II
112th CONGRESS
2d Session
S. 2909
IN THE SENATE OF THE UNITED STATES
May 8, 2012
Mr. Merkley 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.
Short title
This Act may be cited as
the Rebuilding Equity Act of
2012
.
Rebuilding equity program
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.
Inclusions
Closing costs covered by this section shall include—
application fees;
credit check costs;
title search costs; and
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.