S.1373: Rebuilding American Homeownership Act of 2013

About this Bill

You can read the bill
Sponsor Jeff Merkley, D-Ore.
Total Cosponsors 0
Introduced July 25, 2013
Latest Major Action July 25, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Rebuilding American Homeownership Act of 2013 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (Government sponsored enterprises or GSEs) to establish a program to provide for the refinancing of eligible mortgages. Authorizes a GSE to purchase, guarantee, service, sell, lend on the security of, refinance, or otherwise deal in eligible mortgages in carrying out such program.

Defines eligible mortgage as an existing first mortgage: (1) made for purchase of, or refinancing of another first mortgage, on a 1- to 4-family owner-occupied dwelling; (2) with a current loan-to-value ratio between 80% and 140%; (3) originated on or before May 31, 2009; and (4) not owned or guaranteed by a GSE. Requires the mortgagor to be a current borrower. Excludes from eligibility any mortgage insured or guaranteed by any program of the Federal Housing Administration (FHA), the Department of Housing and Urban Development...

(Source: Congressional Research Service)

Bill Actions

Date Description
July 25, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.