3.0.0 1754 2022-11-15T16:32:43Z 2022-11-15T16:32:43Z House H HR 2013-04-25 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PETERS of Michigan:H.R. 1754.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3[Page H2353]]]> hsba00 Financial Services Committee House Standing Referred to 2013-04-25T14:03:25Z 2013-04-25 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-04-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-04-25 Introduced in House IntroReferral 1000 9 Library of Congress P000595 Rep. Peters, Gary C. [D-MI-14] Gary Peters D MI 14 N R000593 Rep. Ross, Dennis A. [R-FL-15] Dennis Ross R FL A. 15 2013-04-25 True E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2013-04-25 True Housing and Community Development Financial services and investments Housing and community development funding Housing finance and home ownership Real estate business Housing and Community Development 00 2013-04-25 Introduced in House 2013-05-16T16:08:17Z Preserving American Homeownership Act of 2013 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage, through assistance provided under the Home Affordable Modification Program (HAMP) under the Secretary of the Treasury's Making Home Affordable initiative, 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 115% immediately upon modification and 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.

Requires the Director to: (1) provide that an enterprise may negotiate regarding a shared appreciation mortgage modification of a covered mortgage with any mortgage insurance provider for a mortgage on the subject property, and (2) allow advanced claim agreements with respect to such mortgage insurance policies.

]]> Preserving American Homeownership Act of 2013 Display Title Preserving American Homeownership Act of 2013 Short Titles as Introduced Preserving American Homeownership Act of 2013 Official Title as Introduced To establish pilot programs to encourage the use of shared appreciation mortgage modifications, and for other purposes. Introduced in House 2013-04-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr1754ih/xml/BILLS-113hr1754ih.xml 2013-04-25 Referred to the House Committee on Financial Services. 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.