,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #agab  ,,in ,,the ,,house ,,of  
,,representatives  ,april #bd1 #bjac    
,mr4 ,mc,nerney 7for himself1 ,ms4      
,matsui1 ,mr4 ,costa1 ,mr4 ,honda1 and  
,mr4 ,johnson of ,georgia7 introduced   
the following bill2 which was referred  
to the ,committee on ,financial         
,services  ,a ,,bill  ,to prevent       
foreclosure of home mortgages and       
provide for the affordable refinancing  
of mortgages held by ,fannie ,mae and   
,freddie ,mac4  #a4 ,short title ,this  
,act may be cited as the ,housing       
,opportunity and ,mortgage ,equity ,act 
of #bjac4  #b4 ,affordable refinancing  
of mortgages owned or guaranteed by     
,fannie ,mae and ,freddie ,mac  7a7     
,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 mortgage1 and for the    
purchase of and securitization of such  
refinancing mortgages1 in accordance    
with this section and policies and      
procedures that the ,director of the    
,federal ,housing ,finance ,agency shall
 establish4 ,such program shall require 
such refinancing of a qualified mortgage
 upon the request of the mortgagor made 
to the applicable enterprise and a      
determination by the enterprise that the
 mortgage is a qualified mortgage4  7b7 
,qualified mortgage ,for purposes of    
this section1 the term qualified        
mortgage means a mortgage1 without      
regard to whether the mortgagor is      
current on or in default on payments due
 under the mortgage1 that--  7#a7 is an 
existing first mortgage that was made   
for purchase of1 or refinancing another 
first mortgage on1 a one- to four-family
 dwelling1 including a condominium or a 
share in a cooperative ownership housing
 association1 that is occupied by the   
mortgagor as the principal residence of 

the mortgagor2  7#b7 is owned or        
guaranteed by the ,federal ,national    
,mortgage ,association or the ,federal  
,home ,loan ,mortgage ,corporation2 and 
7#c7 was originated on or before the    
date of the enactment of this ,act4  7c7
 ,refinancing mortgage ,for purposes of 
this section1 the term refinancing      
mortgage means a mortgage that meets the
 following requirements3  7#a7          
,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 mortgage4  7#b7   
,single-family housing ,the property    
that is subject to the mortgage shall be
 the same property that is subject to   
the qualified mortgage being refinanced4
  7#c7 ,interest rate ,the mortgage     
shall bear interest at a single rate    
that is fixed for the entire term of the
 mortgage1 which shall be equivalent to 
the premium received by the enterprise  
on the qualified mortgage being         

refinanced plus the cost of selling a   
newly issued mortgage having comparable 
risk and term to maturity in a          
mortgage-backed security1 as such rate  
may be increased to the extent necessary
 to cover1 over the term to maturity of 
the mortgage1 any fee paid to the       
servicer pursuant to subsection 7d71 the
 cost of any title insurance coverage   
issued in connection with the mortgage1 
and1 as determined by the ,director1 a  
portion of any administrative costs of  
the program under this section as may be
 attributable to the mortgage4  7#d7    
,waiver of prepayment penalties ,all    
penalties for prepayment or refinancing 
of the qualified mortgage that is       
refinanced by the mortgage1 and all fees
 and penalties related to the default or
 delinquency on such mortgage1 shall    
have been waived or forgiven4  7#e7     
,term to maturity ,the mortgage shall   
have a term to maturity of not more than
 #dj years from the date of the         
beginning of the amortization of the    

mortgage4  7#f7 ,prohibition on borrower
 fees ,the servicer conducting the      
refinancing shall not charge the        
mortgagor any fee for the refinancing of
 the qualified mortgage through the     
refinancing mortgage4  7#g7 ,title      
insurance ,the fee for title insurance  
coverage issued in connection with the  
mortgage shall be reasonable in         
comparison with fees for such coverage  
available in the market for mortgages   
having similar terms4  7d7 ,fee to      
servicer ,the ,director may1 in the     
,director's sole discretion1 require    
each enterprise to pay to the servicer  
of a qualified mortgage a fee1 in such  
amount as the ,director considers       
appropriate1 for each qualified mortgage
 of an enterprise that the servicer     
refinances through a refinancing        
mortgage pursuant to this section4  7e7 
,no appraisal ,the enterprises may not  
require an appraisal of the property    
subject to a refinancing mortgage to be 
conducted in connection with such       

refinancing4  7f7 ,termination ,the     
requirement under subsection 7a7 for the
 enterprises to refinance qualified     
mortgages shall not apply to any request
 for refinancing made after the         
expiration of the one-year period       
beginning on the date of the enactment  
of this ,act1 except that the ,director 
may1 by notice published before the     
expiration of such period1 extend such  
period for such additional time as the  
,director considers appropriate4  7g7   
,definitions ,for purposes of this      
section1 the following definitions shall
 apply3  7#a7 ,director ,the term       
,director means the ,director of the    
,federal ,housing ,finance ,agency4     
7#b7 ,enterprise ,the term enterprise   
means the ,federal ,national ,mortgage  
,association and the ,federal ,home     
,loan ,mortgage ,corporation4  7h7      
,regulations ,the ,director shall issue 
any regulations or guidance necessary to
 carry out the program under this       
section4