Summary: Secondary Market Facility for Residential Mortgages Act of 2011 - Establishes a Secondary Market Facility for Residential Mortgages as an instrumentality of the federal government, subject to supervision by the Federal Housing Finance Agency (FHFA) Board, also established by this Act. Requires the Facility to purchase residential mortgages on single-family housing, as well as residential mortgages on multifamily housing, that are originated by approved sellers. Authorizes the Facility to issue mortgage-backed securities. Prohibits the Facility from engaging in mortgage origination. Requires the FHFA Board to limit the residential mortgages that may be purchased by the Facility to safe and sound mortgages within mortgage product types and classifications the FHFA Board has approved in advance. Directs the FHFA Board to require the Facility to obtain its approval before initially offering any product. Prohibits FHFA Board regulations from considering a mortgage on single-family housing safe and sound if the outstanding principal balance at the time of purchase by the Facility exceeds 80% of the sale price, unless the seller: (1) retains at least a 10% participation, (2) the aggregate outstanding principal balance does not exceed 90%, (3) the mortgage is financed in part through a shared equity arrangement involving independent private sector investors, and (4) certain other requirements are met. Prescribes requirements for: (1) conforming loan limits for single-family mortgages, (2) downpayments, (3) adjustable rate mortgages, (4) underwriting standards, (5) property valuation standards, and (6) standards for approval of sellers. Directs the FHFA Board to seek to ensure that the Facility's market share does not exceed approximately 50% of the mortgage originations in the United States. Requires the Board to require the Facility to establish and implement a correction plan if its market share ever exceeds 50%. Directs the FHA Board to establish risk-based capital requirements for the Facility. Requires the Facility to charge guarantee and reinsurance fees. Establishes in the Treasury a Reinsurance Fund for the Facility for the deposit of reinsurance fees. Requires any receipts and earnings of the Facility in excess of certain necessary amounts to be transferred into the General Fund of the Treasury to be used to reduce the federal budget deficit. Prohibits the Facility from owning mortgage assets in excess of $250 billion, adjusted annually for inflation. Makes mortgage assets owned by the Facility available for use to: (1) support multifamily housing and residential mortgages that cannot readily be securitized; (2) provide financing to support residential mortgage markets affected by economic downturns; and (3) modify delinquent mortgages purchased from pools of mortgages backing, or on which are based, mortgage-backed securities issued and guaranteed by the Facility. Directs the Secretary of the Treasury to develop a plan for the orderly and timely wind-down and termination of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Repeals the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to replace the Director of the Federal Housing Finance Agency with the FHFA Board, which shall govern the FHFA and supervise and regulate the Facility.

secondary market facility residential mortgages act establishes secondary market facility residential mortgages instrumentality federal government subject supervision federal_housing_finance_agency fhfa board established act requires facility purchase residential mortgages single family housing residential mortgages multifamily housing originated approved sellers authorizes facility issue mortgage backed securities prohibits facility engaging mortgage origination requires limit residential mortgages purchased facility safe sound mortgages mortgage product types classifications approved advance directs require facility obtain approval initially offering product regulations considering mortgage single family housing safe sound outstanding principal balance time purchase facility exceeds sale price seller retains participation aggregate outstanding principal balance exceed mortgage financed shared equity arrangement involving independent private sector investors certain requirements met prescribes requirements conforming loan limits single family mortgages adjustable rate mortgages underwriting standards property valuation standards standards approval sellers directs seek ensure facility market share exceed approximately mortgage united_states requires board require facility establish implement correction plan market share exceeds directs establish risk based capital requirements facility requires facility charge guarantee reinsurance fees establishes treasury reinsurance fund facility deposit reinsurance fees requires receipts earnings facility excess certain necessary amounts transferred general_fund treasury reduce federal budget deficit prohibits facility owning mortgage assets excess billion adjusted annually inflation makes mortgage assets owned facility available use support multifamily housing residential mortgages readily securitized provide financing support residential mortgage markets affected economic modify delinquent mortgages purchased pools mortgages backing based mortgage backed securities issued guaranteed facility directs secretary treasury develop plan orderly timely wind termination federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac repeals federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act amends federal_housing_enterprises_financial_safety soundness act replace director federal_housing_finance_agency shall govern fhfa supervise regulate facility


Summary: Transparency and Security in Mortgage Registration Act of 2011 - Amends the National Housing Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from purchasing, acquiring, newly lending on the security of, newly investing in securities consisting of, or otherwise newly dealing in any Mortgage Electronic Registration System, Inc. (MERS) mortgage or mortgages. Prohibits the Government National Mortgage Association (Ginnie Mae) from newly guaranteeing the payment of principal of or interest on any trust certificate or other security based or backed by a trust or pool that contains, or purchase or acquire, any MERS mortgage. Directs Fannie Mae, Freddie Mac, and Ginnie Mae to require all their current MERS mortgages to be assigned to the proper servicer, holder, or creditor. Directs the Secretary of Housing and Urban Development (HUD) to study: (1) the impacts of the lack of electronic records and uniform standards found in local land title recordation systems currently used in the various states; (2) any progress states have made in developing electronic land title recordation systems containing uniform standards; (3) the current oversight role of the federal government in the transfer and recordation of land titles; and (4) the feasibility of creating a federal land title recordation system for property transfers that would maintain all previous records of the land-property without invalidating, interfering with, or preempting state real property law governing the transfer and perfection of land title.

transparency security mortgage registration act amends national housing act prohibit federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac purchasing acquiring newly lending security newly investing securities consisting newly dealing mortgage mortgages prohibits government_national_mortgage_association ginnie_mae newly guaranteeing payment principal interest trust certificate security based backed trust pool contains purchase acquire mortgage directs fannie_mae freddie_mac ginnie_mae require current mortgages assigned proper servicer holder creditor directs secretary housing_and_urban_development hud study impacts lack electronic records uniform standards found local land title recordation systems currently states progress states developing electronic land title recordation systems containing uniform standards current oversight role federal government transfer recordation land titles feasibility creating federal land title recordation system property transfers maintain previous records land property invalidating interfering preempting state real property law governing transfer land title


Summary: GSE Legal Fee Reduction Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the Director of the Federal Housing Finance Agency (FHFA) to establish requirements prescribing the procedures and terms for advancement of amounts by a government-sponsored enterprise (GSE) for qualified indemnification payments for the benefit of any entity-affiliated party. (The GSEs the FHFA supervises are the Federal National Mortgage Association [Fannie Mae], the Federal Home Loan Mortgage Corporation [Freddie Mac], the Federal Home Loan Banks, and the Office of Finance.) Requires the Director to require any GSE obligated to make such a payment to propose criteria for determining whether the liability or legal expenses for which such payment is to be made are reasonable. Requires prompt review and approval or disapproval of such proposed criteria. Requires the Director to require each GSE to adopt bylaws requiring any entity-affiliated party accused of fraud, moral turpitude, or breach of fiduciary duty to post collateral, security, bonding or other assurances of repayment. Requires the Director to prohibit a GSE from using any Treasury funds to satisfy any settlement, judgment, order, or penalty. Requires settlement costs to be satisfied out of the sale of GSE assets. Requires the Director to prohibit a GSE from entering into any consent decree or settlement of a claim, proceeding, or action involving an entity-affiliated party that will result in any qualified indemnification payments exceeding an aggregate of $1 million before 30 days after notice of the decree or settlement to specified congressional committees.

amends federal_housing_enterprises_financial_safety soundness act require director federal_housing_finance_agency fhfa establish requirements prescribing procedures terms advancement amounts government sponsored enterprise gse qualified indemnification payments benefit entity affiliated party gses fhfa supervises federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac federal_home_loan_banks requires director require gse obligated payment propose criteria determining liability legal expenses payment reasonable requires prompt review approval disapproval proposed criteria requires director require gse adopt bylaws requiring entity affiliated party accused fraud moral turpitude breach fiduciary duty post collateral security bonding assurances repayment requires director prohibit gse treasury funds satisfy settlement judgment order penalty requires settlement costs satisfied sale gse assets requires director prohibit gse entering consent decree settlement claim proceeding action involving entity affiliated party result qualified indemnification payments exceeding aggregate million days notice decree settlement specified congressional committees


Summary: Fannie Mae and Freddie Mac Taxpayer Payback Act of 2011 - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to prohibit a reduction in the rate of dividends paid on the Variable Liquidation Preference Senior Preferred Stock of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) purchased by the Secretary of the Treasury.

fannie_mae freddie_mac taxpayer amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act prohibit reduction rate dividends paid fannie_mae federal_home_loan_mortgage_corporation freddie_mac purchased secretary treasury


