Preserving American Homeownership Act of 2014

Summary

Preserving American Homeownership Act of 2014 - 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; and be based on specified factors.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 September 2014

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 September 2014

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• Introduced in Senate

  summary · EN · 18 September 2014

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