3.0.0 3841 2021-09-28T14:24:00Z 2022-02-08T17:27:15Z House H HR 2012-01-31 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. WATERS:H.R. 3841.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 of the Constitution of theUnited States.[Page H219]]]> hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Referred to 2012-02-09T16:42:21Z Referred to 2012-01-31T17:00:38Z hswm00 Ways and Means Committee House Standing Referred to 2012-01-31T17:00:43Z 2012-02-09 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Committee 2012-01-31 Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2012-01-31 Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-01-31 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-01-31 Introduced in House IntroReferral 1000 9 Library of Congress W000187 Rep. Waters, Maxine [D-CA-35] MAXINE WATERS D CA 35 N G000535 Rep. Gutierrez, Luis V. [D-IL-4] LUIS GUTIERREZ D IL V. 4 2012-01-31 True C000714 Rep. Conyers, John, Jr. [D-MI-14] JOHN CONYERS D MI 14 2012-01-31 True B000410 Rep. Berman, Howard L. [D-CA-28] HOWARD BERMAN D CA L. 28 2012-01-31 True F000116 Rep. Filner, Bob [D-CA-51] BOB FILNER D CA 51 2012-01-31 True S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2012-01-31 True C001085 Rep. Clarke, Hansen [D-MI-13] Hansen Clarke D MI 13 2012-01-31 True B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2012-01-31 True G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2012-01-31 True W000738 Rep. Woolsey, Lynn C. [D-CA-6] LYNN WOOLSEY D CA 6 2012-08-02 False R000515 Rep. Rush, Bobby L. [D-IL-1] BOBBY RUSH D IL L. 1 2012-08-02 False M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2012-08-02 False C001072 Rep. Carson, Andre [D-IN-7] Andre Carson D IN 7 2012-08-02 False K000009 Rep. Kaptur, Marcy [D-OH-9] MARCY KAPTUR D OH 9 2012-08-02 False Housing and Community Development Corporate finance and management Government corporations and government-sponsored enterprises Housing finance and home ownership Wages and earnings Housing and Community Development 00 2012-01-31 Introduced in House 2012-03-19T20:13:38Z Principal Reduction Act of 2012 - 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 program to reduce the outstanding principal balances on qualified mortgages on single-family housing they own or guarantee.

Directs a GSE, under its program, to: (1) reduce the principal of a mortgage to an amount resulting in a mortgage loan-to-value ratio of not more than 90%; (2) require a mortgagor, if the dwelling for which the mortgage principal has been reduced is sold by any process other than a foreclosure sale or short sale, to pay the GSE at least one-third of any appreciation in value; and (3) recover from the mortgagor, if a mortgage whose principal has been reduced subsequently enters foreclosure, the difference between the foreclosure sales price and the outstanding principal balance on the mortgage immediately before the principal reduction.

Prohibits the charging of borrowers fees by either a GSE or a servicer conducting a principal reduction on behalf of a GSE.

Requires a GSE to pay any servicer a fee of up to $1,000 for reducing a mortgage principal under the program.

Directs the Director of Federal Housing Finance Agency (FHFA) to encourage the modification of second liens on dwellings on which the mortgage principal is reduced under this Act.

Prohibits the Director from approving bonus compensation that exceeds the base compensation that exceeds the base compensation for any GSE executive or senior executive unless the aggregate number of qualified mortgages for which principal reductions have been taken pursuant to the program under this Act exceeds 1 million.

]]> Principal Reduction Act of 2012 Short Titles as Introduced Principal Reduction Act of 2012 Display Title Principal Reduction Act of 2012 Official Title as Introduced To prevent foreclosure of, and provide for the reduction of principal on, mortgages held by Fannie Mae and Freddie Mac. Introduced in House 2012-01-31T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr3841ih/xml/BILLS-112hr3841ih.xml 2012-02-09 Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. 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.