S. 3085 (112th): Responsible Homeowners Refinancing Act of 2012

May 10, 2012 (112th Congress, 2011–2013)
Died (Referred to Committee)
Robert “Bob” Menéndez
Senator from New Jersey
Read Text »
Last Updated
May 10, 2012
13 pages
Related Bills
H.R. 6428 (Related)
Responsible Homeowner Refinancing Act of 2012

Referred to Committee
Last Action: Sep 14, 2012

S. 3522 (Related)
Responsible Homeowner Refinancing Act of 2012

Reported by Committee
Last Action: Sep 11, 2012


This bill was introduced on May 10, 2012, in a previous session of Congress, but was not enacted.

Introduced May 10, 2012
Referred to Committee May 10, 2012
Full Title

A bill to provide for the expansion of affordable refinancing of mortgages held by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.


No summaries available.

Primary Source

THOMAS.gov (The Library of Congress)

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S. stands for Senate bill.

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GovTrack’s Bill Summary

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Library of Congress Summary

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

Responsible Homeowners Refinancing Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified criteria pertaining to:
(1) borrower eligibility,
(2) representations and warranties,
(3) prohibition on up-front fees,
(4) alternative streamlined methods to appraise the value of a property,
(5) an administrative penalty for lien-holder refusal to resubordinate junior liens,
(6) carryover of mortgage insurance, and
(7) guarantee fees.
Requires the GSE to notify all borrowers with a mortgage owned or guaranteed by a GSE about the Program and its eligibility criteria, and inform borrowers of the website required below.
Directs the Director of the Federal Housing Finance Agency (FHFA) to establish a single website where borrowers may: (1) determine their potential eligibility for participation in the Program, (2) see a complete list of and links to participating lenders, (3) use a mortgage refinance calculator to calculate potential payment savings based on different interest rates, and (4) obtain tips on refinancing their loan.
Directs the FHFA to issue guidelines to require the GSEs to make their refinancing guidelines consistent to ease lender compliance requirements, particularly with respect to: (1) loans with less than an 80% loan-to-value ratio, and (2) GSE closing cost policies.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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