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S 3520 112th Congress Senate Housing and Community Development Consumer credit Government corporations and government-sponsored enterprises Housing finance and home ownership Legal fees and court costs

Rebuilding Equity Act of 2012

Introduced: August 2, 2012 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 2, 2012
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Aug 2, 2012
Introduced in Senate
 Plain-English summary Congressional Research Service

Rebuilding Equity Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) each to establish a voluntary program for eligible borrowers who qualify for the Home Affordable Refinance Program carried out by the GSEs, under which the GSEs shall pay up to $1,000 of the closing costs associated with applying for and receiving refinancing when the borrower agrees to refinance a 30-year mortgage loan into a fully amortizing loan with a term of not longer than 20 years. Requires the subject property to have a loan-to-value ratio of not less than 105%.

What's happening now August 2, 2012

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3