[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3047 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3047

  To encourage responsible homeowners to refinance mortgages, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 9, 2012

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

_______________________________________________________________________

                                 A BILL


 
  To encourage responsible homeowners to refinance mortgages, 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 ``Expanding Refinancing Opportunities 
Act of 2012''.

SEC. 2. STREAMLINED REFINANCING OF NON-ENTERPRISE MORTGAGES THROUGH THE 
              FEDERAL HOUSING ADMINISTRATION.

    (a) Amendment.--Title II of the National Housing Act (12 U.S.C. 
1707 et seq.) is amended by adding at the end the following:

``SEC. 259. STREAMLINED REFINANCING OF NON-ENTERPRISE MORTGAGES.

    ``(a) Definition.--In this section, the term `eligible mortgage' 
means a mortgage that--
            ``(1) is not guaranteed by--
                    ``(A) the Federal National Mortgage Association; or
                    ``(B) the Federal Home Loan Mortgage Corporation;
            ``(2) is collateralized by an owner-occupied residence (as 
        defined by the Secretary);
            ``(3) involves a principal obligation that does not 
        exceed--
                    ``(A) 140 percent of the value of the property 
                collateralizing the mortgage; or
                    ``(B) the loan limits in effect on the date of 
                enactment of this section for loans insured by the 
                Secretary under section 203(b); and
            ``(4) was executed by a mortgagor--
                    ``(A) having a credit standing that the Secretary 
                determines is satisfactory;
                    ``(B) who has made each payment on the mortgage, 
                within the month in which the payment was due, during 
                the 6-month period preceding the date of refinancing of 
                the mortgage under this section; and
                    ``(C) who has not been 30 or more days delinquent 
                on the mortgage more than once during the 1-year period 
                preceding the date of refinancing of the mortgage under 
                this section.
    ``(b) Refinancing Available.--The Secretary may insure or commit to 
insure any mortgage made to refinance an eligible mortgage.
    ``(c) Premiums.--The Secretary may collect such premiums with 
respect to the insurance of a mortgage under this section as the 
Secretary determines are appropriate.
    ``(d) Expanded Refinancing Fund.--
            ``(1) Establishment.--There is established in the Federal 
        Housing Administration a fund to be known as the Expanded 
        Refinancing Fund, which shall be available to the Secretary 
        without fiscal year limitation to carry out this section.
            ``(2) Limitation.--No amounts of the Mutual Mortgage 
        Insurance Fund established under section 202 may be used to 
        carry out this section.
    ``(e) Implementation.--The Secretary may prescribe requirements, 
terms, and conditions to carry out this section by notice published in 
the Federal Register or by mortgagee letter.
    ``(f) Sunset.--The Secretary may not insure or enter into a 
commitment to insure any mortgage under this section after December 31, 
2014.''.
    (b) Appropriations.--Out of any money in the Treasury not otherwise 
appropriated, there are appropriated to the Expanded Refinancing Fund 
established under section 259 of the National Housing Act, as added by 
this section, $6,000,000,000.

SEC. 3. OFFSET.

    (a) Extension of GSE Guarantee Fees.--Section 1327(f) of the 
Housing and Community Development Act of 1992 (12 U.S.C. 4547(f)) is 
amended by striking ``2021'' and inserting ``2022''.
    (b) Extension of FHA Guarantee Fees.--Section 402 of the Temporary 
Payroll Tax Cut Continuation Act of 2011 (Public Law 112-78; 125 Stat. 
1289) is amended--
            (1) in subsection (b), by striking ``October 1, 2021'' and 
        inserting ``October 1, 2022''; and
            (2) by striking subsection (c).
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