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S 2346 110th Congress Senate Housing and Community Development Consent decrees Economics and Public Finance Finance and Financial Sector Foreclosure Law Mortgages Secondary mortgage market

PROMISE Act

Introduced: November 13, 2007 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 14, 2007
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 485.
Nov 13, 2007
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Nov 13, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now November 14, 2007

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 485.