,,ii  #aac? ,,congress  #a/ ,session    
,s4 #acgc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #be1 #bjac ,mr4  
,m]kley introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to increase access to ref9anc+ 
= home[n]s1 & = o!r purposes4  #a4 ,%ort
 title ,?is ,act may be cit$ z !        
,rebuild+ ,am]ican ,home[n]%ip ,act (   
#bjac4  #b4 ,def9itions ,9 ?is ,act1 !  
foll[+ def9itions %all apply3  7#a7     
,curr5t borr[] ,! t]m curr5t borr[]     
means a mortgagor t--  7,a7 has made ea*
 paym5t on an eligible mortgage1 )9 !   
mon? 9 :i* ! paym5t 0 due1 dur+ !       
#f-mon? p]iod prec$+ ! date ( ref9anc+ (
 ! eligible mortgage "u ?is ,act2 &     
7,b7 has n be5 m ?an #cj days del9qu5t  
on an eligible mortgage m ?an once dur+ 
! #a-ye> p]iod prec$+ ! date ( ref9anc+ 
( ! mortgage "u ?is ,act4  7#b7         
,director ,! t]m ,director means !      
,director ( ! ,f$]al ,h\s+ ,f9ance      
,ag5cy4  7#c7 ,eligible mortgage ,! t]m 

eligible mortgage--  7,a7 means any     
mortgage t--  7i7 is an exi/+ fir/      
mortgage--  7,i7 t 0 made = pur*ase (1  
or ref9anc+ ( ano!r fir/ mortgage1 on a 
#a- to #d-;family own]-occupi$ dwell+1  
includ+ a condom9ium or a %>e 9 a       
coop]ative own]%ip h\s+ association2 &  
7,,ii7 ) a curr5t loan-to-value ratio 9 
excess ( #hj p]c5t1 b n great] ?an #adj 
p]c5t2  7ii7 0 orig9at$ on or be=e ,may 
#ca1 #bjji2  7iii7 is n own$ or gu>ante$
 by an ent]prise2 &  7iv7 ) respect to  
:i*1 ! mortgagor is a curr5t borr[]2 &  
7,b7 does n include any mortgage t is   
insur$ or gu>ante$ by any program ( !   
,f$]al ,h\s+ ,adm9i/ration1 ! ,dep>tm5t 
( ,h\s+ & ,urban ,developm5t1 !         
,gov]nm5t ,national ,mortgage           
,association1 ! ,dep>tm5t (             
,agriculture1 or ! ,dep>tm5t ( ,vet]ans 
,affairs4  7#d7 ,ent]prise ,! t]m       
ent]prise means ! ,f$]al ,national      
,mortgage ,association & ! ,f$]al ,home 
,loan ,mortgage ,corporation4  7#e7     
,gu>antee fee ,! t]m gu>antee fee has ! 

same mean+ z 9 section #acbg7;a7 ( !    
,h\s+ & ,community ,developm5t ,act (   
#aiib 7#ab ,u4,s4,c4 #dedg7;a774  #c4   
,ref9anc+ au?ority  7a7 ,ent]prise      
ref9anc+ au?ority  7#a7 ,program ,ea*   
ent]prise %all e/abli% & c>ry out a     
program "u ?is section to provide = !   
ref9anc+ ( eligible mortgages4  7#b7    
,au?ority ,not)/&+ any provision ( !    
,f$]al ,national ,mortgage ,association 
,*>t] ,act 7#ab ,u4,s4,c4 #agaf et seq47
 & ! ,f$]al ,home ,loan ,mortgage       
,corporation ,act 7#ab ,u4,s4,c4 #adea  
et seq471 9 c>ry+ out ! ref9anc+ program
 requir$ "u p>agraph 7#a71 an ent]prise 
may pur*ase1 gu>antee1 s]vice1 sell1 l5d
 on ! security (1 ref9ance1 or o!rwise  
deal 9 eligible mortgages4  7b7         
,implem5tation au?ority  7#a7 ,9 g5]al  
,subject to p>agraph 7#b71 ea* ent]prise
 may prescribe any requirem5ts1 t]ms1 & 
conditions t su* ent]prise det]m9es     
necess>y to c>ry out ! ref9anc+ program 
requir$ "u subsection 7a71 includ+ )    
respect to any und]writ+ crit]ia1 su*   

