3.0.0 6428 2019-11-15T20:54:05Z 2019-11-15T20:54:05Z House H HR 2012-09-14 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. WELCH:H.R. 6428.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18: The Congress shall havePower To . . . make all Laws which shall be necessary andproper for carrying into Execution the foregoing Powers, andall other Powers vested by this Constitution in theGovernment of the United States, or in any Department orOfficer thereof . . .____________________[Page H6061]]]> hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Referred to 2012-10-01T19:48:31Z Referred to 2012-09-14T13:02:35Z Responsible Homeowners Refinancing Act of 2012 112 3085 S 2012-05-24 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-709. Related bill CRS Responsible Homeowner Refinancing Act of 2012 112 3522 S 2012-09-11 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 503. Identical 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 2012-09-14 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-09-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-09-14 Introduced in House IntroReferral 1000 9 Library of Congress W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT N C001059 Rep. Costa, Jim [D-CA-20] Jim Costa D CA 20 2012-09-14 True B001242 Rep. Bishop, Timothy H. [D-NY-1] Timothy Bishop D NY H. 1 2012-09-20 False S000344 Rep. Sherman, Brad [D-CA-27] BRAD SHERMAN D CA 27 2012-09-20 False C001084 Rep. Cicilline, David N. [D-RI-1] David Cicilline D RI N. 1 2012-09-20 False T000326 Rep. Towns, Edolphus [D-NY-10] EDOLPHUS TOWNS D NY 10 2012-09-21 False S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2012-09-21 False H001042 Rep. Hirono, Mazie K. [D-HI-2] Mazie Hirono D HI K. 2 2012-09-21 False D000598 Rep. Davis, Susan A. [D-CA-53] SUSAN DAVIS D CA A. 53 2012-10-09 False M001149 Rep. Michaud, Michael H. [D-ME-2] Michael Michaud D ME H. 2 2012-10-16 False B001278 Rep. Bonamici, Suzanne [D-OR-1] Suzanne Bonamici D OR 1 2012-11-14 False H001050 Rep. Hanabusa, Colleen W. [D-HI-1] Colleen Hanabusa D HI W. 1 2012-12-03 False E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2012-12-17 False Housing and Community Development Government corporations and government-sponsored enterprises Government lending and loan guarantees Housing finance and home ownership Housing supply and affordability User charges and fees Housing and Community Development 00 2012-09-14 Introduced in House 2012-09-24T15:41:05Z 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 Short Titles as Introduced Responsible Homeowner Refinancing Act of 2012 Display Title Responsible Homeowner Refinancing Act of 2012 Official Title as Introduced To provide for the expansion of affordable refinancing of mortgages held by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Introduced in House 2012-09-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr6428ih/xml/BILLS-112hr6428ih.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.