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S. 2346 110th Congress Senate

PROMISE Act

Official title: A bill to temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilita… Show full official titleShow less

Official title: A bill to temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes.

Introduced: November 13, 2007 Introduced by: Charles E. Schumer Democratic · New York See on congress.gov
Housing and Community Development Consent decreesEconomics and Public FinanceFinance and Financial SectorForeclosure
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LawMortgagesSecondary mortgage market
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action November 14, 2007

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

 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.

 Related & companion bills 2
  • S 2169 Identical bill PROMISE Act
  • HR 3838 To temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing…
 Bill text 1 version

Source documents hosted by congress.gov.

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APA
U.S. Congress. (2026). S. 2346: PROMISE Act. 110th Congress. Open America. https://openamerica.io/bill/110-S-2346/
MLA
"S. 2346: PROMISE Act." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-2346/.
Bluebook (legal)
S. 2346, 110th Cong. (2026), https://openamerica.io/bill/110-S-2346/.
Markdown link
[S. 2346: PROMISE Act](https://openamerica.io/bill/110-S-2346/)
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