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Text of the Rebuilding Equity Act of 2012

This bill was introduced on May 8, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of May 8, 2012 (Introduced).

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Source: GPO

II

112th CONGRESS

2d Session

S. 2909

IN THE SENATE OF THE UNITED STATES

May 8, 2012

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

A BILL

To require closing costs to be paid by the enterprises with respect to certain refinanced mortgage loans, and for other purposes.

1.

Short title

This Act may be cited as the Rebuilding Equity Act of 2012.

2.

Rebuilding equity program

(a)

In general

The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (in this Act referred to as the enterprises) shall each establish a voluntary program for borrowers who qualify for the Home Affordable Refinance Program carried out by the enterprises, in which the enterprises shall pay for the closing costs associated with applying for and receiving the refinancing when the borrower agrees to refinance into a fully amortizing loan with a term of not longer than 20 years.

(b)

Inclusions

Closing costs covered by this section shall include—

(1)

application fees;

(2)

credit check costs;

(3)

title search costs; and

(4)

attorneys’ fees associated with closing the transaction, other than attorneys’ fees associated with disputes arising out of the transaction or otherwise ancillary to closing the transaction.