U.S. Congress - S.3047 Expanding Refinancing Opportunities Act of 2012
S.3047 - Expanding Refinancing Opportunities Act of 2012
A bill to encourage responsible homeowners to refinance mortgages, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to encourage responsible homeowners to refinance mortgages, and for other purposes. as introduced.
- Short: Expanding Refinancing Opportunities Act of 2012 as introduced.
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Committees
Official Summary
5/9/2012--Introduced.Expanding Refinancing Opportunities Act of 2012 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to insure or commit to insure any mortgage made to refinance an eligible mortgage. Defines "eligible mortgage"Official Summary
5/9/2012--Introduced.Expanding Refinancing Opportunities Act of 2012 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to insure or commit to insure any mortgage made to refinance an eligible mortgage. Defines "eligible mortgage" as one that:(1) is not guaranteed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation) (Freddie Mac) (government sponsored enterprises or GSEs),
(2) is collateralized by an owner-occupied residence,
(3) involves a principal obligation that does not exceed 140% of the value of the property collateralizing the mortgage or the HUD-insured loan limits in effect, and
(4) was executed by a mortgagor meeting certain criteria. Establishes in the Federal Housing Administration (FHA) the Expanded Refinancing Fund, which shall be available to carry out streamlined refinancing of non-enterprise mortgages. Prohibits the use of any amounts in the Mutual Mortgage Fund to carry out this Act. Amends the Housing and Community Development Act of 1992 and the Temporary Payroll Tax Cut Continuation Act of 2011 to extend through FY2022 the mandates for GSE and FHA guarantee fees.
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Latest Letters to Congress
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S.3047 Expanding Refinancing Opportunities Act of 2012
podratz
September 25, 2012
I am writing as your constituent in the 25th Congressional district of California. I support S.3047 - Expanding Refinancing Opportunities Act of 2012, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability. Big Business was too big to fail. Please show the huge number of middle class Americans who were and are responsible in our personal finances that we are not too small to matter. Passage of this bill will help many fam...
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S.3047 Expanding Refinancing Opportunities Act of 2012
murphjj3
September 11, 2012
I am writing as your constituent in the 7th Congressional district of Washington to let you know about my support S.3047 - Expanding Refinancing Opportunities Act of 2012. This bill represents a significant opportunity to help underwater borrowers restructure their debts at no cost to the taxpayer and no risk to the housing market.
If this bill passes, millions of borrowers will feel the benefit of billions of dollars that they earn becoming available for spending in the economy rather t... -
S.3047 Expanding Refinancing Opportunities Act of 2012
ali8a8a
August 16, 2012
I am writing as your constituent in the 12th Congressional district of North Carolina. I am writing as your constituent in the 12th Congressional district of North Carolina. I am writing as your constituent in the 12th Congressional district of North Carolina. I support S.3047 - Expanding Refinancing Opportunities Act of 2012, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Many people in my community are walking ...
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