3.0.0 1582 2023-01-11T13:30:41Z 2023-01-11T13:30:41Z Senate S 2015-06-16 114 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2015-06-16T16:27:49Z Preserving American Homeownership Act of 2015 114 3519 HR 2015-09-16 Referred to the House Committee on Financial Services. Related bill CRS 2015-06-16 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2015-06-16 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2015-06-16 True 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 2015-06-16 Introduced in Senate 2015-07-01T18:39:16Z Preserving American Homeownership Act of 2015

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 equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.

Requires a shared equity mortgage modification to:

  • reduce by specified action the loan-to-value ratio of a covered mortgage to 100% or less within 3 years;
  • reduce the interest rate if such a reduction of principal would not result in an affordable reduced monthly payment;
  • reduce to a specified amount any periodic payment the homeowner is required to make;
  • require the homeowner to pay the investor, upon refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of the equity value of the real property, subject to certain conditions;
  • be designed to deliver maximal net present value to the investor;
  • be based on specified factors; and
  • require disclosure to the homeowner, before entering into the shared equity mortgage modification, of the estimated net present value of the equity sharing interest to be determined under this Act.
]]> Preserving American Homeownership Act of 2015 Display Title Preserving American Homeownership Act of 2015 Official Title as Introduced A bill to establish pilot programs to encourage the use of shared equity mortgage modifications, and for other purposes. Introduced in Senate IS Short Titles as Introduced Preserving American Homeownership Act of 2015 Introduced in Senate 2015-06-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1582is/xml/BILLS-114s1582is.xml 2015-06-16 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.