U.S. Congress - S.3520 Rebuilding Equity Act of 2012
S.3520 - Rebuilding Equity Act of 2012
A bill to require a portion of closing costs to be paid by the enterprises with respect to certain refinanced mortgage loans, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to require a portion of closing costs to be paid by the enterprises with respect to certain refinanced mortgage loans, and for other purposes. as introduced.
- Short: Rebuilding Equity Act of 2012 as introduced.
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Official Summary
8/2/2012--Introduced.Rebuilding Equity Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) each to establish a voluntary program for eligible borrowers who qualOfficial Summary
8/2/2012--Introduced.Rebuilding Equity Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) each to establish a voluntary program for eligible borrowers who qualify for the Home Affordable Refinance Program carried out by the GSEs, under which the GSEs shall pay up to $1,000 of the closing costs associated with applying for and receiving refinancing when the borrower agrees to refinance a 30-year mortgage loan into a fully amortizing loan with a term of not longer than 20 years. Requires the subject property to have a loan-to-value ratio of not less than 105%....Read the Rest
Organizations Supporting S.3520
- The National Women’s Law Center
- The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America
Organizations Opposing S.3520
- None via MapLight at this time.
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