3.0.0 2093 2019-02-20T23:25:33Z 2022-02-08T17:27:15Z Senate S S 2012-02-09 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2012-02-09T21:45:45Z Preserving American Homeownership Act of 2012 112 5940 HR 2012-07-11 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Related bill CRS 2012-02-09 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2012-02-09 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2012-07-23 False Housing and Community Development Financial services and investments Government studies and investigations Housing finance and home ownership Interest, dividends, interest rates Real estate business Housing and Community Development 00 2012-02-09 Introduced in Senate 2012-02-27T22:34:56Z Preserving American Homeownership Act of 2012 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared appreciation mortgage modifications that: (1) are designed to return greater cash flow to investors than other loss-mitigation activities, including foreclosure; and (2) result in positive net present value for the investor.

Requires a shared appreciation mortgage modification to: (1) reduce by specified action the loan-to-value ratio of a covered mortgage to 95% within 3 years; (2) reduce the interest rate if such a principal reduction would not result in an affordable reduced monthly payment; (3) reduce to a specified amount any periodic payment the homeowner is required to make; (4) require the homeowner to pay the investor, after refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of any increase in the value of the real property during a specified period; and (5) result in a positive net present value for the investor after taking into account the principal reduction and, if necessary, any interest rate reduction.

]]> Preserving American Homeownership Act of 2012 Short Titles as Introduced Preserving American Homeownership Act of 2012 Display Title Preserving American Homeownership Act of 2012 Official Title as Introduced A bill to establish pilot programs to encourage the use of shared appreciation mortgage modifications, and for other purposes. Introduced in Senate 2012-02-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2093is/xml/BILLS-112s2093is.xml 2012-02-09 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.