US Congress Senate Bill 1375 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 25 2013 - 25% progression, died in committee
Action: 2013-07-25 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Rebuilding 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) to each establish a voluntary program for eligible borrowers under which the GSE shall pay $1,000 toward the closing costs associated with applying for and receiving the refinancing when the borrower agrees to refinance into a fully amoritizing loan with a term not longer than 20 years. Prohibits the amount of the closing costs that each GSE pays under the program during the 12 months following enactment of this Act from varying based on the term of the mortgage that the borrower agrees to refinance into. Requires the Director of the Federal Housing Finance Agency, for each of the next two 12-month periods, to: (1) adjust the amount of the portion of the closing costs that each GSE will pay in accordance with specified requirements. Makes eligible for the program borrowers: (1) who qualify for the Home Affordable Refinance Program carried out by the GSEs, (2) whose subject property has a loan-to-value ratio of at least 105%, and (3) who refinances from a loan with an original 30-year term to a loan with a term of 20 years or less.

Rebuilding Equity Act of 2013

Sen. Jeff Merkley [D-OR]

Date	Chamber	Action
2013-07-25	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB3031 (Same As) 2013-08-02 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/1375/all-info
Text	https://www.congress.gov/113/bills/s1375/BILLS-113s1375is.pdf