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S.1375: Rebuilding Equity 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 Equity Act of 2013 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) to each establish a voluntary program for eligible borrowers under which the GSE shall pay $1,000 toward the closing costs associated with applying for and receiving the refinancing when the borrower agrees to refinance into a fully amoritizing loan with a term not longer than 20 years.

Prohibits the amount of the closing costs that each GSE pays under the program during the 12 months following enactment of this Act from varying based on the term of the mortgage that the borrower agrees to refinance into.

Requires the Director of the Federal Housing Finance Agency, for each of the next two 12-month periods, to: (1) adjust the amount of the portion of the closing costs that each GSE will pay in accordance with specified requirements.

Makes eligible for the program...

(Source: Congressional Research Service)

Bill Actions

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