S.2346 - PROMISE Act

A bill to temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes. view all titles (3)

All Bill Titles

  • Official: A bill to temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes. as introduced.
  • Short: PROMISE Act as introduced.
  • Short: Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007 as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 1
  • All-Time: 1,139
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
11/13/07
 
 
 
 
 
 
 

Sponsor

Senator

Charles Schumer

D-NY

No Co-Sponsors

Committees

No Committees found for this Bill

Official Summary

Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007, or the PROMISE Act - Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or oth

Official Summary

Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007, or the PROMISE Act - Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or otherwise lift:
(1) the limitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and
(2) the voluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie Mac) to the OFHEO Director). Requires:
(1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and
(2) the use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.

...Read the Rest




Vote on This Bill

0% Users Support Bill

0 in favor / 1 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC