Summary: Foreclosure Accountability and Transparency Act - Prohibits commencement of a foreclosure action with respect to a federally related residential mortgage loan secured by a first or subordinate lien unless the person commencing the foreclosure complies with specified requirements pertaining to borrower: (1) notification, (2) assistance obtained from a Department of Housing and Urban Development (HUD)-approved housing counseling agency, and (3) application for loan modification or commencement of an alternative to foreclosure. Makes a violation of this Act a bar to a foreclosure action. Requires the person who commenced a foreclosure action, at the completion of such action, to certify that all federal, state, and local laws and regulations were followed and submit all applicable documentation in connection with such action to: (1) the borrower who was a party to the foreclosure action, (2) the recorder's office in the muncipality where the property securing the loan in connection with the covered residential mortgage is located, and (3) the Secretary of HUD.

foreclosure accountability commencement foreclosure action respect federally related residential mortgage loan secured subordinate lien person commencing foreclosure complies specified requirements pertaining borrower notification assistance obtained department_of_housing_and_urban_development housing counseling agency application loan modification commencement alternative foreclosure makes violation act bar foreclosure action requires person commenced foreclosure action completion action certify federal state local laws regulations followed submit applicable documentation connection action borrower party foreclosure action recorder office property securing loan connection covered residential mortgage located secretary hud


Summary: Defending American Taxpayers From Abusive Government Takings Act of 2012 - Amends the Federal National Mortgage Association Charter Act to prohibit the Federal National Mortgage Association (Fannie Mae) from purchasing any mortgage secured by a structure or dwelling unit located within a county that contains any structure or dwelling unit that secures or secured a residential mortgage loan that the state or any territory, including any agency or political subdivision, obtained during the preceding 120 months by eminent domain. Amends the Federal Home Loan Mortgage Corporation Act to prohibit the Federal Home Loan Mortgage Corporation (Freddie Mac) from doing the same. Amends the National Housing Act to prohibit the Secretary of Housing and Urban Development (HUD) from newly insuring any mortgage secured by a structure or dwelling unit located in such a county. Prohibits the Secretary from guaranteeing, making, or insuring a housing or small business loan for a residence located in such a county.

takings act amends federal_national_mortgage_association charter act prohibit federal_national_mortgage_association fannie_mae purchasing mortgage secured structure dwelling unit located county contains structure dwelling unit secures secured residential mortgage loan state territory including agency political subdivision obtained preceding months eminent domain amends federal_home_loan_mortgage_corporation_act prohibit federal_home_loan_mortgage_corporation freddie_mac amends national housing act prohibit secretary housing_and_urban_development hud newly insuring mortgage secured structure dwelling unit located county prohibits secretary guaranteeing making insuring housing small business loan residence located county


Summary: Responsible Homeowner Refinancing Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified criteria pertaining to: (1) borrower eligibility, (2) representations and warranties, (3) prohibition on up-front fees, (4) alternative streamlined methods to determine the value of a property, (5) the purchase or guarantee of any new mortgage resulting from the refinancing of an eligible mortgage, and (6) guarantee fees. Requires the GSEs to notify all borrowers with a mortgage owned or guaranteed by a GSE about the Program and its eligibility criteria, and inform borrowers of the website required below. Directs the Director of the Federal Housing Finance Agency (FHFA) to establish a single website where borrowers may: (1) determine their potential eligibility for participation in the Program, (2) see a complete list of and links to qualified lenders, (3) use a mortgage refinance calculator to calculate potential payment savings based on different interest rates, and (4) obtain tips on refinancing their loan. Directs the Director of FHFA to issue guidance to require the GSEs to make their refinancing guidelines consistent to ease the compliance requirements of qualified lenders, and in particular with respect to loans with less than 80% loan-to-value ratio and closing cost policies of the GSEs, which regulations or guidance shall be put into effect not later than 90 days after the enactment of this Acts.

