3.0.0 6366 2019-11-15T20:54:05Z 2019-11-15T20:54:05Z House H HR 2012-09-10 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BACA:H.R. 6366.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 3; and Article 1, Section 8,Clause 18.[Page H5765]]]> hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Referred to 2012-10-01T19:40:09Z Referred to 2012-09-10T18:01:20Z Housing Opportunity and Mortgage Equity Act of 2011 112 363 HR 2011-03-23 Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Related bill CRS 2012-10-01 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Committee 2012-09-10 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-09-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-09-10 Introduced in House IntroReferral 1000 9 Library of Congress B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 N Housing and Community Development Government corporations and government-sponsored enterprises Housing finance and home ownership Interest, dividends, interest rates User charges and fees Housing and Community Development 00 2012-09-10 Introduced in House 2012-09-24T18:59:50Z Flexible Refinancing for American Families 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 one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage having a 50-year term (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures that the Director of the Federal Housing Finance Agency shall establish.

Permits the mortgagee, however, upon written 90-day advance notice to the mortgagor, to require payment in full of a 50-year mortgage only 30 years after the beginning of its amortization.

Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, 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) was originated on or before enactment of this Act.

Specifies the terms and conditions of a refinancing mortgage, including a 50-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.

Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance.

Prohibits any requirement of a property appraisal.

]]> Flexible Refinancing for American Families Act of 2012 Short Titles as Introduced Flexible Refinancing for American Families Act of 2012 Display Title Flexible Refinancing for American Families Act of 2012 Official Title as Introduced To prevent foreclosure of home mortgages and provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac through mortgages having 50-year terms to maturity. Introduced in House 2012-09-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr6366ih/xml/BILLS-112hr6366ih.xml 2012-10-01 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.