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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  • Today: 2
  • Past Seven Days: 3
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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
08/02/12
 
 
 
 
 
 
 

Sponsor

Senator

Jeff Merkley

D-OR

View Co-Sponsors (9)

Official Summary

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 Affor

Official Summary

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%.

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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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