U.S. Congress - H.R.363 Housing Opportunity and Mortgage Equity Act of 2011
H.R.363 - Housing Opportunity and Mortgage Equity Act of 2011
To prevent foreclosure of home mortgages and provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac. view all titles (2)
All Bill Titles
- Short: Housing Opportunity and Mortgage Equity Act of 2011 as introduced.
- Official: To prevent foreclosure of home mortgages and provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac. as introduced.
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Official Summary
1/20/2011--Introduced.Housing Opportunity and Mortgage Equity Act of 2011 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providingOfficial Summary
1/20/2011--Introduced.Housing Opportunity and Mortgage Equity Act of 2011 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, that:(1) is an existing first mortgage 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 principal residence;
(2) is owned or guaranteed by the particular GSE; and
(3) was originated on or before enactment of this Act. Specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage. Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance. Prohibits any requirement of a property appraisal.
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Recent News Coverage
Cardoza reintroduces HOME act to stop foreclosure onslaught
The Housing Opportunity and Mortgage Equity (HOME) Act, HR 363, would allow as many as 30 million homeowners with mortgages backed by Fannie Mae or Freddie ...
Cardoza calls for more federal action to halt foreclosures
Dubbed the “Housing Opportunity and Mortgage Equity (HOME) Act,” HR 363 would allow as many as 30 million homeowners with mortgages backed by Fannie Mae or ...
Recent Blog Coverage
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View Top Rated
Economic Legislation: Reduce, Refinance, and Rent? The ...
Congressional proposals for large-scale refinancing of Fannie Mae and Freddie Mac loans include H.R. 363 and S. 170. Renting out foreclosed homes currently held by banks and other financial institutions has the potential ...
Economic Legislation: Reduce, Refinance, and Rent? The ...
Congressional proposals for large-scale refinancing of Fannie Mae and Freddie Mac loans include H.R. 363 and S. 170. Renting out foreclosed homes currently held by banks and other financial institutions has the potential ...
Economic Legislation: Reduce, Refinance, and Rent? The ...
Congressional proposals for large-scale refinancing of Fannie Mae and Freddie Mac loans include H.R. 363 and S. 170. Renting out foreclosed homes currently held by banks and other financial institutions has the potential ...
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