[Congressional Record (Bound Edition), Volume 157 (2011), Part 3]
[House]
[Pages 3508-3509]
[From the U.S. Government Publishing Office, www.gpo.gov]




                               AMENDMENTS

  Under clause 8 of rule XVIII, proposed amendments were submitted as 
follows:

                                H.R. 830

                        Offered By: Mr. Cardoza

       Amendment No. 1: At the end of the bill, add the following 
     new section:

     SEC. 4. AFFORDABLE REFINANCING OF MORTGAGES OWNED OR 
                   GUARANTEED BY FANNIE MAE AND FREDDIE MAC.

       (a) Authority.--The Federal National Mortgage Association 
     and the Federal Home Loan Mortgage Corporation shall each 
     carry out a program under this section to provide for the 
     refinancing of qualified mortgages on single-family housing 
     owned by such enterprise through a refinancing mortgage, and 
     for the purchase of and securitization of such refinancing 
     mortgages, in accordance with this section and policies and 
     procedures that the Director of the Federal Housing Finance 
     Agency shall establish. Such program shall require such 
     refinancing of a qualified mortgage upon the request of the 
     mortgagor made to the applicable enterprise and a 
     determination by the enterprise that the mortgage is a 
     qualified mortgage.
       (b) Qualified Mortgage.--For purposes of this section, the 
     term ``qualified mortgage'' means a mortgage, without regard 
     to whether the mortgagor is current on or in default on 
     payments due under the mortgage, that--
       (1) is an existing first mortgage that was made for 
     purchase of, or refinancing another first mortgage on, a one- 
     to four-family dwelling, including a condominium or a share 
     in a cooperative ownership housing association, that is 
     occupied by the mortgagor as the principal residence of the 
     mortgagor;
       (2) is owned or guaranteed by the Federal National Mortgage 
     Association or the Federal Home Loan Mortgage Corporation; 
     and
       (3) was originated on or before the date of the enactment 
     of this Act.
       (c) Refinancing Mortgage.--For purposes of this section, 
     the term ``refinancing mortgage'' means a mortgage that meets 
     the following requirements:

[[Page 3509]]

       (1) Refinancing of qualified mortgage.--The principal loan 
     amount repayment of which is secured by the mortgage shall be 
     used to satisfy all indebtedness under an existing qualified 
     mortgage.
       (2) Single-family housing.--The property that is subject to 
     the mortgage shall be the same property that is subject to 
     the qualified mortgage being refinanced.
       (3) Interest rate.--The mortgage shall bear interest at a 
     single rate that is fixed for the entire term of the 
     mortgage, which shall be equivalent to the premium received 
     by the enterprise on the qualified mortgage being refinanced 
     plus the cost of selling a newly issued mortgage having 
     comparable risk and term to maturity in a mortgage-backed 
     security, as such rate may be increased to the extent 
     necessary to cover, over the term to maturity of the 
     mortgage, any fee paid to the servicer pursuant to subsection 
     (d), the cost of any title insurance coverage issued in 
     connection with the mortgage, and, as determined by the 
     Director, a portion of any administrative costs of the 
     program under this section as may attributable to the 
     mortgage.
       (4) Waiver of prepayment penalties.--All penalties for 
     prepayment or refinancing of the qualified mortgage that is 
     refinanced by the mortgage, and all fees and penalties 
     related to the default or delinquency on such mortgage, shall 
     have been waived or forgiven.
       (5) Term to maturity.--The mortgage shall have a term to 
     maturity of not more than 40 years from the date of the 
     beginning of the amortization of the mortgage.
       (6) Prohibition on borrower fees.--The servicer conducting 
     the refinancing shall not charge the mortgagor any fee for 
     the refinancing of the qualified mortgage through the 
     refinancing mortgage.
       (7) Title insurance.--The fee for title insurance coverage 
     issued in connection with the mortgage shall be reasonable in 
     comparison with fees for such coverage available in the 
     market for mortgages having similar terms.
       (d) Fee to Servicer.--For each qualified mortgage of an 
     enterprise that the servicer of the qualified mortgage 
     refinances through a refinancing mortgage pursuant to this 
     section, the enterprise shall pay the servicer a fee not 
     exceeding $1,000.
       (e) No Appraisal.--The enterprises may not require an 
     appraisal of the property subject to a refinancing mortgage 
     to be conducted in connection with such refinancing.
       (f) Termination.--The requirement under subsection (a) for 
     the enterprises to refinance qualified mortgages shall not 
     apply to any request for refinancing made after the 
     expiration of the one-year period beginning on the date of 
     the enactment of this Act.
       (g) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Director.--The term ``Director'' means the Director of 
     the Federal Housing Finance Agency.
       (2) Enterprise.--The term ``enterprise'' means the Federal 
     National Mortgage Association and the Federal Home Loan 
     Mortgage Corporation.
       (h) Regulations.--The Director shall issue any regulations 
     or guidance necessary to carry out the program under this 
     section.

                                H.R. 830

                          Offered By: Mr. Cole

       Amendment No. 2: Page 5, line 12, after the period add the 
     following: ``All such unexpended balances so rescinded and 
     permanently canceled shall be retained in the General Fund of 
     the Treasury for reducing the debt of the Federal 
     Government.''.

