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Promoting Access to Credit for Homebuyers Act of 2021

Introduced: January 28, 2021 Introduced by: Vargas, Juan Democratic · California See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 28, 2021

Referred to the House Committee on Financial Services.

Jan 28, 2021

Introduced in House

Plain-English summary Congressional Research Service

Promoting Access to Credit for Homebuyers Act of 2021

This bill requires Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development to purchase or insure single-family mortgages originated on or after February 1, 2020, on the same terms as they otherwise would despite a borrower entering into, or inquiring about, forbearance due to a COVID-19 (i.e., coronavirus disease 2019) related hardship. This requirement begins 5 days after enactment of this bill and ends 60 days after the end of the period of time a borrower may request a COVID-19 related forbearance.

The Federal Housing Finance Agency may not increase fees or otherwise restrict access to credit during the COVID-19 emergency without congressional notice.

The Government Accountability Office must report on COVID-19-related assistance to consumers by Freddie Mac, Fannie Mae, and the Federal Housing Administration mortgage insurance programs.

What's happening now January 28, 2021

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1