US Congress Senate Bill 170 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: Introduced on January 25 2011 - 25% progression, died in chamber
Action: 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.
Text: Latest bill text (Introduced) [PDF]

Helping Responsible Homeowners Act - 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 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) the mortgagor is current on payments due under the mortgage. 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. Prohibits the GSEs from charging a mortgagee any up-front fee beyond the standard guarantee fee for the refinancing of the qualified mortgage. Makes ineligible for purchase or guarantee by either GSE of any new mortgage originated by a servicer or creditor holding a second lien on a qualified mortgage who refuses to resubordinate that lien, and thereby prevents the refinancing of the qualified mortgage. Directs the GSEs to require each servicer of a mortgage owned or guaranteed by the GSE to inform each mortgage borrower of the refinancing program authorized and established under this Act.

Helping Responsible Homeowners Act

Sen. Barbara Boxer [D-CA]	Sen. Mark Begich [D-AK]	Sen. Johnny Isakson [R-GA]	Sen. Robert Menendez [D-NJ]
Sen. Jeff Merkley [D-OR]	Sen. Sheldon Whitehouse [D-RI]

Date	Chamber	Action
2011-09-14	Senate	Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 112-382.
2011-01-25	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2011-01-25	Senate	Sponsor introductory remarks on measure. (CR S228)

HB363 (Related) 2011-03-23 - Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/170/all-info
Text	https://www.congress.gov/112/bills/s170/BILLS-112s170is.pdf