H.R.6218 - Housing Opportunity and Mortgage Equity Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Cardoza, Dennis A. [D-CA-18] (Introduced 09/28/2010)|
|Committees:||House - Financial Services|
|Latest Action:||09/28/2010 Referred to the House Committee on Financial Services.|
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Subject — Policy Area:
- Housing and Community Development
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Summary: H.R.6218 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (09/28/2010)
Housing Opportunity and Mortgage Equity Act of 2010 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency.
Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence; (2) is owned or guaranteed by the particular GSE; and (3) was originated on or before enactment of this Act.
Specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage.
Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance.
Prohibits any requirement of a property appraisal.