S. 170Senate112th Congress (2011-2013)In Committee

Helping Responsible Homeowners Act

A bill to provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac.

Introduced January 25, 2011

Legislative Activity

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3 earlier actions
SenateCommittee Latest Action

Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 112-382.

September 14, 2011

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SenateIntro Referral

Introduced in Senate

January 25, 2011

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S228)

January 25, 2011

SenateIntro Referral

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

January 25, 2011

SenateCommittee

Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 112-382.

September 14, 2011

Floor Debate

22 members

What members said about S. 170 on the floor

5 Republicans17 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 25, 2011

Mr. President, I rise on behalf of myself and Senator Boxer to introduce legislation to establish a National Heritage Area in the California Sacramento-San Joaquin Delta. This legislation will create…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 25, 2011

Mr. President, I am pleased to introduce the Coral Reef Conservation Amendments Act, which I also introduced in the 111th Congress. This critical bill reauthorizes and strengthens the Coral Reef…

Herb Kohl
Sen. Herb KohlD-WI · Jan 25, 2011

Mr. Chairman, I rise today to introduce the Preserve Access to Affordable Generics Act. This bipartisan legislation will dramatically reduce prescription drug costs by preventing one of the most…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 25, 2011

Mr. President, the United States of America has long been the world leader in invention and innovation. That leadership has propelled our economic growth, but we cannot remain complacent while…

Maria Cantwell
Sen. Maria CantwellD-WA · Jan 25, 2011

Mr. President, I rise today to introduce legislation that will preserve the free and open Internet that has led to the growth of broadband. The broadband Internet is integral to U.S. job creation,…

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John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Jan 25, 2011

Mr. President, I rise today to reintroduce the Public Safety Spectrum and Wireless Innovation Act. Radio spectrum is a tremendous resource. It can grow our economy and put innovative wireless…

Tom Harkin
Sen. Tom HarkinD-IA · Jan 25, 2011

Mr. President, the Healthy Lifestyles and Prevention America Act, also known as the HeLP America Act, will improve the health of Americans and reduce health care costs by emphasizing prevention,…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jan 25, 2011

Mr. President, improving public safety, growing our economy, increasing energy independence, and protecting the environment have always been among my top priorities as a Senator. Today, the very…

Sheldon Whitehouse
Sen. Sheldon WhitehouseD-RI · Jan 25, 2011

Mr. President, from the Recovery Act to the Small Business Jobs Act, in the previous Congress we passed a number of substantial pieces of legislation to preserve, protect, and create American jobs.…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 25, 2011

Mr. President, I am pleased to introduce a bill to provide permanent tax relief from the marriage penalty--the most egregious, anti-family provision in the tax code. One of my highest priorities in…

Jon Tester
Sen. Jon TesterD-MT · Jan 25, 2011

Mr. President, I rise today to introduce the Common Sense in Consumer Product Safety Act of 2011 on behalf of the folks across America who are outdoor enthusiasts and budding sportsman and women.…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Jan 25, 2011

Mr. President, today I am introducing the American Medical Isotopes Production Act of 2011. The purpose of the bill is to provide certainty in developing a domestic supply of molybdenum-99, which is…

Max Baucus
Sen. Max BaucusD-MT · Jan 25, 2011

Mr. President, American judge and judicial philosopher Learned Hand once wrote: ``Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern…

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Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jan 25, 2011

Mr. President, I rise to express support for the Patent Reform Act of 2011, S. 23, introduced today by Senate Judiciary Committee Chairman Patrick Leahy. Senator Leahy and I, along with a number of…

Mark Kirk
Sen. Mark KirkR-IL · Jan 25, 2011

Mr. President, today I am pleased to join with Senator Durbin to introduce the Great Lakes Water Protection Act. This bipartisan legislation would set a date certain to end sewage dumping in…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jan 25, 2011

Mr. President, I rise today to introduce the Helping Responsible Homeowners Act of 2011. This legislation will eliminate barriers that have prevented millions of borrowers who continue to make their…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jan 25, 2011

Mr. President, I rise today to introduce the Helping Responsible Homeowners Act of 2011. This legislation will eliminate barriers that have prevented millions of borrowers who continue to make their…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 25, 2011

Mr. President, today I am introducing the Great Lakes Water Protection Act with my colleague, Senator Mark Kirk. We face many challenges in protecting the Great Lakes--from contaminated sediment to…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jan 25, 2011