Summary: Removing GSEs Charters During Receivership Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to authorize the Federal Housing Finance Agency (FHFA), as a receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs), to revoke the charters of such enterprises. Requires the FHFA to revoke the particular GSE's charter not later than the winbding up or termination of the limited-life regulated entity established with respect to such GSE Repeals the current prohibition against revocation, annulment, or termination of a GSE's charter by the receiver.

removing gses charters receivership act amends federal_housing_enterprises_financial_safety soundness act authorize federal_housing_finance_agency fhfa receiver federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses revoke charters enterprises requires fhfa revoke particular gse charter later termination limited life regulated entity established respect gse repeals current prohibition revocation termination gse charter receiver


Summary: Housing Trust Fund Elimination Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to abolish the HOPE Reserve Fund, Housing Trust Fund, and Capital Magnet Fund and make available any amounts in such funds to the Secretary of the Treasury for use in reducing the federal budget deficit. Repeals requirements that the Federal Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) make allocations for the Housing Trust Fund and the Capital Magnet Fund.

amends federal_housing_enterprises_financial_safety soundness act abolish housing_trust_fund capital_magnet_fund available amounts funds secretary treasury use reducing federal budget deficit repeals requirements freddie_mac federal_national_mortgage_association fannie_mae allocations housing_trust_fund capital_magnet_fund


Summary: RESPA Home Warranty Clarification Act of 2012 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to state that no prohibited kickback or unearned fee incident to a real estate settlement service involving a federally related mortgage loan shall be deemed to include, or be deemed to have included, homeowner warranties or similar residential service contracts for the repair or replacement of home system components or home appliances. Requires any person that pays another person not employed by the person for selling, advertising, marketing, or processing, or performing an inspection in connection with, a homeowner warranty or similar residential service contract for the repair or replacement of home system components or home appliances, to include a specified statement reflecting this Act in any such warranty or contract incident to a transaction involving the origination of a federally related mortgage loan. Requires any person who has contracted to receive payment from a provider of such services for recommending the purchase of a home warranty or similar residential service contract, and is not an employee of such provider, to give the potential purchaser, upon first recommending such a purchase, a written notice informing the individual that such person has received or will receive compensation from the warranty company for the residential service. Allows the individual to opt out of purchasing such a warranty or service contract, or to purchase it from another provider.

amends real_estate_settlement_procedures_act respa state prohibited unearned fee incident real estate settlement service involving federally related mortgage loan shall deemed include deemed included homeowner warranties similar residential service contracts repair replacement home system components home appliances requires person pays person employed person selling advertising marketing processing performing inspection connection homeowner warranty similar residential service contract repair replacement home system components home appliances include specified statement reflecting act warranty contract incident transaction involving origination federally related mortgage loan requires person contracted receive payment provider services recommending purchase home warranty similar residential service contract employee provider potential purchaser recommending purchase written notice informing individual person received receive compensation warranty company residential service allows individual opt purchasing warranty service contract purchase provider


Summary: Cap the GSE Bailout Act of 2011 - Limits the funds that may be provided to the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or any Federal Home Loan Bank (government sponsored enterprises or GSEs) as part of the Amended and Restated Senior Preferred Stock Purchase Agreement to the greater of: (1) $200 billion; or (2) $200 billion plus the cumulative total of deficiency amounts of the GSE for calendar quarters in calendar 2010, 2011, and 2012, less any surplus amount as of December 31, 2012.

cap gse bailout act limits funds provided federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac federal_home_loan_bank government sponsored enterprises gses greater billion billion plus cumulative total deficiency amounts gse calendar quarters calendar surplus december


Summary: Declares that, for mortgages originated during FY2012 and FY2013, if the dollar amount limit on the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) for any size residence for any area is less than the limit in effect for 2008 under the Economic Stimulus Act of 2008, the maximum dollar amount limit on the principal obligation of such a mortgage shall be such maximum limit in effect for 2008 (in effect, an increase in the limit on the maximum original mortgage principal obligation from the FY2012 or FY2013 level to the 2008 level). Makes a similar declaration (and mortgage principal limit increase), for mortgages for which the mortgagee issues credit approval during FY2012 and FY2013, about the dollar amount limit on the maximum original principal obligation of a mortgage that may be insured by the Secretary of Housing and Urban Development (HUD).

declares mortgages originated fy2012 fy2013 dollar limit maximum original principal obligation mortgage purchased federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac size residence area limit effect economic stimulus act maximum dollar limit principal obligation mortgage shall maximum limit effect effect increase limit maximum original mortgage principal obligation fy2012 fy2013 level level makes similar declaration mortgage principal limit increase mortgages mortgagee issues credit approval fy2012 fy2013 dollar limit maximum original principal obligation mortgage insured secretary housing_and_urban_development hud


Summary: Preserving Consumer's Mortgage Origination Choices Act of 2011 - Amends the Truth in Lending Act (TILA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to provide that no provision of TILA shall be construed as prohibiting a mortgage broker from compensating a mortgage originator based on the principal amount of the loan, when compensation is paid directly or indirectly to the mortgage broker by the consumer in connection with such transaction. Authorizes a mortgage originator, when requested by a borrower as the originator is producing a mortgage, to forfeit or contribute toward bona fide third party expenses or origination fees up to 30% of earned compensation to avoid making a high-cost mortgage to a consumer, to make technical corrections, or for any other reason that results in a lower cost to the consumer than if such forfeiture or contribution did not take place.

preserving consumer mortgage origination choices act amends truth lending act tila amended dodd frank wall street reform consumer protection act provide provision tila shall construed prohibiting mortgage broker compensating mortgage originator based principal loan compensation paid directly indirectly mortgage broker consumer connection transaction authorizes mortgage originator requested borrower originator producing mortgage forfeit contribute bona fide party expenses origination fees earned compensation avoid making high cost mortgage consumer technical corrections reason results lower cost consumer forfeiture contribution place


Summary: PACE Assessment Protection Act of 2011 - Requires the Director of the Federal Housing Agency (FHA) to direct the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to issue guidance providing that the levy of a PACE (property assessed clean energy) assessment and the creation of a PACE lien do not constitute a default on any loan secured by one of its uniform instruments, and do not trigger the exercise of remedies with respect to any provision of the instrument, if the PACE assessment and the PACE lien meet specified requirements. Lists as PACE improvements any qualified clean energy improvements, energy conservation and efficiency improvements, and water conservation and efficiency improvements. Prohibits the FHA Director, the Comptroller of the Currency, Fannie Mae, Freddie Mac, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Board of Governors of the Federal Reserve System, and all federal agencies and entities chartered or otherwise established under federal law from discriminating in any manner against state or local governments implementing or participating in a PACE program, or against any property that is obligated to pay a PACE assessment or is subject to a PACE lien. Specifies requirements a PACE program, and any related PACE assessment and PACE lien, must meet to be entitled to the protections of this Act. Details obligations of property owners with respect to PACE assessments, and requires the local government to disclose to the participating property owner the costs and risk associated with participating in the PACE program. Prescribes requirements for: (1) non-residential properties; and (2) qualifying PACE improvements, qualifying contractors, and financing terms for residential properties. Limits the total amount of PACE assessments for a property to 10% of its estimated value. Requires the property owner to have equity in the property of at least 15%.

pace assessment protection act requires director fha direct federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac issue guidance providing levy pace property assessed clean energy assessment creation pace lien constitute default loan secured uniform instruments trigger exercise remedies respect provision instrument pace assessment pace lien meet specified requirements lists pace improvements qualified clean energy improvements energy conservation efficiency improvements water conservation efficiency improvements prohibits fha director comptroller_of_the_currency fannie_mae freddie_mac federal_deposit_insurance_corporation fdic national_credit_union_administration ncua board_of_governors federal_reserve_system federal agencies entities chartered established federal law discriminating manner state local governments implementing participating pace program property obligated pay pace assessment subject pace lien specifies requirements pace program related pace assessment pace lien meet entitled protections act details obligations property owners respect pace assessments requires local government disclose participating property owner costs risk associated participating pace program prescribes requirements non residential properties qualifying pace improvements qualifying contractors financing terms residential properties limits total pace assessments property estimated value requires property owner equity property


Summary: Limiting Investor and Homeowner Loss in Foreclosure Act of 2011 - Authorizes a bankruptcy court to establish a loss mitigation program for the negotiation of consensual alternatives to avoid foreclosure between an individual debtor and the holder of a claim secured by a security interest in the debtor's principal residence.

limiting investor foreclosure act authorizes bankruptcy court establish loss mitigation program negotiation consensual alternatives avoid foreclosure individual debtor holder claim secured security interest debtor principal residence


