S. 2072: Helping Homeowners Refinance Act

112th Congress · introduced 2012-02-06 · Housing and Community Development · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2012-02-06 · official record
Who proposed it: Sen. Franken, Al [D-MN] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
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 Homeowners Refinance Act

Plain summary

Helping Homeowners Refinance Act - Requires the Director of the Federal Housing Finance Agency to promulgate rules prohibiting the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and their affiliates from holding any possessory interest in or otherwise owning, in whole or in part, any financial market instrument that would, in the Director's discretion, substantially reduce the financial incentive to carry out the statutory mission of the GSEs to provide liquidity, stability, and affordability to the U.S. housing market under the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act. Directs Freddie Mac to implement policies (consistent with Fannie Mae's as of February 1, 2012) to reduce the putback risk on a mortgage, including any putback risk associated with loan refinancing, regardless of the loan-to-value ratio on the mortgage. Defines "putback risk" as the probability that a GSE would require a loan originator to repurchase a loan purchased by the GSE. Requires the GSEs to apply the same putback risks to all financial institutions that refinance mortgage loans owned or guaranteed by a GSE, regardless of whether the loans being refinanced were originated by the same institution that is originating the new loan. Authorizes the Director to waive any rule under this Act or the application of such a putback risk if the Director certifies in writing to Congress that the GSE's safety and soundness is put at risk by the applicability of the putback risk.

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

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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.

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What does this mean? (plain words)

Official text

Helping Homeowners Refinance Act

Source: Congressional Research Service summary (Introduced in Senate)

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

Officials and money

Sponsor: Sen. Franken, Al [D-MN] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard Blumenthal (D-CT)

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 (3)

Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Sponsor and cosponsor: The sponsor is the member who introduces a bill and leads it. Cosponsors are other members who sign on to show support.
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112s2072.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s2072 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112