3.0.0 2072 2019-02-20T23:25:25Z 2019-02-24T08:42:45Z Senate S S 2012-02-06 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2012-02-06T22:02:39Z 2012-02-06 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2012-02-06 Introduced in Senate IntroReferral 10000 9 Library of Congress F000457 Sen. Franken, Al [D-MN] Al Franken D MN N B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2012-02-06 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2012-03-29 False Housing and Community Development Administrative law and regulatory procedures Banking and financial institutions regulation Federal Housing Finance Agency Government corporations and government-sponsored enterprises Housing finance and home ownership Securities Housing and Community Development 00 2012-02-06 Introduced in Senate 2012-02-24T17:58:09Z Helping Homeowners Refinance Act - Requires the Director of the Federal Housing Finance Agency to promulgate rules prohibiting the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and their affiliates from holding any possessory interest in or otherwise owning, in whole or in part, any financial market instrument that would, in the Director's discretion, substantially reduce the financial incentive to carry out the statutory mission of the GSEs to provide liquidity, stability, and affordability to the U.S. housing market under the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act.

Directs Freddie Mac to implement policies (consistent with Fannie Mae's as of February 1, 2012) to reduce the putback risk on a mortgage, including any putback risk associated with loan refinancing, regardless of the loan-to-value ratio on the mortgage. Defines "putback risk" as the probability that a GSE would require a loan originator to repurchase a loan purchased by the GSE.

Requires the GSEs to apply the same putback risks to all financial institutions that refinance mortgage loans owned or guaranteed by a GSE, regardless of whether the loans being refinanced were originated by the same institution that is originating the new loan.

Authorizes the Director to waive any rule under this Act or the application of such a putback risk if the Director certifies in writing to Congress that the GSE's safety and soundness is put at risk by the applicability of the putback risk.

]]> Helping Homeowners Refinance Act Short Titles as Introduced Helping Homeowners Refinance Act Display Title Helping Homeowners Refinance Act Official Title as Introduced A bill to discourage disincentives to the housing missions of government sponsored enterprises and require consistent putback risks at the enterprises to assist homeowners. Introduced in Senate 2012-02-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2072is/xml/BILLS-112s2072is.xml 2012-02-06 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.