responsible homeowner refinancing act requires federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses carrying home_affordable_refinance_program adopt specified criteria pertaining borrower eligibility representations warranties prohibition fees alternative streamlined methods determine value property purchase guarantee new mortgage resulting refinancing eligible mortgage guarantee fees requires gses notify borrowers mortgage owned guaranteed gse program eligibility criteria inform borrowers website required directs director federal_housing_finance_agency fhfa establish single website borrowers determine potential eligibility participation program complete list links qualified lenders use mortgage refinance calculator calculate potential payment savings based different interest rates obtain tips refinancing loan directs director fhfa issue guidance require gses refinancing guidelines consistent ease compliance requirements qualified lenders particular respect loans loan value ratio closing cost policies gses regulations guidance shall effect later days enactment acts


Summary: Rebuilding Equity Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) each to establish a voluntary program for eligible borrowers who qualify for the Home Affordable Refinance Program carried out by the GSEs, under which the GSEs shall pay up to $1,000 of the closing costs associated with applying for and receiving refinancing when the borrower agrees to refinance a 30-year mortgage loan into a fully amortizing loan with a term of not longer than 20 years. Requires the subject property to have a loan-to-value ratio of not less than 105%.

rebuilding equity act requires federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses establish voluntary program eligible borrowers qualify home_affordable_refinance_program carried gses gses shall pay closing costs associated applying receiving refinancing borrower agrees refinance year mortgage loan fully amortizing loan term longer years requires subject property loan value ratio


Summary: Stopping Abuse and Fraud in Electronic Lending Act of 2012 or SAFE Lending Act of 2012 - Amends the Electronic Fund Transfer Act to authorize the issuance of remotely created checks only if the consumer has designated in writing a person to issue them. Defines a "remotely created check" as one that: (1) is not created by the financial institution that holds the customer account from which the check is to be paid; and (2) does not bear a signature applied, or purported to be applied, by the person from whose account the check is to be paid. Treats as a preauthorized electronic fund transfer (EFT) subject to the protections of such Act any voluntary repayment by a consumer of an extension of a small-dollar ($5,000 or less) consumer credit transaction by means of an EFT. Amends the Truth in Lending Act to require any small-dollar consumer credit transaction made over the Internet, telephone, FAX, mail, electronic mail, or other electronic communication, as well as any conducted by an insured depository institution, to comply with the laws of the state in which the consumer resides with respect to annual percentage rates, interest, fees, charges, and such other matters as the Consumer Financial Protection Bureau (CFPB) may determine. Prohibits persons engaged in the business of facilitating, brokering, arranging, gathering applications for, distributing sensitive personal financial information, or extending credit in connection with a small-dollar consumer credit transaction unless that person is directly extending the small-dollar consumer credit to the consumer. Subjects violators of this Act to civil liability. Empowers the CFPB to investigate violations of this Act. Sets forth investigative and cease-and-desist enforcement procedures, particularly with respect to offshore persons conducting business directed to U.S. residents but from a location outside any U.S. judicial district. Directs the Government Accountability Office (GAO) to study the availability of capital on Indian reservations and the impact that small-dollar consumer credit extended through Internet and non-Internet means to members of Indian tribes has had upon economic opportunity and wealth for tribal members.

stopping abuse fraud electronic lending act safe lending act amends electronic fund transfer act authorize issuance remotely created checks consumer designated writing person issue defines remotely created check created financial institution holds customer account check paid bear signature applied purported applied person account check paid treats preauthorized electronic fund transfer eft subject protections act voluntary repayment consumer extension small dollar consumer credit transaction means eft amends truth lending act require small dollar consumer credit transaction internet telephone fax mail electronic mail electronic communication conducted insured depository institution comply laws state consumer resides respect annual percentage rates interest fees charges matters consumer_financial_protection_bureau cfpb determine prohibits persons engaged business facilitating arranging gathering applications distributing sensitive personal financial information extending credit connection small dollar consumer credit transaction person directly extending small dollar consumer credit consumer subjects violators act civil liability empowers cfpb investigate violations act sets forth investigative cease desist enforcement procedures particularly respect offshore persons conducting business directed residents location outside judicial district directs government_accountability_office gao study availability capital indian reservations impact small dollar consumer credit extended internet non internet means members indian tribes economic opportunity wealth tribal members


