3.0.0 1375 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 2013-07-25T21:14:08Z Rebuilding Equity Act of 2013 113 3031 HR 2013-08-02 Referred to the House Committee on Financial Services. Identical bill CRS 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 Consumer credit Government corporations and government-sponsored enterprises Housing finance and home ownership Legal fees and court costs Housing and Community Development 00 2013-07-25 Introduced in Senate 2013-10-31T21:07:19Z Rebuilding Equity Act of 2013 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) to each establish a voluntary program for eligible borrowers under which the GSE shall pay $1,000 toward the closing costs associated with applying for and receiving the refinancing when the borrower agrees to refinance into a fully amoritizing loan with a term not longer than 20 years.

Prohibits the amount of the closing costs that each GSE pays under the program during the 12 months following enactment of this Act from varying based on the term of the mortgage that the borrower agrees to refinance into.

Requires the Director of the Federal Housing Finance Agency, for each of the next two 12-month periods, to: (1) adjust the amount of the portion of the closing costs that each GSE will pay in accordance with specified requirements.

Makes eligible for the program borrowers: (1) who qualify for the Home Affordable Refinance Program carried out by the GSEs, (2) whose subject property has a loan-to-value ratio of at least 105%, and (3) who refinances from a loan with an original 30-year term to a loan with a term of 20 years or less.

]]> Rebuilding Equity Act of 2013 Display Title Rebuilding Equity Act of 2013 Official Title as Introduced A bill to require a portion of closing costs to be paid by the enterprises with respect to certain refinanced mortgage loans, and for other purposes. Introduced in Senate IS Short Titles as Introduced Rebuilding Equity Act of 2013 Introduced in Senate 2013-07-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1375is/xml/BILLS-113s1375is.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.