S 249 · 113th Congress 2013–2015, ended

Responsible Homeowner Refinancing Act of 2013

Fact sheet

Latest action · Feb 7, 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.

  1. IntroducedFeb 7, 2013
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. 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 24

Members who signed on, in the order they did. Signatures ran from Feb 7, 2013 to Jan 7, 2014, with 21 there on the day it was introduced.

SeatCosponsorSigned on
D-MNAl FrankenOriginalFeb 7, 2013
D-CABarbara BoxerOriginalFeb 7, 2013
D-MDBenjamin L. CardinOriginalFeb 7, 2013
I-VTBernard SandersOriginalFeb 7, 2013
D-MICarl LevinOriginalFeb 7, 2013
D-NYCharles E. SchumerOriginalFeb 7, 2013
D-MIDebbie StabenowOriginalFeb 7, 2013
D-CADianne FeinsteinOriginalFeb 7, 2013
D-NJFrank R. LautenbergOriginalFeb 7, 2013
D-RIJack ReedOriginalFeb 7, 2013
D-NHJeanne ShaheenOriginalFeb 7, 2013
D-ORJeff MerkleyOriginalFeb 7, 2013
D-NCKay R. HaganOriginalFeb 7, 2013
D-NYKirsten E. GillibrandOriginalFeb 7, 2013
D-AKMark BegichOriginalFeb 7, 2013

Actions 2

Everything that happened, newest first.

  1. Feb 7, 2013Introduced in Senate
  2. Feb 7, 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.

BillTitleRelationshipLatest action
HR 736Responsible Homeowner Refinancing Act of 2013Identical billFeb 14, 2013

Subjects

Assigned by the Library of Congress. Policy area: Housing and Community Development.

Text 1

Each version as it was printed, newest first.

  1. Feb 7, 2013Introduced in Senate

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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.