Responsible Homeowner Refinancing Act of 2013
Latest action · Feb 14, 2013 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 14, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Responsible Homeowner Refinancing Act of 2013 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified criteria pertaining to: (1) borrower eligibility, (2) representations and warranties, (3) prohibition on up-front fees, (4) alternative streamlined methods to determine the value of a property, (5) the purchase or guarantee of any new mortgage resulting from the refinancing of an eligible mortgage, and (6) guarantee fees.
Requires the GSEs to notify all borrowers with a mortgage owned or guaranteed by a GSE about the Program and its eligibility criteria, and inform borrowers of the website required below.
Directs the Director of the Federal Housing Finance Agency (FHFA) to establish a single website where borrowers may: (1) determine their potential eligibility for participation in the Program, (2) see a complete list of and links to qualified lenders, (3) use a mortgage refinance calculator to calculate potential payment savings based on different interest rates, and (4) obtain tips on refinancing their loan.
Directs the Director of FHFA to issue guidance to require the GSEs to make their refinancing guidelines consistent to ease the compliance requirements of qualified lenders, and in particular with respect to loans with less than 80% loan-to-value ratio and closing cost policies of the GSEs, which regulations or guidance shall be put into effect not later than 90 days after the enactment of this Acts.
Cosponsors 22
Members who signed on, in the order they did. Signatures ran from Feb 14, 2013 to Mar 5, 2014, with 7 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Albio Sires | Original | Feb 14, 2013 |
| D-RI | David N. Cicilline | Original | Feb 14, 2013 |
| D-IL | Janice D. Schakowsky | Original | Feb 14, 2013 |
| D-CA | Jim Costa | Original | Feb 14, 2013 |
| D-MN | Keith Ellison | Original | Feb 14, 2013 |
| D-CA | Susan A. Davis | Original | Feb 14, 2013 |
| D-OR | Suzanne Bonamici | Original | Feb 14, 2013 |
| D-MA | Michael E. Capuano | Feb 26, 2013 | |
| D-FL | Patrick Murphy | Mar 13, 2013 | |
| D-NJ | Rush Holt | Mar 19, 2013 | |
| D-ME | Michael H. Michaud | Mar 20, 2013 | |
| D-NY | Louise McIntosh Slaughter | Apr 9, 2013 | |
| D-NJ | Frank Pallone, Jr. | May 15, 2013 | |
| D-NV | Dina Titus | May 16, 2013 | |
| D-CA | Jared Huffman | May 21, 2013 |
Actions 2
Everything that happened, newest first.
- Feb 14, 2013Introduced in House
- Feb 14, 2013Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 249 | Responsible Homeowner Refinancing Act of 2013 | Identical bill | Feb 7, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Feb 14, 2013Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.