,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #cacd  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #bi1 #bjag,ms4  
,kaptur 7= h]self1 ,mr4 ,clay1 ,mr4     
,evans1 ,mr4 ,brady ( ,p5nsylvania1 ,ms4
 ,fudge1 ,ms4 ,jayapal1 & ,ms4 ,p+ree7  
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to direct ! ,secret>y ( !      
,dep>tm5t ( ,h\s+ & ,urban ,developm5t &
 ! ,director ( ! ,f$]al ,h\s+ ,f9ance   
,ag5cy to develop a program to provide  
assi/ance to cr$itwor?y borr[]s ) ,f$]al
 /ud5t debt 9 pur*as+ c]ta9 =eclos$     
homes4  #a4 ,%ort title ,?is ,act may be
 cit$ z ! ,trans=m+ ,/ud5t ,debt to     
,home ,equity ,act ( #bjag4  #b4 ,f9d+s 
,congress f9ds ! foll[+3  7#a7 ,9 ! f\r?
 qu>t] ( #bjaf1 ov] #ag1bjj1jjj homes   
rema9 vacant 9 ! ,unit$ ,/ates4  7#b7   
,^! ext5d$ vacancies depress            
neighborhood prop]ty values & create a  
d[nw>d spiral 9 neighborhood /ability 9 
already tr\bl$ communities4  7#c7       
,mean:ile1 due to climb+ exp5ses ( high]

 education1 ! total ,f$]al /ud5t debt   
ow$ equals #a1cjj1jjj1jjj4  7#d7 ,m ?an 
#dj1jjj1jjj ,am]icans h at lea/ "o      
out/&+ /ud5t loan1 up dramatically f    
#bi1jjj1jjj ,am]icans j #aj ye>s ago4   
7#e7 ,/ud5t loan repaym5ts are =c+      
millions ( "y families out ( pur*as+ _! 
fir/ home1 z !y _c af=d to save = a d[n 
paym5t or qualify = a mortgage4  7#f7 ,x
 is imp]ative to f9d a way to           
sy/ematically conv]t debt /reams into   
equity /reams1 o!rwise h\s+ pur*ases w  
cont9ue to be sluggi% & ?\s&s m         
,am]icans w retire saddl$ ) /ud5t loan  
debt nev] hav+ _h ! opportunity to      
accumulate equity4  7#g7 ,x is 9 !      
int]e/ ( ! ,f$]al ,gov]nm5t to use !    
res\rces at its disposal1 includ+ bo?   
h\s+ prop]ties held 9 tru/ & /ud5t debt 
obligations1 to put rev]se pressure on  
^! d[nw>d tr5ds4  7#h7 ,by arrang+      
f9anc+ t recalculates t]ms1             
debt-to-income ratios1 mortgage int]e/  
rates1 & o!r factors1 %ort-t]m /ud5t    
debt c\ld transition into long] t]m home

 own]%ip4  7#i7 ,! goal is to connect   
cr$itwor?y ,f$]al /ud5t debt hold]s )   
h\s+ prop]ties = sale b held by ! ,f$]al
 ,gov]nm5t4  7#aj7 ,ev5tually1          
p>ticipants c help re/ore neighborhoods1
 trans=m _! debt to equity1 & buy       
prop]ty values locally & on ! ,f$]al    
l$g] simply by ma9ta9+ & inve/+ 9 a home
 mortgage4  #c4 ,program to exp& access 
to mortgages to eligible cr$itwor?y     
homebuy]s ) ,f$]al /ud5t loan debt  7a7 
,e/abli%m5t ,f am\nts appropriat$       
pursuant to subsection 7g71 ! ,secret>y 
( ! ,dep>tm5t ( ,h\s+ & ,urban          
,developm5t & ! ,director ( ! ,f$]al    
,h\s+ ,f9ance ,ag5cy %all jo9tly e/abli%
 & c>ry out a pilot demon/ration program
 to provide assi/ance to eligible       
applicants 9 pur*as+ eligible prop]ties4
  7b7 ,eligible applicants ,to be       
eligible = ! program e/abli%$ 9 ?is     
,act1 an applicant-- 7#a7 %all h an     
out/&+ balance ( pr9cipal or int]e/ ow+ 
on a loan made1 insur$1 or gu>ante$ "u  
title ,,iv ( ! ,high] ,education ,act ( 

#aife 7#bj ,u4,s4,c4 #ajgj et seq472    
7#b7 may n be subject to a judgm5t      
secur$ ?r\gh litigation ) respect to su*
 a loan "u title ,,iv ( ! ,high]        
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajgj et seq471 may n be subject to an  
ord] = wage g>ni%m5t "u section #dhh;,a 
( su* ,act 7#bj ,u4,s4,c4 #ajie;a71 & at
 ! "t ( application = p>ticipation 9 !  
program "u ?is section--  7,a7 su* a    
loan %all be 9 repaym5t /atus z det]m9$ 
"u section #dbh7;b77#g77;,a7 ( su* ,act 
7#bj ,u4,s4,c4 #ajgh7;b77#g77;,a772 or  
7,b7 su* a loan %all be 9 a grace p]iod 
prec$+ repaym5t2  7#c7 may n h own$ a   
home dur+ ! #c-ye> p]iod imm$iately be=e
 ! applicant pur*ases an eligible       
prop]ty ) assi/ance provid$ "u ?is ,act2
  7#d7 %all complete a program ( c\nsel+
 ) respect to ! responsibilities &      
f9ancial managem5t involv$ 9 home[n]%ip 
t is approv$ by ! ,secret>y2  7#e7 %all 
be cr$itwor?y1 z det]m9$ by ! ,secret>y 
& ! ,director2  7#f7 %all agree to use  
an eligible prop]ty pur*as$ ) assi/ance 