                                H.R. 830

                         Offered By: Mr. Lynch

       Amendment No. 3: Page 5, strike lines 14 through 19.
       Page 5, line 20, strike ``(b)'' and insert ``(a)''.
       Page 5, lines 20 and 21, strike ``Notwithstanding 
     subsection (a) of this section, any'' and insert ``Any''.
       Page 5, line 25, strike ``specified in subsection (a) of 
     this section'' and insert ``specified in section 2''.
       Page 6, line 3, strike ``(c)'' and insert ``(b)''.
       Page 6, lines 10 and 11, strike ``subsection (b)'' and 
     insert ``subsection (a)''.
       Page 6, line 14, strike ``(d)'' and insert ``(c)''.

                                H.R. 836

                        Offered By: Mr. Cardoza

       Amendment No. 1: At the end of the bill, add the following 
     new section:

     SEC. 4. AFFORDABLE REFINANCING OF MORTGAGES OWNED OR 
                   GUARANTEED BY FANNIE MAE AND FREDDIE MAC.

       (a) Authority.--The Federal National Mortgage Association 
     and the Federal Home Loan Mortgage Corporation shall each 
     carry out a program under this section to provide for the 
     refinancing of qualified mortgages on single-family housing 
     owned by such enterprise through a refinancing mortgage, and 
     for the purchase of and securitization of such refinancing 
     mortgages, in accordance with this section and policies and 
     procedures that the Director of the Federal Housing Finance 
     Agency shall establish. Such program shall require such 
     refinancing of a qualified mortgage upon the request of the 
     mortgagor made to the applicable enterprise and a 
     determination by the enterprise that the mortgage is a 
     qualified mortgage.
       (b) Qualified Mortgage.--For purposes of this section, the 
     term ``qualified mortgage'' means a mortgage, without regard 
     to whether the mortgagor is current on or in default on 
     payments due under the mortgage, that--
       (1) is an existing first mortgage that was made for 
     purchase of, or refinancing another first mortgage on, a one- 
     to four-family dwelling, including a condominium or a share 
     in a cooperative ownership housing association, that is 
     occupied by the mortgagor as the principal residence of the 
     mortgagor;
       (2) is owned or guaranteed by the Federal National Mortgage 
     Association or the Federal Home Loan Mortgage Corporation; 
     and
       (3) was originated on or before the date of the enactment 
     of this Act.
       (c) Refinancing Mortgage.--For purposes of this section, 
     the term ``refinancing mortgage'' means a mortgage that meets 
     the following requirements:
       (1) Refinancing of qualified mortgage.--The principal loan 
     amount repayment of which is secured by the mortgage shall be 
     used to satisfy all indebtedness under an existing qualified 
     mortgage.
       (2) Single-family housing.--The property that is subject to 
     the mortgage shall be the same property that is subject to 
     the qualified mortgage being refinanced.
       (3) Interest rate.--The mortgage shall bear interest at a 
     single rate that is fixed for the entire term of the 
     mortgage, which shall be equivalent to the premium received 
     by the enterprise on the qualified mortgage being refinanced 
     plus the cost of selling a newly issued mortgage having 
     comparable risk and term to maturity in a mortgage-backed 
     security, as such rate may be increased to the extent 
     necessary to cover, over the term to maturity of the 
     mortgage, any fee paid to the servicer pursuant to subsection 
     (d), the cost of any title insurance coverage issued in 
     connection with the mortgage, and, as determined by the 
     Director, a portion of any administrative costs of the 
     program under this section as may attributable to the 
     mortgage.
       (4) Waiver of prepayment penalties.--All penalties for 
     prepayment or refinancing of the qualified mortgage that is 
     refinanced by the mortgage, and all fees and penalties 
     related to the default or delinquency on such mortgage, shall 
     have been waived or forgiven.
       (5) Term to maturity.--The mortgage shall have a term to 
     maturity of not more than 40 years from the date of the 
     beginning of the amortization of the mortgage.
       (6) Prohibition on borrower fees.--The servicer conducting 
     the refinancing shall not charge the mortgagor any fee for 
     the refinancing of the qualified mortgage through the 
     refinancing mortgage.
       (7) Title insurance.--The fee for title insurance coverage 
     issued in connection with the mortgage shall be reasonable in 
     comparison with fees for such coverage available in the 
     market for mortgages having similar terms.
       (d) Fee to Servicer.--For each qualified mortgage of an 
     enterprise that the servicer of the qualified mortgage 
     refinances through a refinancing mortgage pursuant to this 
     section, the enterprise shall pay the servicer a fee not 
     exceeding $1,000.
       (e) No Appraisal.--The enterprises may not require an 
     appraisal of the property subject to a refinancing mortgage 
     to be conducted in connection with such refinancing.
       (f) Termination.--The requirement under subsection (a) for 
     the enterprises to refinance qualified mortgages shall not 
     apply to any request for refinancing made after the 
     expiration of the one-year period beginning on the date of 
     the enactment of this Act.
       (g) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Director.--The term ``Director'' means the Director of 
     the Federal Housing Finance Agency.
       (2) Enterprise.--The term ``enterprise'' means the Federal 
     National Mortgage Association and the Federal Home Loan 
     Mortgage Corporation.
       (h) Regulations.--The Director shall issue any regulations 
     or guidance necessary to carry out the program under this 
     section.

                                H.R. 836

                          Offered By: Mr. Cole

       Amendment No. 2: Page 4, line 22, after the period add the 
     following:: ``All such unobligated balances so rescinded and 
     permanently canceled shall be retained in the General Fund of 
     the Treasury for reducing the debt of the Federal 
     Government.''.