z--  7,a7 v]ification ( a borr[]'s      
employm5t1 income1 res]ves1 & assets2   
7,b7 a borr[]'s cr$it hi/ory2  7,c7     
prop]ty valuation requirem5ts2  7,d7    
repres5tations & w>ranties2  7,e7       
eligible prop]ty type & occupancy       
requirem5ts2 &  7,f7 cont9uation ( !    
second-li5 position1 or release1 ( any  
junior li5s on ! prop]ty4  7#b7 ,exi/+  
cr$it enhancem5ts to be reta9$ ,9 ord]  
to p>ticipate 9 ! ref9anc+ program      
requir$ "u subsection 7a71 an eligible  
mortgage ) exi/+ cr$it enhancem5t       
cov]age mu/ cont9ue to ma9ta9 or o!rwise
 transf] su* cov]age to ! new mortgage t
 is a result ( ! ref9anc+ ( ! eligible  
mortgage au?oriz$ by ?is section4  7#c7 
,maximum t]m ( ! new mortgage ,! t]m (  
any new mortgage t is a result ( !      
ref9anc+ ( an eligible mortgage au?oriz$
 by ?is section %all n exce$ #cj ye>s4  
7#d7 ,maximum loan am\nt ,! maximum     
orig9al pr9cipal obligation ( any new   
mortgage t is a result ( ! ref9anc+ ( an
 eligible mortgage au?oriz$ by ?is      

section %all n exce$ ! limitation 9 law 
gov]n+ ! maximum orig9al pr9cipal       
obligation on conv5tional mortgages t   
may be pur*as$ or gu>ante$ by an        
ent]prise1 z su* law is 9 effect on !   
date ( ! clos+ ( ! new mortgage4  7c7   
,regulations ,! ,director may issue any 
regulations1 guidance1 or directives    
necess>y to c>ry out ! ref9anc+ program 
requir$ "u subsection 7a74  #d4         
,gu>antee fees  7a7 ,requirem5t ,to *>ge
 a gu>antee fee ,ea* ent]prise %all *>ge
 a gu>antee fee 9 connection ) any      
gu>antee ( ! timely paym5t ( pr9cipal & 
int]e/ on securities1 notes1 & o!r      
obligations bas$ on or back$ by eligible
 mortgages ref9anc$ "u ?is ,act4  7b7   
,am\nt  7#a7 ,9 g5]al ,! am\nt ( !      
gu>antee fee requir$ to be *>g$ by an   
ent]prise pursuant to subsection 7a7    
%all be actu>ially det]m9$ by !         
,director to cov] ! expect$ risk (      
default on ! pool ( eligible mortgages  
ref9anc$ "u ?is ,act back+ ! security1  
note1 or o!r obligation to :i* !        

ent]prises' gu>antee applies4  7#b7     
,rule ( con/ruction ,9 calculat+ !      
expect$ risk ( default pursuant to      
p>agraph 7#a71 ! ,director %all ensure t
 any default probability assumptions us$
 to model su* risk--  7,a7 are          
reasonable1 includ+ ) respect to !      
arrival rate ( default & ! magnitude    
risk ( default2 &  7,b7 are n unduly    
weight$ to cov] hi/orical /ress or      
crisis sc5>ios4  7#c7 ,prohibition on   
additional *>ges ,9 det]m9+ ! am\nt (   
any gu>antee fee requir$ to be *>g$     
pursuant to subsection 7a71 nei!r !     
,director nor an ent]prise may *>ge any 
additional fee1 price adju/m5t1 premium1
 or o!r am\nt o!r ?an t :i* is det]m9$ 9
 accordance ) p>agraph 7#a74  7#d7      
,prohibition on (fsets ,! ,director %all
 prohibit an ent]prise f (fsett+ ! co/ (
 ! gu>antee fee requir$ to by *>g$      
pursuant to subsection 7a7 to mortgage  
orig9ators1 borr[]s1 & inve/ors by      
decreas+ o!r *>ges1 fees1 or premiums1  
or 9 any o!r mann]4  7c7 ,au?ority ,to  

limit (f] ( gu>antee ,! ,director %all  
prohibit an ent]prise f consummat+ any  
(f] = a gu>antee on any security1 note1 
or o!r obligation bas$ on or back$ by   
eligible mortgages ref9anc$ "u ?is ,act1
 if ! gu>antee is inconsi/5t ) !        
requirem5ts ( ?is section4  #e4 ,reports
 ,! ,director %all include1 9 ! annual  
report submitt$ to ! ,congress pursuant 
to section #acai;,b ( ! ,f$]al ,h\s+    
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#deba71 in=mation on ! use & impact ( ! 
program e/abli%$ "u section #c4 ,!      
in=mation provid$ %all include--  7#a7 a
 review & analysis ( ! effectiv5ess ( ! 
program 9--  7,a7 r$uc+ ! rate (        
mortgage default & del9qu5cy2  7,b7     
prev5t+ =eclosure2 &  7,c7 support+     
/able home[n]%ip2 &  7#b7 any           
recomm5dations ! ,director consid]s     
appropriate reg>d+ ! program4  #f4      
,sunset  7a7 ,t]m9ation ,! provisions ( 
?is ,act1 & any program or au?orities   
e/abli%$ or grant$ !re9 or d]iv$        

!refrom1 %all t]m9ate on ,decemb] #ca1  
#bjad4  7b7 ,ext5sion ,! ,director1 ^u  
transmission ( a writt5 notification to 
,congress1 may ext5d ! au?orities       
provid$ "u ?is ,act = a #a-ye> p]iod4