S. 1582: Preserving American Homeownership Act of 2015
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S. 1582: Preserving American Homeownership Act of 2015
114th Congress · introduced 2015-06-16 · 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 2015-06-16 · official record
- Who proposed it: Sen. Menendez, Robert [D-NJ] · 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.
Official title
Preserving American Homeownership Act of 2015
Plain summary
Preserving American Homeownership Act of 2015 Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure. Requires a shared equity mortgage modification to: reduce by specified action the loan-to-value ratio of a covered mortgage to 100% or less within 3 years; reduce the interest rate if such a reduction of principal would not result in an affordable reduced monthly payment; reduce to a specified amount any periodic payment the homeowner is required to make; require the homeowner to pay the investor, upon refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of the equity value of the real property, subject to certain conditions; be designed to deliver maximal net present value to the investor; be based on specified factors; and require disclosure to the homeowner, before entering into the shared equity mortgage modification, of the estimated net present value of the equity sharing interest to be determined under this Act.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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Official text
Preserving American Homeownership Act of 2015
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. Menendez, Robert [D-NJ] · 1 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
Elizabeth Warren (D-MA)
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.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s1582.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>
Record fed-us-cong114-s1582 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114