Summary: Authorizes a financial institution, when verifying the identity of a non-U.S. citizen or national who is seeking to open a bank account, to accept only: (1) a Social Security number, (2) a passport number and the country of issuance, (3) an alien identification card number, or (4) any combination of such items. Prohibits a financial institution, for such verification purposes, from accepting identification documents issued by a foreign government, other than an unexpired passport.

authorizes financial institution verifying identity citizen national seeking open bank account accept social_security number passport number country issuance alien identification card number combination items prohibits financial institution verification purposes accepting identification documents issued foreign government unexpired passport


Summary: Helping Responsible Homeowners Act - 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 (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. Defines a qualified mortgage as one 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) the mortgagor is current on payments due under the mortgage.  Specifies the terms and conditions of a refinancing mortgage, including a 40-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. Prohibits the GSEs from charging a mortgagee any up-front fee beyond the standard guarantee fee for the refinancing of the qualified mortgage. Makes ineligible for purchase or guarantee by either GSE of any new mortgage originated by a servicer or creditor holding a second lien on a qualified mortgage who refuses to resubordinate that lien, and thereby prevents the refinancing of the qualified mortgage. Directs the GSEs to require each servicer of a mortgage owned or guaranteed by the GSE to inform each mortgage borrower of the refinancing program authorized and established under this Act.

helping responsible homeowners 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 purchase securitization refinancing mortgages accordance act policies procedures federal_housing_finance_agency defines qualified mortgage existing mortgage purchase refinancing mortgage one- family dwelling including condominium share cooperative ownership housing association occupied mortgagor principal residence owned guaranteed particular gse mortgagor current payments mortgage specifies terms conditions refinancing mortgage including year term maturity prohibition borrower fees requires waiver forgiveness fees penalties related default delinquency original mortgage prohibits gses charging mortgagee fee standard guarantee fee refinancing qualified mortgage makes ineligible purchase guarantee gse new mortgage originated servicer creditor holding second lien qualified mortgage refuses lien prevents refinancing qualified mortgage directs gses require servicer mortgage owned guaranteed gse inform mortgage borrower refinancing program authorized established act


Summary: Limiting Investor and Homeowner Loss in Foreclosure Act of 2010 [sic] - 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 sic authorizes bankruptcy court establish loss mitigation program negotiation consensual alternatives avoid foreclosure individual debtor holder claim secured security interest debtor principal residence


Summary: Protecting Servicemembers from Mortgage Abuses Act of 2011 - Amends the Servicemembers Civil Relief Act to extend from 9 months to 24 months after military service the period of protection for a servicemember against mortgage sale or foreclosure, as well as the stay of proceedings, in the case of an obligation on real property of a servicemember that originated before the period of military service. Repeals the sunset date for such periods of relief under the Housing and Economic Recovery Act of 2008. Increases criminal and civil penalties for mortgage abuses, including felonies for unlawful eviction or distress or for unlawful sale, foreclosure, or seizure.

mortgage abuses act amends servicemembers civil relief act extend months months military service period protection servicemember mortgage sale foreclosure stay proceedings case obligation real property servicemember originated period military service repeals sunset date periods relief housing_and_economic_recovery_act increases criminal civil penalties mortgage abuses including felonies unlawful eviction distress unlawful sale foreclosure seizure


Summary: Reduce Excessive Interest Payments Act or REIP Act - Amends the National Housing Act to prohibit each mortgagee (or servicer) from imposing, and the Secretary of Housing and Urban Development (HUD) from requiring imposition of, any interest charge on an insured mortgage as a result of the loss of any time period provided by the mortgagee (or servicer) within which the mortgagor may fully repay the principal balance amount of the mortgage, with respect to: (1) any days in the preceding billing cycle in which such amounts were repaid, or (2) any amounts repaid in the current billing cycle that were repaid within such time period.

