S 2854
113th Congress
Senate
Housing and Community Development
Financial services and investments
Government studies and investigations
Housing finance and home ownership
Interest, dividends, interest rates
Real estate business
Preserving American Homeownership Act of 2014
Introduced: September 18, 2014
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 18, 2014
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 18, 2014
Introduced in Senate
Plain-English summary
Preserving American Homeownership Act of 2014 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.
Requires a shared equity mortgage modification to:
- reduce by specified action the loan-to-value ratio of a covered mortgage to 100% or less within 3 years;
- reduce the interest rate if such a reduction of principal would not result in an affordable reduced monthly payment;
- reduce to a specified amount any periodic payment the homeowner is required to make;
- require the homeowner to pay the investor, upon refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of the equity value of the real property, subject to certain conditions;
- be designed to deliver maximal net present value to the investor; and
- be based on specified factors.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1