Summary: Mortgage Credit Availability Act of 2011 - Requires the Director of the Federal Housing Finance Agency, for 2012-2014, to determine for each county witha population exceeding one million individuals whether a significant share of the county population resides, as of the commencement of each such year, in sub-areas of the county for which the median price for a one-, two-, three-, or four-family residence is more than three times the national median price for such a residence. Authorizes the Director, with respect to any such county, to increase the limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) for any size or sizes of residences for a contiguous, reasonably compact set of sub-areas within the county for which the median price exceeds three times the national price. Applies to an entire Metropolitan Statistical Area (MSA) any such increase in limitation if the county for which the limitation is increased is located in that MSA.

mortgage credit availability act requires director federal_housing_finance_agency determine county population exceeding million individuals significant share county population resides commencement year sub areas county median price one- two- family residence times national median price residence authorizes director respect county increase limitation maximum original principal obligation mortgage purchased federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac size sizes residences contiguous reasonably compact set sub areas county median price exceeds times national price applies entire metropolitan_statistical_area msa increase limitation county limitation increased located msa


Summary: Family Foreclosure Rescue Corporation Act - Instructs the Secretary of the Treasury to establish the Family Foreclosure Rescue Corporation to acquire, via the sale of bonds, home mortgages, and other obligations and liens secured by real estate which are currently in default or at foreseeable risk of default.

secretary treasury establish acquire sale bonds home mortgages obligations liens secured real estate currently default foreseeable risk default


Summary: Short Sale Transparency Act of 2011 - Directs the Director of the Federal Housing Finance Agency to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), in any case in which one or the other denies the purchase of a residential mortgage loan made to finance the purchase, under a short sale, of a covered dwelling on the basis that the purchase price involved is insufficient, to disclose promptly to the prospective seller the amount by which the purchase price was less than the minimum purchase price sufficient for approval of the purchase of such mortgage.

short sale transparency act directs director federal_housing_finance_agency require federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac case denies purchase residential mortgage loan finance purchase short sale covered dwelling basis purchase price involved insufficient disclose promptly prospective seller purchase price minimum purchase price sufficient approval purchase mortgage


Summary: Creating Homeownership Opportunity Act of 2011 - Amends the Internal Revenue Code to establish tax-exempt housing equity savings accounts to assist individual taxpayers under the age of 55 in paying the costs of acquiring, constructing, or reconstructing a principal residence. Allows: (1) a deduction from gross income for cash contributions to such accounts for the lesser of $10,000 or the compensation includible in the taxpayer's gross income for a taxable year, (2) an exclusion from gross income of amounts distributed from such accounts that are used by an account beneficiary to purchase a principal residence or make payments to such beneficiary's individual retirement account (IRA), and (3) a tax-free rollover into an IRA if an account beneficiary reaches age 55 or has maintained an account for 20 years without purchasing a residence.

creating homeownership opportunity act amends internal revenue code establish tax exempt housing equity savings accounts assist individual taxpayers age paying costs acquiring constructing reconstructing principal residence allows deduction gross income cash contributions accounts lesser compensation includible taxpayer gross income taxable year exclusion gross income amounts distributed accounts account beneficiary purchase principal residence payments beneficiary individual retirement account ira tax free rollover ira account beneficiary reaches age maintained account years purchasing residence


Summary: Freddie Mac Debt Reduction Act of 2011 - Amends the Housing and Community Development Act of 1992 with respect to the exercise of options on mortgage-backed securities by the Federal Home Loan Mortgage Corporation (Freddie Mac) or, during the term of any conservatorship or receivership of Freddie Mac, the Director of the Federal Housing Finance Agency (FHFA). Directs Freddie Mac (or FHFA as its conservator or receiver) to exercise any option on a mortgage-backed security with a clean-up call option Freddie Mac has issued if the residual holder of the security is willing to share at least 50% of any excess proceeds from the exercise of the option with FHFA as conservator or receiver, which would thereby reduce the liability of taxpayers. (A clean-up call option allows a transferor of assets, in this case mortgage assets, to buy them back after the outstanding asset values have been reduced substantially.) Defines mortgage-backed security with a clean-up call option as any mortgage-backed security under which there is an option or right to redeem all remaining classes of the security whenever the aggregate remaining principal of the mortgage would be less than the optional redemption or clean-up call percentage. Directs the Director to prohibit Freddie Mac and the Federal National Mortgage Association (Fannie Mae) from issuing any mortgage-backed security with a clean-up call option. Directs the Director to ensure that any excess proceeds received as a result of the exercise of any clean-up call options be used only to reduce the budget deficit of the federal government.

amends housing_and_community_development_act respect exercise options mortgage backed securities federal_home_loan_mortgage_corporation freddie_mac term conservatorship receivership freddie_mac director federal_housing_finance_agency fhfa directs freddie_mac fhfa conservator receiver exercise option mortgage backed security clean option freddie_mac issued residual holder security willing share excess proceeds exercise option fhfa conservator receiver reduce liability taxpayers clean option allows transferor assets case mortgage assets buy outstanding asset values reduced substantially defines mortgage backed security clean option mortgage backed security option right redeem remaining classes security aggregate remaining principal mortgage optional redemption clean percentage directs director prohibit freddie_mac federal_national_mortgage_association fannie_mae issuing mortgage backed security clean option directs director ensure excess proceeds received result exercise clean options reduce budget deficit federal government


Summary: Fairness in Foreclosures Act of 2011 - Declares that no action for a deficiency judgment arising from an obligation under a residential mortgage may be brought except in accordance with this Act. Declares that no such deficiency judgment may be issued unless the court has determined that the foreclosure sale for the property securing repayment was conducted in accordance with specified requirements. Specifies a formula for determining the total amount a plaintiff may recover in such a deficiency judgment. Declares that no action for a deficiency judgment may be brought if the (nonrecourse) mortgage terms prohibit recovery after: (1) the residential property securing repayment of such obligation is sold at foreclosure sale, or (2) the mortgage is foreclosed in the manner provided under the law of the state in which the property is located. Declares that if the mortgagor is a member of a low-income family: (1) no action may be brought for a deficiency judgment; and (2) a deficiency in recovery, from a foreclosure sale, of the full amount of the mortgage obligation may not be reported to any consumer reporting agency or disclosed to any person other than the mortgagor or the mortgagor's personal representative, unless such disclosure is otherwise required by law.

fairness declares action deficiency judgment arising obligation residential mortgage brought accordance act declares deficiency judgment issued court determined foreclosure sale property securing repayment conducted accordance specified requirements specifies formula determining total plaintiff recover deficiency judgment declares action deficiency judgment brought nonrecourse mortgage terms prohibit recovery residential property securing repayment obligation sold foreclosure sale mortgage foreclosed manner provided law state property located declares mortgagor member low income family action brought deficiency judgment deficiency recovery foreclosure sale mortgage obligation reported consumer reporting agency disclosed person mortgagor mortgagor personal representative disclosure required law


Summary: Mandatory Foreclosure Mediation Act - Prohibits a servicer from initiating a foreclosure action against a borrower unless the servicer has: (1) made a reasonable effort to initiate mediation proceedings to determine if the borrower is eligible for a loan modification or an alternative to foreclosure; and (2) offered the borrower, if eligible, such a modification or alternative. Requires a servicer to suspend a foreclosure action initiated before the enactment of this Act until the servicer: (1) completes such a mediation proceeding; and (2) offers the borrower, if eligible, a modification or alternative. Prohibits a servicer, during the suspension period, from: (1) sending the borrower a notice of foreclosure, (2) conducting or scheduling a sale of the real property securing the mortgage, or (3) causing final judgment to be entered against the borrower. Directs the Secretary of Housing and Urban Development (HUD) to establish such a mediation process. Declares that a servicer is not required to suspend a foreclosure action if the servicer makes a reasonable effort to schedule a mediation proceeding and documents that the borrower has not agreed to one. Makes a violation of this Act a bar to a foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation.

mandatory foreclosure mediation act prohibits servicer initiating foreclosure action borrower servicer reasonable effort initiate mediation proceedings determine borrower eligible loan modification alternative foreclosure offered borrower eligible modification alternative requires servicer suspend foreclosure action initiated enactment act servicer completes mediation proceeding offers borrower eligible modification alternative prohibits servicer suspension period sending borrower notice foreclosure conducting scheduling sale real property securing mortgage causing final judgment entered borrower directs secretary housing_and_urban_development hud establish mediation process declares servicer required suspend foreclosure action servicer makes reasonable effort schedule mediation proceeding documents borrower agreed makes violation act bar foreclosure action allows servicer compliance act bring proceed foreclosure action regardless prior violation


