US Congress House Bill 363 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 37)
Status: Introduced on January 20 2011 - 25% progression, died in committee
Action: 2011-03-23 - Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Pending: House Subcommittee on Capital Markets and Government Sponsored Enterprises Committee
Text: Latest bill text (Introduced) [PDF]

Housing Opportunity and Mortgage Equity Act of 2011 - 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. 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. Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance. Prohibits any requirement of a property appraisal.

Housing Opportunity and Mortgage Equity Act of 2011

Rep. Dennis Cardoza [D-CA]	Rep. Joe Baca [D-CA]	Rep. Shelley Berkley [D-NV]	Rep. Howard Berman [D-CA]
Rep. Earl Blumenauer [D-OR]	Rep. Kathy Castor [D-FL]	Rep. Donna Christensen [D-VI]	Rep. David Cicilline [D-RI]
Rep. Jim Costa [D-CA]	Rep. Susan Davis [D-CA]	Rep. Rosa DeLauro [D-CT]	Rep. Sam Farr [D-CA]
Rep. Bob Filner [D-CA]	Rep. John Garamendi [D-CA]	Rep. Alcee Hastings [D-FL]	Rep. Maurice Hinchey [D-NY]
Sen. Mazie Hirono [D-HI]	Rep. Marcy Kaptur [D-OH]	Rep. Dennis Kucinich [D-OH]	Rep. John Larson [D-CT]
Rep. Doris Matsui [D-CA]	Rep. Jim McDermott [D-WA]	Rep. Jerry McNerney [D-CA]	Rep. Grace Napolitano [D-CA]
Rep. Mike Quigley [D-IL]	Rep. Laura Richardson [D-CA]	Rep. Janice Schakowsky [D-IL]	Rep. Brad Sherman [D-CA]
Rep. Albio Sires [D-NJ]	Rep. Jackie Speier [D-CA]	Rep. Fortney Stark [D-CA]	Rep. Betty Sutton [D-OH]
Rep. Mike Thompson [D-CA]	Rep. Edolphus Towns [D-NY]	Rep. Debbie Wasserman Schultz [D-FL]	Sen. Peter Welch [D-VT]
Rep. Lynn Woolsey [D-CA]

Date	Chamber	Action
2011-03-23	House	Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
2011-01-20	House	Referred to the House Committee on Financial Services.

SB170 (Related) 2011-09-14 - Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 112-382.
HB6366 (Related) 2012-10-01 - Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/363/all-info
Text	https://www.congress.gov/112/bills/hr363/BILLS-112hr363ih.pdf