Preserving American Homeownership Act of 2012

Summary

Preserving American Homeownership Act of 2012 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage, through assistance provided under the Home Affordable Modification Program (HAMP) under the Secretary of the Treasury's Making Home Affordable initiative, the use of shared appreciation mortgage modifications that: (1) are designed to return greater cash flow to investors than other loss-mitigation activities, including foreclosure; and (2) result in positive net present value for the investor. Requires a shared appreciation mortgage modification to: (1) reduce by specified action the loan-to-value ratio of a covered mortgage to 115% immediately upon modification and to 95% within 3 years; (2) reduce the interest rate if such a principal reduction would not result in an affordable reduced monthly payment; (3) reduce to a specified amount any periodic payment the homeowner is required to make; (4) require the homeowner to pay the investor, after refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of any increase in the value of the real property during a specified period; and (5) result in a positive net present value for the investor after taking into account the principal reduction and, if necessary, any interest rate reduction. Requires the Director to: (1) provide that an enterprise may negotiate regarding a shared appreciation mortgage modification of a covered mortgage with any mortgage insurance provider for a mortgage on the subject property, and (2) allow advanced claim agreements with respect to such mortgage insurance policies.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 June 2012

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 8 June 2012

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 June 2012

   Introduced

   Introduced in House

   Source: IntroReferral

4. 11 July 2012

   Referred

   Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 8 June 2012 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 June 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 8 June 2012

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 8 June 2012

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• Rep. Campbell, John [R-CA-48] · R · Sponsor
• Rep. Ellison, Keith [D-MN-5] · D · Sponsor
• · hsba00 · Standing

Related records

• related to → MAP-21
• related to ← Preserving American Homeownership Act of 2012