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

  • Official: To prevent foreclosure of home mortgages and provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac. as introduced.
  • Short: Housing Opportunity and Mortgage Equity Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/20/11
 
 
 
 
 
 
 

Sponsor

Representative

Dennis Cardoza

D-CA

View Co-Sponsors (36)

Official Summary

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

Official Summary

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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