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S. 170: Helping Responsible Homeowners Act

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S. 170: Helping Responsible Homeowners Act

112th Congress · introduced 2011-01-25 · Housing and Community Development · Latest: Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 112-382.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2011-01-25 · official record
  2. Who proposed it: Sen. Boxer, Barbara [D-CA] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 112-382. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Helping Responsible Homeowners Act

Plain summary

Helping Responsible Homeowners Act - 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 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) the mortgagor is current on payments due under the mortgage. 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. Prohibits the GSEs from charging a mortgagee any up-front fee beyond the standard guarantee fee for the refinancing of the qualified mortgage. Makes ineligible for purchase or guarantee by either GSE of any new mortgage originated by a servicer or creditor holding a second lien on a qualified mortgage who refuses to resubordinate that lien, and thereby prevents the refinancing of the qualified mortgage. Directs the GSEs to require each servicer of a mortgage owned or guaranteed by the GSE to inform each mortgage borrower of the refinancing program authorized and established under this Act.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Helping Responsible Homeowners Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Boxer, Barbara [D-CA] · 5 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Jeff Merkley (D-OR), Sheldon Whitehouse (D-RI)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Authorization
A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong112-s170 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112