Summary: Permanently Protecting Tenants at Foreclosure Act of 2011 - Amends the Protecting Tenants at Foreclosure Act of 2009 to repeal its sunset date December 31, 2012 (thus making the Act permanent). Establishes a private right of action to enforce compliance with such Act.

permanently_protecting_tenants foreclosure act amends protecting_tenants foreclosure act repeal sunset date december making act permanent establishes private right action enforce compliance act


Summary: Private Mortgage Market Investment Act - Directs the Director of the Federal Housing Finance Agency (FHFA) to prescribe classifications for mortgages having various degrees of credit risk, ranging from those with little to no credit risk to those with higher credit risk, with the goals of: (1) maximizing the pricing of credit risk, (2) allowing for the trading of securities collateralized by such classifications in a forward market, and (3) maintaining well functioning liquid markets in such collateralized securities. Requires the Director to establish standards for specified categories of underwriting criteria for each classification of mortgages depending on degree of credit risk. Requires the Director to develop, adopt, and publish standard form securitization agreements for mortgages established under this Act, according to specified criteria. Directs the Director to develop standards for: (1) servicer reporting obligations with respect to any mortgage serving as collateral for a qualified security; (2) servicing, including a servicer succession plan; (3) documentation used to verify the financial resources of a mortgagor, and to qualify the mortgagor for any mortgage that may become collateral for a qualified security; and (4) qualified sponsors. Requires there to be at all times one or more trustees for each pool of mortgages that acts as collateral for a qualified security. Imposes certain duties on each trustee for the purpose of protecting investor rights. Subjects to mandatory arbitration all disputes between an owner of a qualified security and the qualified sponsor of such security relating to representations and warranties. Requires the Director to require sponsors of qualified securities to: (1) disclose all pertinent information relating to residential mortgage loans that constitute such securities, and (2) allow for the trading of qualified securities under this Act in a forward market. Amends the Securities Exchange Act of 1934 to repeal credit risk retention requirements. Amends the Securities Act of 1933 to exempt from registration requirements any qualified security conforming to standard securitization agreements under this Act. Subjects orders of the FHFA to judicial review in the same manner, upon the same conditions, and to the same extent, as the orders of the Securities and Exchange Commission (SEC). Subjects to civil liability any person who makes or causes to be made any statement false or misleading with respect to any material fact, or who omits to state any required material fact, with respect to securities purchased or sold under this Act. Makes it unlawful for any person in offering, selling, or issuing any security pursuant to this Act to represent or imply in any manner that any FHFA action or failure to act means that the FHFA has in any way passed upon the merits of, or given approval to, any trustee, indenture, or security, or any related transaction or transactions. Makes it unlawful also to represent or imply that any such FHFA action or failure to act with regard to any statement or report filed with or examined by the FHFA has the effect of an FHFA finding that the statement or report is true or inaccurate on its face or that is is not false or misleading. Subjects violations of this Act to criminal penalties of the Trust Indenture Act of 1934. Sets forth requirements for the disclosure of loan-level information to investors, relating agencies, and regulators. Requires the SEC to revise its rules and regulations to require sponsors of asset-backed securities to file a preliminary prospectus containing all material terms of the transaction at least five days before investors make an investment decision. Directs the SEC to require: (1) the dissemination of transaction, volume, and pricing information of trades in asset-backed securities; and (2) the assignment of a unique alphanumeric code to each mortgage loan involving a residential mortgage-backed security. Grants the servicer of a securitized senior mortgage loan the right to charge the borrower an additional monthly fee if the borrower, with respect to the dwelling serving as security for the loan, enters into any credit transaction that would otherwise result in the creation of a new mortgage or other lien on the dwelling if the loan-to-value ratio of the credit transaction amount is 80% or more. Prohibits the servicer of a residential mortgage loan (or an affiliate) from owning or holding any interest in any other residential mortgage loan secured by the same dwelling or residential real property. Amends the Truth in Lending Act to: (1) revise the exception of qualified residential mortgage loans from the requirement that creditor make a reasonable and good faith determination based on verified and documented information that, at the time a loan is consummated, the consumer has a reasonable ability to repay it; and (2) direct specified agencies to prescribe rules defining the types of loans they insure, guarantee, or administer, as the case may be, that are qualified mortgages. Declares that the Federal Deposit Insurance Corporation (FDIC) safe harbor rule shall apply to any pool of mortgages that meets FHFA standards and is securitized in accordance with them.

private mortgage market investment act directs director federal_housing_finance_agency fhfa prescribe classifications mortgages having degrees credit risk ranging little credit risk higher credit risk goals maximizing pricing credit risk allowing trading securities collateralized classifications forward market maintaining functioning liquid markets collateralized securities requires director establish standards specified categories underwriting criteria classification mortgages depending degree credit risk requires director develop adopt publish standard form securitization agreements mortgages established act according specified criteria directs director develop standards servicer reporting obligations respect mortgage serving collateral qualified security servicing including servicer succession plan documentation verify financial resources mortgagor qualify mortgagor mortgage collateral qualified security qualified sponsors requires times trustees pool mortgages acts collateral qualified security imposes certain duties trustee purpose protecting investor rights subjects mandatory arbitration disputes owner qualified security qualified sponsor security relating representations warranties requires director require sponsors qualified securities disclose pertinent information relating residential mortgage loans constitute securities allow trading qualified securities act forward market amends securities_exchange_act repeal credit risk retention requirements amends securities act exempt registration requirements qualified security conforming standard securitization agreements act subjects orders fhfa judicial review manner conditions extent orders securities_and_exchange_commission sec subjects civil liability person makes causes statement false misleading respect material fact omits state required material fact respect securities purchased sold act makes unlawful person offering selling issuing security pursuant act represent imply manner fhfa action failure act means fhfa way passed merits given approval trustee security related transaction transactions makes unlawful represent imply fhfa action failure act regard statement report filed examined fhfa effect fhfa finding statement report true inaccurate face false misleading subjects violations act criminal penalties sets forth requirements disclosure loan level information investors relating agencies regulators requires sec revise rules regulations require sponsors asset backed securities file preliminary prospectus containing material terms transaction days investors investment decision directs sec require dissemination transaction volume pricing information trades asset backed securities assignment unique code mortgage loan involving residential mortgage backed security grants servicer securitized senior mortgage loan right charge borrower additional monthly fee borrower respect dwelling serving security loan enters credit transaction result creation new mortgage lien dwelling loan value ratio credit transaction prohibits servicer residential mortgage loan affiliate owning holding interest residential mortgage loan secured dwelling residential real property amends truth lending act revise exception qualified residential mortgage loans requirement creditor reasonable good faith determination based verified documented information time loan consummated consumer reasonable ability repay direct specified agencies prescribe rules defining types loans insure guarantee administer case qualified mortgages declares federal_deposit_insurance_corporation fdic safe harbor rule shall apply pool mortgages meets fhfa standards securitized accordance


Summary: Amends the Truth in Lending Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to make an exemption from the requirement that a creditor in a non-credit card consumer credit transaction secured by a first lien on the principal dwelling (other than a reverse mortgage) establish an escrow or impound account for mandatory periodic payments or premiums (including taxes, insurance, and ground rents). Exempts a creditor with less than $1 billion in assets from: (1) this requirement when the consumer credit transaction has an annual percentage rate exceeding the average prime offer rate for a comparable transaction as of the date the interest rate is set by 1.5 or more percentage points; and (2) any other provision of such Act that requires the creditor to establish an escrow or impound account with respect to such a transaction.

amends truth lending act amended dodd frank wall street reform consumer protection act exemption requirement creditor non credit card consumer credit transaction secured lien principal dwelling reverse mortgage establish escrow impound account mandatory periodic payments premiums including taxes insurance ground rents exempts creditor billion assets requirement consumer credit transaction annual percentage rate exceeding average prime offer rate comparable transaction date interest rate set percentage points provision act requires creditor establish escrow impound account respect transaction


Summary: Affordable Mortgage for Homeowners Act of 2011 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) each to carry out a program to provide for the reduction of the interest rates on qualified mortgage mortgages (other than fixed-rate or adjustable-rate mortgages) on single-family housing owned or guaranteed by such enterprises, in accordance with policies and procedures that the Director of the Federal Housing Finance Agency (FHFA) shall establish. Requires each program to provide a procedure for mortgagors to opt-out of an interest rate reduction.

directs federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac carry program provide reduction interest rates qualified mortgage mortgages fixed rate adjustable rate mortgages single family housing owned guaranteed enterprises accordance policies procedures director federal_housing_finance_agency fhfa shall establish requires program provide procedure mortgagors opt interest rate reduction


