3.0.0 1373 2023-01-11T13:24:22Z 2023-01-11T13:24:22Z Senate S S 2013-07-25 113 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2013-07-25T21:12:22Z 2013-07-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2013-07-25 Introduced in Senate IntroReferral 10000 9 Library of Congress M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR N Housing and Community Development Congressional oversight Government corporations and government-sponsored enterprises Housing finance and home ownership User charges and fees Housing and Community Development 00 2013-07-25 Introduced in Senate 2013-10-31T20:35:19Z Rebuilding American Homeownership Act of 2013 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (Government sponsored enterprises or GSEs) to establish a program to provide for the refinancing of eligible mortgages. Authorizes a GSE to purchase, guarantee, service, sell, lend on the security of, refinance, or otherwise deal in eligible mortgages in carrying out such program.

Defines eligible mortgage as an existing first mortgage: (1) made for purchase of, or refinancing of another first mortgage, on a 1- to 4-family owner-occupied dwelling; (2) with a current loan-to-value ratio between 80% and 140%; (3) originated on or before May 31, 2009; and (4) not owned or guaranteed by a GSE. Requires the mortgagor to be a current borrower. Excludes from eligibility any mortgage insured or guaranteed by any program of the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD), the Government National Mortgage Association (Ginnie Mae), the Department of Agriculture (USDA), or the Department of Veterans Affairs (VA).

Requires that an eligible mortgage with existing credit coverage, in order to participate in the refinancing program, must continue to maintain or otherwise transfer such coverage to the new mortgage.

Sets the maximum term of the new mortgage at 30 years, and the maximum original principal obligation at the legal limit for conventional mortgages a GSE may purchase or guarantee.

Requires each GSE to charge a fee for any guarantee of the new mortgage.

]]> Rebuilding American Homeownership Act of 2013 Display Title Rebuilding American Homeownership Act of 2013 Official Title as Introduced A bill to increase access to refinancing for homeowners, and for other purposes. Introduced in Senate IS Short Titles as Introduced Rebuilding American Homeownership Act of 2013 Introduced in Senate 2013-07-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1373is/xml/BILLS-113s1373is.xml 2013-07-25 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.