3.0.0 2169 2023-01-11T20:20:55Z 2023-01-11T20:20:55Z Senate S S 2007-10-16 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-10-16T18:53:26Z To temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes. 110 3838 HR 2007-10-16 Referred to the House Committee on Financial Services. Related bill CRS PROMISE Act 110 2346 S 2007-11-14 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 485. Identical bill CRS 2007-10-16 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-10-16 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N L000304 Sen. Lieberman, Joseph I. [ID-CT] JOSEPH LIEBERMAN ID CT I. 2007-11-13 False Housing and Community Development Consent decrees Economics and Public Finance Finance and Financial Sector Foreclosure Law Mortgages Secondary mortgage market Housing and Community Development 00 2007-10-16 Introduced in Senate 2007-11-14T15:50:33Z Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007, or the PROMISE Act - Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or otherwise lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and (2) the voluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie Mac) to the OFHEO Director).

Requires: (1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and (2) the use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.

]]> Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007 Official Title as Introduced A bill to temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes. Introduced in Senate IS Display Title Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007 Short Titles as Introduced Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007 Short Titles as Introduced PROMISE Act Introduced in Senate 2007-10-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2169is/xml/BILLS-110s2169is.xml 2007-10-16 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.