US Congress Senate Bill 3085 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 15)
Status: Introduced on May 10 2012 - 25% progression, died in chamber
Action: 2012-05-24 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
Text: Latest bill text (Introduced) [PDF]

Responsible Homeowners Refinancing Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified criteria pertaining to: (1) borrower eligibility, (2) representations and warranties, (3) prohibition on up-front fees, (4) alternative streamlined methods to appraise the value of a property, (5) an administrative penalty for lien-holder refusal to resubordinate junior liens, (6) carryover of mortgage insurance, and (7) guarantee fees. Requires the GSE to notify all borrowers with a mortgage owned or guaranteed by a GSE about the Program and its eligibility criteria, and inform borrowers of the website required below. Directs the Director of the Federal Housing Finance Agency (FHFA) to establish a single website where borrowers may: (1) determine their potential eligibility for participation in the Program, (2) see a complete list of and links to participating lenders, (3) use a mortgage refinance calculator to calculate potential payment savings based on different interest rates, and (4) obtain tips on refinancing their loan. Directs the FHFA to issue guidelines to require the GSEs to make their refinancing guidelines consistent to ease lender compliance requirements, particularly with respect to: (1) loans with less than an 80% loan-to-value ratio, and (2) GSE closing cost policies.

Responsible Homeowners Refinancing Act of 2012

Sen. Robert Menendez [D-NJ]	Sen. Daniel Akaka [D-HI]	Sen. Mark Begich [D-AK]	Sen. Barbara Boxer [D-CA]
Sen. Richard Durbin [D-IL]	Sen. Dianne Feinstein [D-CA]	Sen. Al Franken [D-MN]	Sen. Kirsten Gillibrand [D-NY]
Sen. Frank Lautenberg [D-NJ]	Sen. Carl Levin [D-MI]	Sen. Jeff Merkley [D-OR]	Sen. Jack Reed [D-RI]
Sen. Charles Schumer [D-NY]	Sen. Debbie Stabenow [D-MI]	Sen. Ron Wyden [D-OR]

Date	Chamber	Action
2012-05-24	Senate	Committee on Banking, Housing, and Urban Affairs. Hearings held.
2012-05-10	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SB3522 (Related) 2012-09-11 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 503.
HB6428 (Related) 2012-10-01 - Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
SB3255 (Related) 2012-06-04 - Read twice and referred to the Committee on the Judiciary.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/3085/all-info
Text	https://www.congress.gov/112/bills/s3085/BILLS-112s3085is.pdf