Mr. President, Senator Baucus and I first introduced a bill to ban patents for tax inventions in the 110th Congress. Since then, we have worked with the leaders of the Judiciary Committee, the Patent…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Jan 25, 2011

Mr. President, today, I introduced legislation to protect the coastal plains region of the Arctic National Wildlife Refuge from oil and gas exploration and drilling. Every Congress since the 101st, I…

Harry Reid
Sen. Harry ReidD-NV · Jan 25, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Jeanne Shaheen
Sen. Jeanne ShaheenD-NH · Jan 25, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Al  Franken
Sen. Al Franken D-MN · Jan 25, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued January 25, 2011

II

112th CONGRESS

1st Session

S. 170

IN THE SENATE OF THE UNITED STATES

January 25 (legislative day, January 5), 2011

Mrs. Boxer introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac.

1.

Short title

This Act may be cited as the Helping Responsible Homeowners Act.

2.

Affordable refinancing of mortgages owned or guaranteed by Fannie Mae and Freddie Mac

(a)

Definitions

As used in this Act, the following definitions shall apply:

(1)

Director

The term Director means the Director of the Federal Housing Finance Agency.

(2)

Enterprise

The term enterprise means the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

(3)

Qualified mortgage

The term qualified mortgage means a mortgage that—

(A)

is an existing first mortgage that was made for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as the principal residence of the mortgagor;

(B)

is owned or guaranteed by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; and

(C)

the mortgagor is current on payments due under the mortgage.

(4)

Refinancing mortgage

The term refinancing mortgage means a mortgage that meets the following requirements:

(A)

Refinancing of qualified mortgage

The principal loan amount repayment of which is secured by the mortgage shall be used to satisfy all indebtedness under an existing qualified mortgage and any closing costs from the refinancing of the mortgage that the mortgagor chooses to include in the refinanced mortgage.

(B)

Single-family housing

The property that is subject to the mortgage shall be the same property that is subject to the qualified mortgage being refinanced.

(C)

Interest rate

The mortgage shall bear a fair rate of interest, which shall not exceed 40 basis points above the required net yield for a 60-day commitment to purchase a prime conventional conforming fixed rate mortgage as published by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation at the time the interest rate is locked in.

(D)

Loan to value

The mortgage shall not be limited by the loan-to-value ratio.

(E)

Waiver of prepayment penalties

All penalties for prepayment or refinancing of the qualified mortgage that is refinanced by the mortgage, and all fees and penalties related to the default or delinquency on such mortgage, shall have been waived or forgiven.

(F)

Term to maturity

The mortgage shall have a term to maturity of not more than 40 years from the date of the beginning of the amortization of the mortgage.

(b)

Authority

The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall each carry out a program under this section to provide for the refinancing of qualified mortgages on single-family housing owned by such enterprise through a refinancing mortgage, and for the purchase of and securitization of such refinancing mortgages, in accordance with this section and policies and procedures that the Director of the Federal Housing Finance Agency shall establish. Such program shall require the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to purchase or guarantee the refinancing mortgage used to refinance a qualified mortgage upon the request of the mortgagee.

(c)

Prohibition on loan level price adjustments and post settlement delivery fees

In carrying out the program established under this section, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall not charge the mortgagee any up-front fee beyond the standard guarantee fee for the refinancing of the qualified mortgage through the refinancing mortgage.

(d)

Resubordination of second liens

For any servicer or creditor holding a second lien on a qualified mortgage who refuses to resubordinate that lien, thereby preventing the refinancing of the qualified mortgage, new mortgages originated by that servicer or creditor shall be ineligible for purchase or guarantee by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.

(e)

Termination

The requirement for an enterprise to refinance qualified mortgages under this section shall not apply to any request for refinancing made after the expiration of the 1-year period beginning on the date of the enactment of this Act. Notwithstanding the prior sentence, the Director, at his or her discretion, may extend the program established under this section, and the requirements of such program shall apply during any such extension, in 1-year increments.

(f)

Regulations

The Director shall issue any regulations or guidance necessary to carry out the program established under this section.

3.

Notice of the refinancing program

The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall require each servicer of a mortgage owned or guaranteed by each such enterprise to inform each borrower of such mortgage of the refinancing program authorized and established under section 2.

4.

Report

The Director shall, as part of the monthly Foreclosure Prevention & Refinance Report published by the Director, include information on the progress of the refinancing program authorized and established under section 2.