S. 3047 (112th): Expanding Refinancing Opportunities Act of 2012

Introduced:
May 09, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Dianne Feinstein
Senator from California
Party
Democrat
Text
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Last Updated
May 09, 2012
Length
5 pages
 
Status

This bill was introduced on May 9, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced May 09, 2012
Referred to Committee May 09, 2012
 
Full Title

A bill to encourage responsible homeowners to refinance mortgages, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


5/9/2012--Introduced.
Expanding Refinancing Opportunities Act of 2012 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to insure or commit to insure any mortgage made to refinance an eligible mortgage.
Defines "eligible mortgage" as one that:
(1) is not guaranteed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation) (Freddie Mac) (government sponsored enterprises or GSEs),
(2) is collateralized by an owner-occupied residence,
(3) involves a principal obligation that does not exceed 140% of the value of the property collateralizing the mortgage or the HUD-insured loan limits in effect, and
(4) was executed by a mortgagor meeting certain criteria.
Establishes in the Federal Housing Administration (FHA) the Expanded Refinancing Fund, which shall be available to carry out streamlined refinancing of non-enterprise mortgages. Prohibits the use of any amounts in the Mutual Mortgage Fund to carry out this Act.
Amends the Housing and Community Development Act of 1992 and the Temporary Payroll Tax Cut Continuation Act of 2011 to extend through FY2022 the mandates for GSE and FHA guarantee fees.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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