[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 2909 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 2909

To require closing costs to be paid by the enterprises with respect to 
       certain refinanced mortgage loans, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                              May 8, 2012

  Mr. Merkley introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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                                 A BILL


 
To require closing costs to be paid by the enterprises with respect to 
       certain refinanced mortgage loans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rebuilding Equity Act of 2012''.

SEC. 2. REBUILDING EQUITY PROGRAM.

    (a) In General.--The Federal National Mortgage Association and the 
Federal Home Loan Mortgage Corporation (in this Act referred to as the 
``enterprises'') shall each establish a voluntary program for borrowers 
who qualify for the Home Affordable Refinance Program carried out by 
the enterprises, in which the enterprises shall pay for the closing 
costs associated with applying for and receiving the refinancing when 
the borrower agrees to refinance into a fully amortizing loan with a 
term of not longer than 20 years.
    (b) Inclusions.--Closing costs covered by this section shall 
include--
            (1) application fees;
            (2) credit check costs;
            (3) title search costs; and
            (4) attorneys' fees associated with closing the 
        transaction, other than attorneys' fees associated with 
        disputes arising out of the transaction or otherwise ancillary 
        to closing the transaction.
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