,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #agab  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #bd1 #bjac ,mr4
 ,mc,nerney 7= himself1 ,ms4 ,matsui1   
,mr4 ,co/a1 ,mr4 ,honda1 & ,mr4 ,johnson
 ( ,georgia7 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to      
prev5t =eclosure ( home mortgages &     
provide = ! af=dable ref9anc+ (         
mortgages held by ,fannie ,mae & ,fr$die
 ,mac4  #a4 ,%ort title ,?is ,act may be
 cit$ z ! ,h\s+ ,opportunity & ,mortgage
 ,equity ,act ( #bjac4  #b4 ,af=dable   
ref9anc+ ( mortgages own$ or gu>ante$ by
 ,fannie ,mae & ,fr$die ,mac  7a7       
,au?ority ,! ,f$]al ,national ,mortgage 
,association & ! ,f$]al ,home ,loan     
,mortgage ,corporation %all ea* c>ry out
 a program "u ?is section to provide = !
 ref9anc+ ( qualifi$ mortgages on       
s+le-family h\s+ own$ by su* ent]prise  
?r\gh a ref9anc+ mortgage1 & = ! pur*ase
 ( & securitization ( su* ref9anc+      
mortgages1 9 accordance ) ?is section & 

policies & proc$ures t ! ,director ( !  
,f$]al ,h\s+ ,f9ance ,ag5cy %all        
e/abli%4 ,su* program %all require su*  
ref9anc+ ( a qualifi$ mortgage ^u !     
reque/ ( ! mortgagor made to !          
applicable ent]prise & a det]m9ation by 
! ent]prise t ! mortgage is a qualifi$  
mortgage4  7b7 ,qualifi$ mortgage ,=    
purposes ( ?is section1 ! t]m qualifi$  
mortgage means a mortgage1 )\t reg>d to 
:e!r ! mortgagor is curr5t on or 9      
default on paym5ts due "u ! mortgage1   
t--  7#a7 is an exi/+ fir/ mortgage t 0 
made = pur*ase (1 or ref9anc+ ano!r fir/
 mortgage on1 a "o- to f\r-family       
dwell+1 includ+ a condom9ium or a %>e 9 
a coop]ative own]%ip h\s+ association1 t
 is occupi$ by ! mortgagor z ! pr9cipal 
resid5ce ( ! mortgagor2  7#b7 is own$ or
 gu>ante$ by ! ,f$]al ,national         
,mortgage ,association or ! ,f$]al ,home
 ,loan ,mortgage ,corporation2 &  7#c7 0
 orig9at$ on or be=e ! date ( ! enactm5t
 ( ?is ,act4  7c7 ,ref9anc+ mortgage ,= 
purposes ( ?is section1 ! t]m ref9anc+  

mortgage means a mortgage t meets !     
foll[+ requirem5ts3  7#a7 ,ref9anc+ (   
qualifi$ mortgage ,! pr9cipal loan am\nt
 repaym5t ( :i* is secur$ by ! mortgage 
%all be us$ to satisfy all indebt$ness  
"u an exi/+ qualifi$ mortgage4  7#b7    
,s+le-family h\s+ ,! prop]ty t is       
subject to ! mortgage %all be ! same    
prop]ty t is subject to ! qualifi$      
mortgage be+ ref9anc$4  7#c7 ,int]e/    
rate ,! mortgage %all be> int]e/ at a   
s+le rate t is fix$ = ! entire t]m ( !  
mortgage1 :i* %all be equival5t to !    
premium receiv$ by ! ent]prise on !     
qualifi$ mortgage be+ ref9anc$ plus !   
co/ ( sell+ a newly issu$ mortgage hav+ 
comp>able risk & t]m to maturity 9 a    
mortgage-back$ security1 z su* rate may 
be increas$ to ! ext5t necess>y to cov]1
 ov] ! t]m to maturity ( ! mortgage1 any
 fee paid to ! s]vic] pursuant to       
subsection 7d71 ! co/ ( any title       
insurance cov]age issu$ 9 connection ) !
 mortgage1 &1 z det]m9$ by ! ,director1 
a portion ( any adm9i/rative co/s ( !   

program "u ?is section z may be         
attributable to ! mortgage4  7#d7 ,waiv]
 ( prepaym5t p5alties ,all p5alties =   
prepaym5t or ref9anc+ ( ! qualifi$      
mortgage t is ref9anc$ by ! mortgage1 & 
all fees & p5alties relat$ to ! default 
or del9qu5cy on su* mortgage1 %all h be5
 waiv$ or =giv54  7#e7 ,t]m to maturity 
,! mortgage %all h a t]m to maturity ( n
 m ?an #dj ye>s f ! date ( ! beg9n+ ( ! 
amortization ( ! mortgage4  7#f7        
,prohibition on borr[] fees ,! s]vic]   
conduct+ ! ref9anc+ %all n *>ge !       
mortgagor any fee = ! ref9anc+ ( !      
qualifi$ mortgage ?r\gh ! ref9anc+      
mortgage4  7#g7 ,title insurance ,! fee 
= title insurance cov]age issu$ 9       
connection ) ! mortgage %all be         
reasonable 9 comp>ison ) fees = su*     
cov]age available 9 ! m>ket = mortgages 
hav+ simil> t]ms4  7d7 ,fee to s]vic] ,!
 ,director may1 9 ! ,director's sole    
discretion1 require ea* ent]prise to pay
 to ! s]vic] ( a qualifi$ mortgage a    
fee1 9 su* am\nt z ! ,director consid]s 

appropriate1 = ea* qualifi$ mortgage (  
an ent]prise t ! s]vic] ref9ances ?r\gh 
a ref9anc+ mortgage pursuant to ?is     
section4  7e7 ,no appraisal ,!          
ent]prises may n require an appraisal ( 
! prop]ty subject to a ref9anc+ mortgage
 to be conduct$ 9 connection ) su*      
ref9anc+4  7f7 ,t]m9ation ,! requirem5t 
"u subsection 7a7 = ! ent]prises to     
ref9ance qualifi$ mortgages %all n apply
 to any reque/ = ref9anc+ made aft] !   
expiration ( ! "o-ye> p]iod beg9n+ on ! 
date ( ! enactm5t ( ?is ,act1 except t !
 ,director may1 by notice publi%$ be=e !
 expiration ( su* p]iod1 ext5d su* p]iod
 = su* additional "t z ! ,director      
consid]s appropriate4  7g7 ,def9itions  
,= purposes ( ?is section1 ! foll[+     
def9itions %all apply3  7#a7 ,director  
,! t]m ,director means ! ,director ( !  
,f$]al ,h\s+ ,f9ance ,ag5cy4  7#b7      
,ent]prise ,! t]m ent]prise means !     
,f$]al ,national ,mortgage ,association 
& ! ,f$]al ,home ,loan ,mortgage        
,corporation4  7h7 ,regulations ,!      

,director %all issue any regulations or 
guidance necess>y to c>ry out ! program 
"u ?is section4