3.0.0 170 2023-01-11T13:20:47Z 2023-01-11T13:20:47Z Senate S S 2011-01-25 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing ssbk09 Housing, Transportation, and Community Development Subcommittee Hearings by 2011-09-14T21:17:16Z Referred to 2011-01-25T23:35:56Z 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 2011-09-14 ssbk09 Housing, Transportation, and Community Development Subcommittee Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 112-382. Committee 2011-01-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2011-01-25 Sponsor introductory remarks on measure. (CR S228) IntroReferral B00100 9 Library of Congress 2011-01-25 Introduced in Senate IntroReferral 10000 9 Library of Congress B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA N I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2011-07-12 False M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2011-09-14 False B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2011-09-19 False M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2011-09-20 False W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2011-09-23 False 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 2011-01-25 Introduced in Senate 2011-02-07T22:13:31Z Helping Responsible Homeowners Act - 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 (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency.

Defines a qualified mortgage as one 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) the mortgagor is current on payments due under the mortgage. 

Specifies the terms and conditions of a refinancing mortgage, including a 40-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.

Prohibits the GSEs from charging a mortgagee any up-front fee beyond the standard guarantee fee for the refinancing of the qualified mortgage. Makes ineligible for purchase or guarantee by either GSE of any new mortgage originated by a servicer or creditor holding a second lien on a qualified mortgage who refuses to resubordinate that lien, and thereby prevents the refinancing of the qualified mortgage.

Directs the GSEs to require each servicer of a mortgage owned or guaranteed by the GSE to inform each mortgage borrower of the refinancing program authorized and established under this Act.

]]> Helping Responsible Homeowners Act Display Title Helping Responsible Homeowners Act Official Title as Introduced A bill to provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac. Introduced in Senate IS Short Titles as Introduced Helping Responsible Homeowners Act Introduced in Senate 2011-01-25T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s170is/xml/BILLS-112s170is.xml 2011-09-14 Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 112-382. 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.