Promoting Access to Credit for Homebuyers Act of 2020

Summary

Promoting Access to Credit for Homebuyers Act of 2020 This bill requires Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development to purchase or insure single-family mortgages originated on or after February 1, 2020, on the same terms as they otherwise would despite a borrower entering into, or inquiring about, forbearance due to a COVID-19 (i.e., coronavirus disease 2019) related hardship. This requirement begins 5 days after enactment of this bill and ends 60 days after the end of the period of time a borrower may request a COVID-19 related forbearance. The Federal Housing Finance Agency may not increase fees or otherwise restrict access to credit during the COVID-19 emergency without congressional notice. The Government Accountability Office must report on COVID-19-related assistance to consumers by Freddie Mac, Fannie Mae, and the Federal Housing Administration mortgage insurance programs.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 July 2020

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 July 2020

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• Introduced in Senate

  summary · EN · 22 July 2020

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