US Congress Senate Bill 3522 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 22-1)
Status: Introduced on September 10 2012 - 25% progression, died in chamber
Action: 2012-09-11 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 503.
Text: Latest bill text (Introduced) [PDF]

Responsible Homeowner 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 determine the value of a property, (5) the purchase or guarantee of any new mortgage resulting from the refinancing of an eligible mortgage, and (6) guarantee fees. Requires the GSEs 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 qualified 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 Director of FHFA to issue guidance to require the GSEs to make their refinancing guidelines consistent to ease the compliance requirements of qualified lenders, and in particular with respect to loans with less than 80% loan-to-value ratio and closing cost policies of the GSEs, which regulations or guidance shall be put into effect not later than 90 days after the enactment of this Acts.

Responsible Homeowner Refinancing Act of 2012

Sen. Robert Menendez [D-NJ]	Sen. Daniel Akaka [D-HI]	Sen. Mark Begich [D-AK]	Sen. Richard Blumenthal [D-CT]
Sen. Barbara Boxer [D-CA]	Sen. Benjamin Cardin [D-MD]	Sen. Richard Durbin [D-IL]	Sen. Dianne Feinstein [D-CA]
Sen. Al Franken [D-MN]	Sen. Kirsten Gillibrand [D-NY]	Sen. Kay Hagan [D-NC]	Sen. Mary Landrieu [D-LA]
Sen. Frank Lautenberg [D-NJ]	Sen. Patrick Leahy [D-VT]	Sen. Carl Levin [D-MI]	Sen. Jeff Merkley [D-OR]
Sen. Jack Reed [D-RI]	Sen. Bernard Sanders [I-VT]	Sen. Charles Schumer [D-NY]	Sen. Jeanne Shaheen [D-NH]
Sen. Debbie Stabenow [D-MI]	Sen. Sheldon Whitehouse [D-RI]	Sen. Ron Wyden [D-OR]

Date	Chamber	Action
2012-09-11	Senate	Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 503.
2012-09-10	Senate	Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

HB6428 (Same As) 2012-10-01 - Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
SB3085 (Related) 2012-05-24 - Committee on Banking, Housing, and Urban Affairs. Hearings held.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/3522/all-info
Text	https://www.congress.gov/112/bills/s3522/BILLS-112s3522pcs.pdf