reduce excessive interest payments act national housing act prohibit mortgagee servicer imposing secretary housing_and_urban_development hud requiring imposition interest charge insured mortgage result loss time period provided mortgagee servicer mortgagor fully repay principal balance mortgage respect days preceding billing cycle amounts repaid amounts repaid current billing cycle repaid time period


Summary: Preserving Homes and Communities Act of 2011 - Prohibits a covered mortgagee from initiating either a nonjudicial or a judicial foreclosure against a covered mortgagor that is otherwise authorized under state law unless the covered mortgagee has: (1) used its best efforts to determine whether the mortgagor is eligible for a qualified loan modification, and to offer one if the mortgagor is eligible; and (2) made available to an ineligible mortgagor certain documentation of a loan modification calculation or net present value calculation, the loan origination, any pooling and servicing agreement, the mortgagor's payment history, and the specific alternatives to foreclosure considered by the mortgagee, including qualified loan modifications, workout agreements, and short sales. Requires a covered mortgagee to use its best efforts to suspend any foreclosure proceeding initiated before enactment of this Act, and to toll any deadlines limiting the mortgagor's rights. Prohibits any sale of the property under the mortgage or the entry of judgment against the mortgagor. Requires the mortgagee to reevaluate an eligible mortgagee's application for a qualified loan modification and offer one. Requires the Secretary of the Treasury, the Secretary of Housing and Urban Development (HUD), and the Bureau of Consumer Financial Protection (CFPB) Director to ensure that any home loan modification protocol includes a dispute resolution procedure to resolve any application disputes. Declares any sale of property in violation of this Act void. Makes failure to comply with this Act a bar to foreclosure under state law. Prohibits loan modification fees and sets forth rules governing foreclosure-related fees. Directs the Secretary of HUD to: (1) establish a grant program to make competitive grants to state and local governments to establish mediation programs that assist mortgagors facing foreclosure, and (2) develop and implement a plan to monitor conditions and trends in home ownership and the mortgage industry and the effectiveness of public and private efforts to reduce mortgage defaults and foreclosures. Directs the Secretary of the Treasury, out of funds received or to be received from the sale of warrants under the Emergency Economic Stabilization Act of 2008, to transfer and credit $1 billion to the Housing Trust Fund established under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

preserving homes communities act prohibits covered mortgagee initiating nonjudicial judicial foreclosure covered mortgagor authorized state law covered mortgagee best efforts determine mortgagor eligible qualified loan modification offer mortgagor eligible available ineligible mortgagor certain documentation loan modification calculation net present value calculation loan origination pooling servicing agreement mortgagor payment history specific alternatives foreclosure considered mortgagee including qualified loan modifications workout agreements short sales requires covered mortgagee use best efforts suspend foreclosure proceeding initiated enactment act toll deadlines limiting mortgagor rights prohibits sale property mortgage entry judgment mortgagor requires mortgagee reevaluate eligible mortgagee application qualified loan modification offer requires secretary treasury secretary housing_and_urban_development hud bureau_of_consumer_financial_protection cfpb director ensure home loan modification protocol includes dispute resolution procedure resolve application disputes declares sale property violation act void makes failure comply act bar foreclosure state law prohibits loan modification fees sets forth rules governing foreclosure related fees directs secretary hud establish grant program competitive grants state local governments establish mediation programs assist mortgagors facing foreclosure develop implement plan monitor conditions trends home ownership mortgage industry effectiveness public private efforts reduce mortgage defaults foreclosures directs secretary treasury funds received received sale warrants emergency_economic_stabilization_act transfer credit billion housing_trust_fund established federal_housing_enterprises_financial_safety soundness act


Summary: HAMP Termination Act of 2011 - Amends the Emergency Economic Stabilization Act of 2008 to terminate the authority of the Secretary of the Treasury to provide new mortgage modification assistance under the Home Affordable Modification Program (HAMP), except with respect to existing obligations on behalf of homeowners already extended an offer to participate in the program.

amends emergency economic stabilization act terminate authority secretary treasury provide new mortgage modification assistance home_affordable_modification_program hamp respect existing obligations behalf homeowners extended offer participate program