Summary: Regulation of Mortgage Servicing Act of 2012 - Requires a mortgage servicer to assign one case manager to each borrower that seeks a mortgage loan modification or an alternative to foreclosure. Requires the case manager to: (1) manage the communication between the servicer and the borrower, and (2) make decisions about the borrower's eligibility for a loan modification or an alternative to foreclosure. Prohibits a servicer from initiating a covered foreclosure action against a borrower unless the servicer has performed specified tasks related to offering the borrower, if eligible, a loan modification or an alternative to foreclosure. Requires a servicer to suspend a covered foreclosure action initiated before the enactment of this Act until such tasks have been performed. Prohibits a servicer, during the suspension period, from: (1) sending the borrower a notice of foreclosure, (2) conducting or scheduling a sale of the real property securing the mortgage, or (3) causing final judgment to be entered against the borrower. Prescribes requirements a servicer must meet in order to be deemed to have made a reasonable effort to obtain necessary information to determine a borrower's eligibility for a loan modification or an alternative to foreclosure. Requires a servicer, before notifying a borrower of his or her ineligibility for a loan modification or an alternative to foreclosure, to obtain the services of an independent reviewer to review the borrower's file and determine whether or not the borrower is eligible. Makes a violation of this Act a bar to a covered foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation. Makes any servicer that fails to comply with any requirement of this Act liable to a borrower in the same manner that a creditor who fails to comply with any requirement is liable to a person.

regulation mortgage servicing act requires mortgage servicer assign case manager borrower seeks mortgage loan modification alternative foreclosure requires case manager manage communication servicer borrower decisions borrower eligibility loan modification alternative foreclosure prohibits servicer initiating covered foreclosure action borrower servicer performed specified tasks related offering borrower eligible loan modification alternative foreclosure requires servicer suspend covered foreclosure action initiated enactment act tasks performed prohibits servicer suspension period sending borrower notice foreclosure conducting scheduling sale real property securing mortgage causing final judgment entered borrower prescribes requirements servicer meet order deemed reasonable effort obtain necessary information determine borrower eligibility loan modification alternative foreclosure requires servicer notifying borrower ineligibility loan modification alternative foreclosure obtain services independent reviewer review borrower file determine borrower eligible makes violation act bar covered foreclosure action allows servicer compliance act bring proceed foreclosure action regardless prior violation makes servicer fails comply requirement act liable borrower manner creditor fails comply requirement liable person


Summary: Work Force Housing Act of 2011 - Amends the National Housing Act to exempt a work force residential housing property from the prohibition against the use of multifamily housing under a federally insured mortgage for transient or hotel purposes (thus authorizing such use). Defines "work force residential housing property" as multifamily housing: (1) whose dwelling units are rented for a minimum stay of seven days, and (2) that does not provide retail hotel amenities.

work force housing act amends national housing act exempt work force residential housing property prohibition use multifamily housing federally insured mortgage transient hotel purposes authorizing use defines work force residential housing property multifamily housing dwelling units rented minimum stay seven days provide retail hotel amenities


Summary: Principal Reduction Act of 2012 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) each to carry out a program to reduce the outstanding principal balances on qualified mortgages on single-family housing they own or guarantee. Directs a GSE, under its program, to: (1) reduce the principal of a mortgage to an amount resulting in a mortgage loan-to-value ratio of not more than 90%; (2) require a mortgagor, if the dwelling for which the mortgage principal has been reduced is sold by any process other than a foreclosure sale or short sale, to pay the GSE at least one-third of any appreciation in value; and (3) recover from the mortgagor, if a mortgage whose principal has been reduced subsequently enters foreclosure, the difference between the foreclosure sales price and the outstanding principal balance on the mortgage immediately before the principal reduction. Prohibits the charging of borrowers fees by either a GSE or a servicer conducting a principal reduction on behalf of a GSE. Requires a GSE to pay any servicer a fee of up to $1,000 for reducing a mortgage principal under the program. Directs the Director of Federal Housing Finance Agency (FHFA) to encourage the modification of second liens on dwellings on which the mortgage principal is reduced under this Act. Prohibits the Director from approving bonus compensation that exceeds the base compensation that exceeds the base compensation for any GSE executive or senior executive unless the aggregate number of qualified mortgages for which principal reductions have been taken pursuant to the program under this Act exceeds 1 million.

principal reduction act directs federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses carry program reduce outstanding principal balances qualified mortgages single family housing guarantee directs gse program reduce principal mortgage resulting mortgage loan value ratio require mortgagor dwelling mortgage principal reduced sold process foreclosure sale short sale pay gse appreciation value recover mortgagor mortgage principal reduced subsequently enters foreclosure difference foreclosure sales price outstanding principal balance mortgage immediately principal reduction prohibits charging borrowers fees gse servicer conducting principal reduction behalf gse requires gse pay servicer fee reducing mortgage principal program directs director federal_housing_finance_agency fhfa encourage modification second liens dwellings mortgage principal reduced act prohibits director approving bonus compensation exceeds base compensation exceeds base compensation gse executive senior executive aggregate number qualified mortgages principal reductions taken pursuant program act exceeds million


Summary: Preserving Access to Manufactured Housing Act - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to exclude a seller of manufactured homes from the definition of loan originator subject to such Act, unless such individual or entity is engaged in the business of a loan originator or receives compensation or gain for engaging in certain residential mortgage loan activities in excess of any compensation or gain received in a comparable cash transaction. Amends the Truth in Lending Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to revise the definition of "high cost mortgage."

preserving access manufactured housing act amends mortgage licensing act exclude seller manufactured homes definition loan originator subject act individual entity engaged business loan originator receives compensation gain engaging certain residential mortgage loan activities excess compensation gain received comparable cash transaction amends truth lending act amended dodd frank wall street reform consumer protection act revise definition high cost mortgage


Summary: FHA Enhanced Oversight Act of 2012 - Amends the National Housing Act to require semiannual independent studies during any period that the Mutual Mortgage Insurance Fund does not meet minimum capital ratio requirements.

fha enhanced oversight act amends national housing act require semiannual independent studies period mutual_mortgage_insurance_fund meet minimum capital ratio requirements


Summary: Amends the Internal Revenue Code to extend through 2013 the tax deduction for mortgage insurance premiums.

amends internal revenue code extend tax deduction mortgage insurance premiums


Summary: Bankruptcy Equity Act of 2012 - Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income) to exclude from the computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the current value of that residence is less than the secured debt limit, or (2) debts secured or formerly secured by real property that was the debtor's principal residence that was sold in foreclosure or that the debtor surrendered to the creditor if the current value of such real property is less than the secured debt limit. Declares the credit counseling requirement inapplicable to a Chapter 13 debtor who certifies that he or she has received notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on it. Permits a Chapter 13 bankruptcy plan to modify the rights of claim holders with respect to a claim for a loan originated before the effective date of this Act and secured by a security interest in the debtor's principal residence that is the subject of a foreclosure notice. Authorizes reduction of a claim secured by the debtor's principal residence, but only in specified circumstances, particularly if the debtor sells the residence. Permits a Chapter 13 bankruptcy plan to deny debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of the allowed secured claim or the discharge of a debtor from all debts, and (2) the plan modifies the claim in good faith. Excludes from the final discharge of a debtor from all debts any unpaid portion of such a claim as reduced. Expands federal procedures governing default on veterans' housing loans. Authorizes the Secretary of Veterans Affairs, in the event of a modification in bankruptcy, to pay the holder of the obligation the unpaid balance due as of the date of the filing of the bankruptcy petition, plus accrued interest, but only upon assignment, transfer, and delivery of all rights, interest, claims, evidence, and records regarding the loan. Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to: (1) pay Federal Housing Administration (FHA) mortgage insurance benefits for a mortgage modified under federal bankruptcy law, and (2) implement a program solely to encourage loan modifications for eligible delinquent mortgages through the payment of insurance benefits and assignment of the mortgage to the Secretary and the subsequent modification of the terms of the mortgage according to a loan modification approved by the mortgagee. Amends the Housing Act of 1949, with respect to guaranteed rural housing loans under the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program, to authorize the Secretary of Agriculture to: (1) pay guaranteed portion of any losses incurred by the holder of a note or the loan servicer resulting from a modification in a bankruptcy proceeding, and (2) use the Rural Housing Insurance Fund to pay for losses incurred by holders or servicers in the event of a modification pursuant to a bankruptcy proceeding.

