris Matsui [D-CA]

Date	Chamber	Action
2013-04-24	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/1712/all-info
Text	https://www.congress.gov/113/bills/hr1712/BILLS-113hr1712ih.pdf