H.R.6794 - Promoting Access to Credit for Homebuyers Act of 2020116th Congress (2019-2020)
|Sponsor:||Rep. Vargas, Juan [D-CA-51] (Introduced 05/08/2020)|
|Committees:||House - Financial Services|
|Committee Meetings:||09/16/20 12:00PM|
|Latest Action:||House - 05/08/2020 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6794 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (05/08/2020)
Promoting Access to Credit for Homebuyers Act of 2020
This bill requires Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development to purchase or insure single-family mortgages originated on or after February 1, 2020, on the same terms as they otherwise would despite a borrower entering into, or inquiring about, forbearance due to a COVID-19 (i.e., coronavirus disease 2019) related hardship. This requirement begins 5 days after enactment of this bill and ends 60 days after the end of the period of time a borrower may request a COVID-19 related forbearance.
The Federal Housing Finance Agency may not increase fees or otherwise restrict access to credit during the COVID-19 emergency without congressional notice.
The Government Accountability Office must report on COVID-19-related assistance to consumers by Freddie Mac, Fannie Mae, and the Federal Housing Administration mortgage insurance programs.