bankruptcy equity act amends federal bankruptcy law governing chapter debtor adjustment debts individual regular income exclude computation debts secured unsecured portions debts secured debtor principal residence current value residence secured debt limit debts secured secured real property debtor principal residence sold foreclosure debtor surrendered creditor current value real property secured debt limit declares credit counseling requirement inapplicable chapter debtor certifies received notice holder claim secured debtor principal residence commence foreclosure permits chapter bankruptcy plan modify rights claim holders respect claim loan originated effective date act secured security interest debtor principal residence subject foreclosure notice authorizes reduction claim secured debtor principal residence specified circumstances particularly debtor sells residence permits chapter bankruptcy plan deny debtor liability certain fees charges incurred bankruptcy case pending arising debt secured debtor principal residence claim holder observes specified requirements adds conditions court confirmation plan bankruptcy holder claim secured debtor principal residence retain lien securing claim later payment allowed secured claim discharge debtor debts plan modifies claim good faith excludes final discharge debtor debts unpaid portion claim reduced expands federal procedures governing default veterans housing loans authorizes secretary veterans_affairs event modification bankruptcy pay holder obligation unpaid balance date filing bankruptcy petition plus accrued interest assignment transfer delivery rights interest claims evidence records loan amends national housing act authorize secretary housing_and_urban_development hud pay federal_housing_administration fha mortgage insurance benefits mortgage modified federal bankruptcy law implement program solely encourage loan modifications eligible delinquent mortgages payment insurance benefits assignment mortgage secretary subsequent modification terms mortgage according loan modification approved mortgagee amends housing act respect guaranteed rural housing loans doug bereuter section single family housing loan guarantee program authorize secretary agriculture pay guaranteed portion losses incurred holder note loan servicer resulting modification bankruptcy proceeding use pay losses incurred holders servicers event modification pursuant bankruptcy proceeding


Summary: Amends the Truth in Lending Act to deny any construction of the prohibition against residential mortgage loan originator steering incentives as prohibiting a creditor or mortgage originator from reducing compensation to an employee mortgage originator if, after the employee mortgage originator has made the consumer an initial annual percentage rate (APR) offer, the employee mortgage originator makes a subsequent offer to the consumer that: (1) consists only of a reduction in the APR, and (2) is made in response to a lower APR offer to the consumer by another creditor or mortgage originator.

amends truth lending act deny construction prohibition residential mortgage loan originator steering incentives prohibiting creditor mortgage originator reducing compensation employee mortgage originator employee mortgage originator consumer initial annual percentage rate apr offer employee mortgage originator makes subsequent offer consumer consists reduction apr response lower apr offer consumer creditor mortgage originator


Summary: Restoring America's Commitment to Consumers Act of 2012 - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to an extension of credit on a credit card account under an open end consumer credit plan from exceeding 16%. Includes in an APR any compensation fee (including a membership fee or an annual fee) for: (1) opening or maintaining the account; (2) granting an extension of credit; or (3) making available a line of credit. Authorizes the Board of Governors of the Federal Reserve System (Board) to make adjustments to the maximum APR limitation; but creates the presumption that any increase by the Board to the maximum limitation is not in the public interest unless severe economic conditions justify the increase. Prohibits construction of this Act as an endorsement by Congress of a 16% APR. Declares the intention of Congress that: (1) such maximum APR limitation should merely serve as a ceiling on consumer credit cards and few, if any, consumer credit card accounts would ever bear the maximum rate; and (2) consumer credit card issuers should strive to maintain APRs most advantageous to borrowers. Treats as an unfair or deceptive act or practice a credit card account which, as of February 8, 2012, bears an APR that is less than 16%, and subsequently increases it between February 8, 2012, and 60 days after enactment of this Act. Imposes a $15 cap upon certain credit card account fees, including fees (such as late fees, overdraft fees, or over-the-limit transaction fees) for borrower default or breach of any condition upon which credit was extended.

commitment consumers act amends truth lending act prohibit annual percentage rate apr applicable extension credit credit card account open end consumer credit plan exceeding includes apr compensation fee including membership fee annual fee opening maintaining account granting extension credit making available line credit authorizes board_of_governors federal_reserve_system board adjustments maximum apr limitation creates presumption increase board maximum limitation public interest severe economic conditions justify increase prohibits construction act endorsement congress apr declares intention congress maximum apr limitation merely serve ceiling consumer credit cards consumer credit card accounts bear maximum rate consumer credit card issuers strive maintain aprs advantageous borrowers treats unfair deceptive act practice credit card account february bears apr subsequently increases february days enactment act imposes cap certain credit card account fees including fees late fees overdraft fees limit transaction fees borrower default breach condition credit extended


Summary: Preserving Consumer's Mortgage Origination Choices Act of 2012 - Amends the Truth in Lending Act with respect to the prohibitions against: (1) steering incentives in connection with residential mortgage loan origination; and (2) the restructuring of a financing origination fee, except in certain circumstances. Declares that nothing in such prohibitions shall be construed as prohibiting a mortgage originator who receives compensation directly from a consumer from compensating another mortgage originator employee, mortgage originator agent, or mortgage originator contractor based on the principal amount of the loan, provided that the amount of compensation received by such employee, agent, or contractor may not vary based on any other terms of the loan. Allows a mortgage originator, at the consumer's request, to reduce the amount of compensation the originator is receiving to offset permitted settlement charges (other than those the originator controls) that exceed the amounts previously disclosed on the good faith estimate of the settlement charges given to that consumer, provided that the originator's compensation may not increase.

preserving consumer mortgage origination choices act amends truth lending act respect prohibitions steering incentives connection residential mortgage loan origination restructuring financing origination fee certain circumstances declares prohibitions shall construed prohibiting mortgage originator receives compensation directly consumer compensating mortgage originator employee mortgage originator agent mortgage originator contractor based principal loan provided compensation received employee agent contractor vary based terms loan allows mortgage originator consumer request reduce compensation originator receiving offset permitted settlement charges originator controls exceed amounts previously disclosed good faith estimate settlement charges given consumer provided originator compensation increase


Summary: Second Chance at Homeownership Act of 2012 - Amends the National Housing Act to establish in the Federal Housing Administration (FHA) a Second Chance at Homeownership Program to: (1) create a voluntary FHA program to provide lenders for qualified second-chance borrowers and support long-term, sustainable homeownership; (2) target mortgage assistance to enable families to become homeowners of a one- to four-family principal residence; and (3) ensure the Program remains in effect only for as long as necessary to provide stability to the housing market. Authorizes the Secretary of Housing and Urban Development (HUD) to insure mortgages meeting specified criteria under the Program. Defines a "second-chance borrower" as any mortgagor who has not been: (1) the mortgagor under any other mortgage or had any present ownership interest in any residence after January 1, 2011, unless the Secretary makes exceptions for a mortgagor who has inherited a property; (2) delinquent with respect to any of the most recent 12 monthly rental payments due for the rental of the mortgagor's principal residence; or (3) convicted under federal or state law for fraud during the 10-year period before insurance of the mortgage under the Program. Requires the borrower's net worth to be $1 million or less.

second chance homeownership act amends national housing act establish federal_housing_administration fha create voluntary fha program provide lenders qualified second chance borrowers support long term sustainable homeownership target mortgage assistance enable families homeowners one- family principal residence ensure program remains effect long necessary provide stability housing market authorizes secretary housing_and_urban_development hud insure mortgages meeting specified criteria program defines second chance borrower mortgagor mortgagor mortgage present ownership interest residence january secretary makes exceptions mortgagor property delinquent respect recent monthly rental payments rental mortgagor principal residence convicted federal state law fraud year period insurance mortgage program requires borrower net worth million


Summary: Consumer Protection Home Inspection Counseling Act of 2012 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to direct the Secretary of Housing and Urban Development (HUD) to publish a Mortgagee Letter informing mortgagees of their obligation to provide prospective homebuyers with specified HUD public outreach publications concerning the importance of obtaining independent home inspections. Requires persons providing housing counseling for HUD-approved counseling agencies to: (1) be trained through a certain voluntary home inspection training module, and (2) distribute and explain certain counseling aids. Requires any homeownership counseling program under HUD auspices or administration to be provided only by organizations or counselors HUD-certified as competent to provide voluntary home inspection counseling. Authorizes HUD to withhold, withdraw, or suspend housing counseling certifications for any non-compliant housing counselor or counseling entity. Requires HUD to establish a comprehensive program to train HUD staff, contractors, individuals, and entities that provide housing counseling under specified HUD-funded programs also to provide counseling to consumers on voluntary home inspection. Requires such training program to include development of a training module to: (1) train counselors as well as counseling aids for use by housing counselors and suitable for distribution to consumers; and (2) be comprehensible to untrained consumers with or without ongoing assistance from housing counselors. Requires HUD, at the Secretary's discretion, to develop a new independent protocol, or amend existing protocols, to certify that such housing counselors have successfully completed training using the voluntary home inspection training module and counseling aids established under this Act.