provid$ "u ?is ,act z ! applicant's     
prim>y resid5ce = n less ?an ! #c-ye>   
p]iod beg9n+ on ! date ( su* pur*ase2 & 
7#g7 %all be employ$ & e>n+ suffici5t   
income to repay a mortgage loan1 z      
det]m9$ by ! ,secret>y & ! ,director = !
 purposes ( ?is program4  7c7 ,types (  
assi/ance  7#a7 ,9 g5]al ,a program     
e/abli%$ "u ?is ,act may provide = any  
"o or m ( ! foll[+ options3 7,a7 ,a     
disc\nt on ! apprais$ value ( an        
eligible prop]ty4  7,b7 ,flexibility 9  
und]writ+ /&>ds relat$ to ! pur*ase (   
eligible prop]ties = mortgages insur$ "u
 title ,,ii ( ! ,national ,h\s+ ,act    
7#ab ,u4,s4,c4 #agjg et seq47 or own$ or
 gu>ante$ by ! ,f$]al ,national         
,mortgage ,association or ! ,f$]al ,home
 ,loan ,mortgage ,corporation4  7,c7 ,! 
developm5t ( new mortgage products      
specifically t>get$ to eligible         
applicants4  7,d7 ,9 coord9ation ) !    
,dep>tm5t ( ! ,treasury & ! ,dep>tm5t ( 
,education1 ! developm5t ( a program t w
 use actu>ial in=mation to det]m9e h[ ! 

repaym5t ( loans describ$ 9 subsection  
7b77#a7 may be integrat$ into a mortgage
 repaym5t s*$ule to all[ an eligible    
applicant to accumulate equity 9 !      
eligible prop]ty1 includ+ by reason (   
meet+ ! eligible applicant's obligations
 "u su* /ud5t loan4  7,e7 ,any o!r      
assi/ance t ! ,secret>y & ,director     
jo9tly deem appropriate4  7#b7          
,collaboration ,9 provid+ assi/ance     
describ$ "u p>agraph 7#a71 ! ,secret>y &
 ! ,director may collaborate ) community
 banks hav+ less ?an #aj1jjj1jjj1jjj 9  
total assets1 cr$it unions 7z def9$ 9   
section #aja ( ! ,f$]al ,cr$it ,union   
,act71 & local fair h\s+ organizations4 
7d7 ,geographical div]sity ,9 select+   
eligible applicants to receive assi/ance
 "u ?is ,act1 ! ,secret>y & ! ,director 
%all1 to ! ext5t practicable1 consid] ! 
location ( ! eligible prop]ty to be     
pur*as$ by ! eligible applicant1 includ+
 :e!r ! eligible prop]ty is locat$ 9 a  
rural or urban area1 to ensure          
geographic div]sity ( su* eligible      

prop]ties4  7e7 ,reports  7#a7 ,int]im  
report ,n lat] ?an #ij days aft] ! date 
( ! enactm5t ( ?is ,act1 ! ,secret>y & !
 ,director %all submit to ,congress an  
int]im report describ+ ! type (         
assi/ance ! ,secret>y & ! ,director %all
 provide "u ! program e/abli%$ "u ?is   
,act4  7#b7 ,f9al report ,n lat] ?an #c 
ye>s aft] ! date ( ! enactm5t ( ?is     
,act1 ! ,secret>y & ! ,director %all    
submit to ,congress a f9al report       
evaluat+ ! impact ( ! program c>ri$ out 
"u ?is ,act & describ+ o!r types (      
assi/ance ! ,secret>y & ! ,director may 
(f]4  7f7 ,def9itions ,9 ?is ,act3 7#a7 
,director ,! t]m ,director means !      
,director ( ! ,f$]al ,h\s+ ,f9ance      
,ag5cy4  7#b7 ,secret>y ,! t]m ,secret>y
 means ! ,secret>y ( ! ,dep>tm5t ( ,h\s+
 & ,urban ,developm5t4  7#c7 ,eligible  
prop]ty ,! t]m eligible prop]ty means a 
prop]ty t is design$ z a dwell+ =       
occupancy by #a to #d families--  7,a7 t
 is safe & habitable1 z def9$ by !      
,secret>y & ! ,director2  7,b7 = :i*1 z 

det]m9$ by ! ,secret>y & ! ,director1 ! 
occupancy ( :i* w promote community     
revitalization2 &  7,c7 t-- 7i7 0       
previ\sly subject to a mortgage loan    
insur$ by ! ,f$]al ,h\s+ ,adm9i/ration  
"u title ,,ii ( ! ,national ,h\s+ ,act  
7#ab ,u4,s4,c4 #agjg et seq47 & is own$ 
by ! ,secret>y pursuant to ! paym5t (   
insurance b5efits "u su* ,act2 or  7ii7 
is a real e/ate own$ prop]ty ( ! ,f$]al 
,national ,mortgage ,association or !   
,f$]al ,home ,loan ,mortgage            
,corporation4  7g7 ,au?orization (      
appropriations ,!re are au?oriz$ to be  
appropriat$ su* sums z necess>y to c>ry 
out ?is ,act = fiscal ye>s #bjah to     
#bjbj4