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HR 2588 111th Congress House

Housing Opportunity and Mortgage Equity Act of 2009

Official title: To prevent foreclosure of home mortgages and increase the availability of affordable new mortgages and affordable refinancing of mortgages held by Fannie Mae and Freddie Mac.

Introduced: May 21, 2009 See on congress.gov
Housing and Community Development Administrative law and regulatory proceduresFederal Housing Finance AgencyGovernment corporations and government-sponsored enterprisesGovernment lending and loan guarantees
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Housing finance and home ownershipSecurities
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 21, 2009
Referred to the House Committee on Financial Services.
May 21, 2009
Introduced in House
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 Latest action May 21, 2009

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

Housing Opportunity and Mortgage Equity Act of 2009 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (the enterprises) each to implement a program to purchase and securitize qualified new mortgages on single-family housing in accordance with policies and procedures established by the Director of the Federal Housing Finance Agency (FHFA).

Sets forth requirements for the purchase and securitization of qualified new mortgages.

Terminates the requirement for the enterprises to purchase mortgages two years after the enactment of this Act.

Directs Fannie Mae and Freddie Mac each to implement a program to provide for the refinancing of qualified mortgages on single-family housing they own and for the purchase and securitization of such refinancing mortgages in accordance with policies and procedures established by the FHFA Director. Terminates this requirement two years after enactment of this Act.

Authorizes the Secretary of the Treasury to purchase securities issued by the enterprises under this Act and such other obligations as the enterprises may issue to carry out this Act.

Authorizes the Secretary also, for the purpose of purchasing any such securities and obligations, to use as a public debt transaction the proceeds from the sale of other public debt securities.

Treats all redemptions, purchases, and sales by the Secretary of obligations under this Act as public debt transactions of the United States.

Limits to $10 billion the aggregate principal amount of outstanding obligations and securities purchased by the Secretary under this Act.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Costa, Jim
California · May 21, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2588: Housing Opportunity and Mortgage Equity Act of 2009. 111th Congress. Open America. https://openamerica.io/bill/111-HR-2588/
MLA
"H.R. 2588: Housing Opportunity and Mortgage Equity Act of 2009." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-HR-2588/.
Bluebook (legal)
H.R. 2588, 111th Cong. (2026), https://openamerica.io/bill/111-HR-2588/.
Markdown link
[H.R. 2588: Housing Opportunity and Mortgage Equity Act of 2009](https://openamerica.io/bill/111-HR-2588/)
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