amends dodd frank wall street reform consumer protection act direct secretary housing_and_urban_development hud publish informing mortgagees obligation provide prospective homebuyers specified hud public outreach publications concerning importance obtaining independent home inspections requires persons providing housing counseling hud approved counseling agencies trained certain voluntary home inspection training module distribute explain certain counseling aids requires homeownership counseling program hud administration provided organizations counselors hud certified competent provide voluntary home inspection counseling authorizes hud withhold withdraw suspend housing counseling certifications non compliant housing counselor counseling entity requires hud establish comprehensive program train hud staff contractors individuals entities provide housing counseling specified hud funded programs provide counseling consumers voluntary home inspection requires training program include development training module train counselors counseling aids use housing counselors suitable distribution consumers consumers ongoing assistance housing counselors requires hud secretary discretion develop new independent protocol amend existing protocols certify housing counselors successfully completed training voluntary home inspection training module counseling aids established act


Summary: Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

amends internal revenue code extend exclusion gross income income attributable discharge indebtedness principal residence


Summary: FHA Emergency Fiscal Solvency Act of 2012 - (Sec. 2) Amends the National Housing Act (NHA) to direct the Secretary of Housing and Urban Development (HUD) (who currently is authorized) to establish and collect additional annual premium payments for the first 11 years of the term of an insured mortgage in an amount between 0.55% and 2% of the remaining insured principal balance (with certain adjustments) for certain periods. Increases from 1.55% to 2.05% the 30-year annual premium for an insured mortgage whose original principal obligation exceeds 95% of the remaining principal balance. (Sec. 3) Revises conditions for the Secretary's exercise of authority to require indemnification for an insurance loss claim paid on a mortgage insured by a mortgagee to which the Secretary delegated insuring authority. Extends the Secretary's authority to require such an indemnification to a mortgage executed by a mortgagee approved under the direct endorsement program. Revises the conditions invoking indemnification authority to cover a circumstance where the mortgagee knew, or should have known, of a serious or material violation of the pertinent mortgage requirements, regardless of whether the violation caused the mortgage default. Makes similar revisions to the Secretary's indemnification authority in the circumstance where fraud or misrepresentation was involved in connection with the origination or underwriting and the mortgagee knew or should have known about it. Directs the Secretary to establish a process for mortgagees to appeal indemnification determinations. (Sec. 4) Directs the Secretary to establish a program to: (1) review the cause of each early period delinquency on a mortgage that is an obligation of the Mutual Mortgage Insurance Fund (Fund); (2) require indemnification of the Secretary for a loss associated with any such delinquency that results from a material violation of any guideline established or promulgated under NHA; and (3) report publicly a summary of the results of all early period reviewed delinquencies, any indemnifications required, and the financial impact on the Fund of any such indemnifications. (Sec. 5) Requires semiannual independent studies and reports during periods of capital depletion of the Fund. (Sec. 6) Directs the Secretary to analyze the cost and feasibility of an independent quarterly actuarial study of the Fund. (Sec. 7) Authorizes the Secretary to terminate the approval of the mortgagee to originate or underwrite single family mortgages for more than one area or on a nationwide basis, if the mortgagee has an excessive rate of early defaults and claims. (Sec. 8) Revises the criteria for the eligibility of a mortgage for Federal Housing Administration (FHA) insurance to authorize the participation of certain persons or entities approved by the Secretary in the origination of single family mortgages and/or home equity conversion mortgages for elderly homeowners. (Sec. 9) Directs the Secretary to require each mortgagee, as a condition for approval to originate or underwrite mortgages on HUD-insured single family or multifamily housing, to notify the Secretary of the action taken, and the reasons for it, if the mortgagee: (1) engages in the purchase of mortgages insured by the Secretary and originated by other mortgagees, or in the purchase of the servicing rights to such mortgages; and (2) at any time takes action to terminate or discontinue such purchases from another mortgagee based on any determination or evidence of fraud or material misrepresentation in connection with the origination of such mortgages. (Sec. 10) Includes among the information the Secretary of HUD is required to collect regarding early defaults on insured mortgages all data on the number of claims paid to each servicing mortgagee during each calendar quarter occurring during the applicable collection period. (Sec. 11) Establishes within FHA a Deputy Assistant Secretary for Risk Management and Regulatory Affairs, who shall be responsible for all matters relating to: (1) managing and mitigating risk to HUD mortgage insurance funds, and (2) ensuring the performances of HUD-insured mortgages. (Sec. 12) Amends the Department of Housing and Urban Development Act to establish within HUD a Chief Risk Officer for the Government National Mortgage Association (Ginnie Mae). (Sec. 13) Directs the Secretary to: (1) examine mortgage servicer compliance with the loan servicing, loss mitigation, and insurance claim submission guidelines of the FHA mortgage insurance programs; (2) estimate the annual costs to the Fund, since 2008, resulting from any failures by mortgage servicers to comply with such guidelines; and (3) develop an emergency capital plan for the restoration of the Fund's fiscal solvency. (Sec. 15) Directs the Comptroller General to provide for third party review of: (1) the financial safety and soundness of HUD mortgage insurance programs and funds, and (2) the extent of their loan loss reserves and capital adequacy. (Sec. 16) Directs the Secretary to review and revise all standards and requirements relating to disclosure of information on the mortgage insurance programs and funds. (Sec. 17) Directs the Secretary to examine all the mortgage insurance and any other FHA programs to: (1) identify the level of use and need for such programs; (2) any such programs that are unused or underused; and (3) methods for streamlining, consolidating, simplifying, increasing the efficiency of, and reducing the number of such programs. (Sec. 18) Directs the Secretary to allocate a specified amount from the account for Administrative Contract Expenses each fiscal year through September 30, 2017, which amounts shall be available only for the purposes of this Act and the amendments made by this Act, including such additional actuarial reviews as may be required by this Act.

fha emergency fiscal solvency act sec amends national housing act nha direct secretary housing_and_urban_development hud currently authorized establish collect additional annual premium payments years term insured mortgage remaining insured principal balance certain adjustments certain periods increases year annual premium insured mortgage original principal obligation exceeds remaining principal balance sec revises conditions secretary exercise authority require indemnification insurance loss claim paid mortgage insured mortgagee secretary delegated insuring authority extends secretary authority require indemnification mortgage executed mortgagee approved direct endorsement program revises conditions invoking indemnification authority cover circumstance mortgagee knew known material violation pertinent mortgage requirements regardless violation caused mortgage default makes similar revisions secretary indemnification authority circumstance fraud misrepresentation involved connection origination underwriting mortgagee knew known directs secretary establish process mortgagees appeal indemnification determinations sec directs secretary establish program review cause early period delinquency mortgage obligation require indemnification secretary loss associated delinquency results material violation guideline established promulgated nha report publicly summary results early period reviewed indemnifications required financial impact fund indemnifications sec requires semiannual independent studies reports periods capital depletion fund sec directs secretary analyze cost feasibility independent quarterly actuarial study fund sec authorizes secretary terminate approval mortgagee originate underwrite single family mortgages area nationwide basis mortgagee excessive rate early defaults claims sec revises criteria eligibility mortgage federal_housing_administration fha insurance authorize participation certain persons entities approved secretary origination single family mortgages home equity conversion mortgages elderly homeowners sec directs secretary require mortgagee condition approval originate underwrite mortgages hud insured single family multifamily housing notify secretary action taken reasons mortgagee engages purchase mortgages insured secretary originated mortgagees purchase servicing rights mortgages time takes action terminate discontinue purchases mortgagee based determination evidence fraud material misrepresentation connection origination mortgages sec includes information secretary hud required collect early defaults insured mortgages data number claims paid servicing mortgagee calendar quarter occurring applicable collection period sec establishes fha deputy assistant secretary risk_management_and_regulatory_affairs shall responsible matters relating managing mitigating risk hud mortgage insurance funds ensuring performances hud insured mortgages sec amends department_of_housing_and_urban_development_act establish hud chief risk officer government_national_mortgage_association ginnie_mae sec directs secretary examine mortgage servicer compliance loan servicing loss mitigation insurance claim submission guidelines fha mortgage insurance programs estimate annual costs fund resulting failures mortgage servicers comply guidelines develop emergency capital plan restoration fund fiscal solvency sec directs comptroller general provide party review financial safety soundness hud mortgage insurance programs funds extent loan loss reserves capital adequacy sec directs secretary review revise standards requirements relating disclosure information mortgage insurance programs funds sec directs secretary examine mortgage insurance fha programs identify level use need programs programs unused underused methods streamlining consolidating simplifying increasing efficiency reducing number programs sec directs secretary allocate specified account fiscal year september amounts shall available purposes act amendments act including additional actuarial reviews required act


Summary: Amends the Internal Revenue Code to extend through 2013 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.


