Rebuilding Equity Act of 2013
Latest action · Jul 25, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedJul 25, 2013
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Rebuilding Equity Act of 2013 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) to each establish a voluntary program for eligible borrowers under which the GSE shall pay $1,000 toward the closing costs associated with applying for and receiving the refinancing when the borrower agrees to refinance into a fully amoritizing loan with a term not longer than 20 years.
Prohibits the amount of the closing costs that each GSE pays under the program during the 12 months following enactment of this Act from varying based on the term of the mortgage that the borrower agrees to refinance into.
Requires the Director of the Federal Housing Finance Agency, for each of the next two 12-month periods, to: (1) adjust the amount of the portion of the closing costs that each GSE will pay in accordance with specified requirements.
Makes eligible for the program borrowers: (1) who qualify for the Home Affordable Refinance Program carried out by the GSEs, (2) whose subject property has a loan-to-value ratio of at least 105%, and (3) who refinances from a loan with an original 30-year term to a loan with a term of 20 years or less.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jul 25, 2013 |
Actions 2
Everything that happened, newest first.
- Jul 25, 2013Introduced in Senate
- Jul 25, 2013Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3031 | Rebuilding Equity Act of 2013 | Identical bill | Aug 2, 2013 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Titles as Introduced
- Rebuilding Equity Act of 2013
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Jul 25, 2013Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
