Official Summary

1/25/2011--Introduced.Helping Responsible Homeowners Act - 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 refinanci

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Official Summary

1/25/2011--Introduced.Helping Responsible Homeowners Act - 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 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) the mortgagor is current on payments due under the mortgage. 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. Prohibits the GSEs from charging a mortgagee any up-front fee beyond the standard guarantee fee for the refinancing of the qualified mortgage. Makes ineligible for purchase or guarantee by either GSE of any new mortgage originated by a servicer or creditor holding a second lien on a qualified mortgage who refuses to resubordinate that lien, and thereby prevents the refinancing of the qualified mortgage. Directs the GSEs to require each servicer of a mortgage owned or guaranteed by the GSE to inform each mortgage borrower of the refinancing program authorized and established under this Act.

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