Summary: Fair Debt Collection Practices Clarification Act of 2012 - Amends the Fair Debt Collection Practices Act to revise the disclaimer of liability for any act done or omitted in good faith in conformity with any advisory opinion of the Consumer Financial Protection Bureau (CFPB). Exempts from liability, in addition, acts done or omitted in good faith in compliance with any rule, regulation, or interpretation of the CFPB, or in conformity with any interpretation or approval by a CFPB official or employee duly authorized to issue such interpretations or approvals. Permits a debt collector to leave messages for a consumer regarding the collection of a debt on the consumer's answering machine, voice messaging system, or similar device, including in an initial communication with the consumer, so long as the message complies with regulations prescribed by the CFPB to ensure the preservation of consumer privacy and other rights, including restrictions on communications with third parties. Prohibits a debt collector from initiating a legal action on a debt in an arbitration setting, or requiring the consumer to resolve by arbitration a collection-related dispute on the debt, unless the consumer has agreed in writing to resolution by arbitration after collections activities have been initiated and a legal action or dispute has arisen.

fair debt collection practices clarification act amends fair debt collection practices act revise disclaimer liability act omitted good faith conformity advisory opinion consumer_financial_protection_bureau cfpb exempts liability addition acts omitted good faith compliance rule regulation interpretation cfpb conformity interpretation approval cfpb official employee duly authorized issue interpretations approvals permits debt collector leave messages consumer collection debt consumer answering machine voice messaging system similar device including initial communication consumer long message complies regulations prescribed cfpb ensure preservation consumer privacy rights including restrictions communications parties prohibits debt collector initiating legal action debt arbitration setting requiring consumer resolve arbitration collection related dispute debt consumer agreed writing resolution arbitration collections activities initiated legal action dispute arisen


Summary: Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012 - Prohibits the Director of the Federal Housing Finance Agency from: (1) disposing of any real estate owned by it, by the Federal National Mortgage Association (Fannie Mae), or by the Federal Home Loan Mortgage Corporation (Freddie Mac) located in California under any initiative for bulk sales of such real estate; and (2) carrying out such initiative.

saving taxpayers unnecessary prohibits director federal_housing_finance_agency disposing real estate owned federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac located california initiative bulk sales real estate carrying initiative


Summary: Homeownership Preservation Education Act of 2012 - Directs the Secretary of Housing and Urban Development (HUD) to carry out a pilot program to evaluate the effectiveness, in reducing defaults on residential mortgages, of reducing up-front premiums for mortgage insurance made available by the Secretary pursuant to the National Housing Act for first-time homebuyers who complete a homeownership counseling program providing for one-on-one prepurchase counseling. Requires reduced premiums for mortgages secured by a 1- to 4-family dwelling that is an obligation of the Mutual Mortgage Insurance Fund for a first-time homebuyer who completes a HUD-approved program of counseling on the responsibilities and financial management involved in homeownership that provides for one-on-one prepurchase counseling of the homebuyer by a HUD-approved nonprofit housing counseling agency.

homeownership preservation education act directs secretary housing_and_urban_development hud carry pilot program evaluate effectiveness reducing defaults residential mortgages reducing premiums mortgage insurance available secretary pursuant national housing act time homebuyers complete homeownership counseling program providing counseling requires reduced premiums mortgages secured family dwelling obligation mutual_mortgage_insurance_fund time homebuyer completes hud approved program counseling responsibilities financial management involved homeownership provides counseling homebuyer hud approved nonprofit housing counseling agency


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.

preserving american homeownership act requires director federal_housing_finance_agency federal_housing commissioner establish pilot program encourage assistance provided home_affordable_modification_program hamp secretary treasury making home affordable initiative use shared appreciation mortgage modifications designed return greater cash flow investors loss mitigation activities including foreclosure result positive net present value investor requires shared appreciation mortgage modification reduce specified action loan value ratio covered mortgage immediately modification years reduce interest rate principal reduction result affordable reduced monthly payment reduce specified periodic payment homeowner required require homeowner pay investor refinancing selling real property securing covered mortgage increase value real property specified period result positive net present value investor taking account principal reduction necessary interest rate reduction requires director provide enterprise negotiate shared appreciation mortgage modification covered mortgage mortgage insurance provider mortgage subject property allow advanced claim agreements respect mortgage insurance policies


Summary: Ban the Use of Credit Scores in Auto Insurance Act - Amends the Fair Credit Reporting Act to prohibit: (1) a consumer reporting agency from furnishing a consumer report or consumer information to any person for use in making a decision to underwrite or rate auto insurance, and (2) any person from either using or obtaining a consumer report or consumer information in connection with the underwriting or rating of any consumer regarding an auto insurance transaction. Exempts from this ban property loss data regarding auto insurance as well as information on driver history, such as accidents or moving violations.

ban use credit scores prohibit consumer reporting agency furnishing consumer report consumer information person use making decision underwrite rate auto insurance person obtaining consumer report consumer information connection underwriting rating consumer auto insurance transaction exempts ban property loss data auto insurance information driver history accidents moving violations


Summary: Fast Help For Homeowners Act - Amends the Truth in Lending Act to require the servicer of a federally related mortgage, upon request by the mortgagor for a short sale of the dwelling or residential real property under the mortgage, to notify in writing each holder of a subordinate lien on the property securing the loan of such request, together with a copy of it. Requires a subordinate lien holder that is so notified to respond in writing to the servicer within 45 days after receiving the notification. Considers the request approved by the holder if the holder does not respond within the 45 days.

fast help homeowners act amends truth lending act require servicer federally related mortgage request mortgagor short sale dwelling residential real property mortgage notify writing holder subordinate lien property securing loan request copy requires subordinate lien holder notified respond writing servicer days receiving notification considers request approved holder holder respond days


Summary: Protecting Independence in the Education of Loan Originators Act of 2012 - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to prohibit the courses offered by lenders for their own employees from satisfying the pre-licensing education or continuing education requirement.

amends mortgage licensing act prohibit courses offered lenders employees satisfying pre licensing education continuing education requirement


Summary: Credit Access and Inclusion Act - Amends the Fair Credit Reporting Act, with respect to the responsibilities of furnishers of information to consumer reporting agencies, to declare that nothing in the Act or related regulations shall be construed as to prohibit a person from furnishing to a consumer reporting agency certain consumer identifying information, including: (1) consumer's full name, telephone number, mother's maiden name, address, zip code, date of birth, any generational designation, or Social Security number; (2) transactions or experiences between the consumer and the person furnishing the information; and (3) the performance of the consumer's obligations under a real property lease, a subscription agreement, or an account of a public utility service (subject to certain limitations).

fair credit reporting act respect responsibilities furnishers information consumer reporting agencies declare act related regulations shall construed prohibit person furnishing consumer reporting agency certain consumer identifying information including consumer telephone number mother maiden address zip code date birth designation social_security number transactions experiences consumer person furnishing information performance consumer obligations real property lease subscription agreement account public utility service subject certain limitations


Summary: Flexible Refinancing for American Families Act of 2012 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage having a 50-year term (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures that the Director of the Federal Housing Finance Agency shall establish. Permits the mortgagee, however, upon written 90-day advance notice to the mortgagor, to require payment in full of a 50-year mortgage only 30 years after the beginning of its amortization. Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence; (2) is owned or guaranteed by the particular GSE; and (3) was originated on or before enactment of this Act. Specifies the terms and conditions of a refinancing mortgage, including a 50-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage. Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance. Prohibits any requirement of a property appraisal.

flexible refinancing american families act directs federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses carry year program providing refinancing qualified single family housing mortgages owns refinancing mortgage having year term purchase securitization refinancing mortgages accordance act policies procedures director federal_housing_finance_agency shall establish permits mortgagee written day advance notice mortgagor require payment year mortgage years beginning amortization defines qualified mortgage regardless mortgagor current payments default existing mortgage purchase refinancing mortgage one- family dwelling including condominium share cooperative ownership housing association occupied mortgagor principal residence owned guaranteed particular gse originated enactment act specifies terms conditions refinancing mortgage including year term maturity prohibition borrower fees requires waiver forgiveness fees penalties related default delinquency original mortgage requires gse pay fee servicer qualified mortgage refinance prohibits requirement property appraisal