Summary: Debit Interchange Fee Study Act of 2011 - Amends the Electronic Fund Transfer Act to extend from 9 months after the date of enactment of the Consumer Financial Protection Act of 2010 to 24 months after the date of enactment of this Act the rulemaking timelines and effective dates for the proposed debit interchange (swipe) rule of the Board of Governors of the Federal Reserve System (Board) that is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Declares void and without legal effect any regulation proposed or prescribed by the Board pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act before the date that is 6 months after completion of the study required by this Act. Directs specified banking regulatory agencies (study agencies) to study jointly and report to certain congressional committees regarding the impact of regulating debit interchange transaction (swipe) fees and related issues under the Electronic Fund Transfer Act. Prescribes study contents including the costs and benefits of electronic debit card transactions (EDTs) and alternative forms of payment, including cash, check, and automated clearing house (ACH) for consumers, merchants, issuers, and debit card networks.

debit interchange fee study act amends electronic fund transfer act extend months date enactment consumer_financial_protection_act months date enactment act rulemaking timelines effective dates proposed debit interchange rule board_of_governors federal_reserve_system board required dodd frank wall street reform consumer protection act declares void legal effect regulation proposed prescribed board pursuant dodd frank wall street reform consumer protection act date months completion study required act directs specified banking regulatory agencies study agencies study jointly report certain congressional committees impact regulating debit interchange transaction fees related issues electronic fund transfer act prescribes study contents including costs benefits electronic debit card transactions alternative forms payment including cash check automated clearing house consumers merchants issuers debit card networks


Summary: Office of the Homeowner Advocate Act of 2011 - Establishes in the Department of the Treasury the Office of the Homeowner Advocate to assist homeowners, housing counselors, and housing lawyers in resolving problems with the Home Affordable Modification Program (HAMP) of the Making Home Affordable initiative of the Secretary of the Treasury, authorized under the Emergency Economic Stabilization Act of 2008. Prohibits any modification of a mortgage under the Making Home Affordable Program, or with any funds from the Troubled Asset Relief Program (TARP), unless the servicer of the mortgage loan has determined, in accordance with standards and requirements established by the Secretary, that the mortgagor cannot afford to make payments under the terms of the existing mortgage loan. (Thus prohibits participation in such Program for borrowers who strategically default.) Requires the Secretary to revise the guidelines for HAMP to establish that the data collected by the Secretary from each mortgage servicer and lender participating in the Program is made public at the individual record level in a specified manner.

establishes assist homeowners housing counselors housing lawyers resolving problems home_affordable_modification_program hamp making home affordable initiative secretary treasury authorized emergency_economic_stabilization_act prohibits modification mortgage making home affordable program funds troubled_asset_relief_program tarp servicer mortgage loan determined accordance standards requirements established secretary mortgagor afford payments terms existing mortgage loan prohibits participation program borrowers strategically default requires secretary revise guidelines hamp establish data collected secretary mortgage servicer lender participating program public individual record level specified manner


Summary: Helping Expedite and Advance Responsible Tribal Homeownership Act of 2011 or HEARTH Act of 2011 - Extends to any Indian tribe the discretion granted under current law only to the Navajo Nation to lease restricted lands for business, agricultural, public, religious, educational, recreational, or residential purposes without the approval of the Secretary of the Interior. (The Secretary must still approve the tribal regulations under which those leases are executed and mining leases still require the Secretary's approval.) Sets forth the environmental review process required under tribal lease regulations before those regulations obtain the Secretary's approval. Requires the process to identify and evaluate any significant effects a proposed lease may have on the environment and allow public comment on those effects. Allows tribes to rely on a federal environmental review process rather than the tribal environmental review process if the project under review is federally funded. Directs the Bureau of Indian Affairs (BIA) to report to Congress on the history and experience of Indian tribes that have chosen to assume the BIA's responsibility for operating the Indian Land Title and Records Office.

helping expedite advance responsible tribal homeownership act hearth act extends indian tribe discretion granted current law navajo nation lease restricted lands business agricultural public religious educational recreational residential purposes approval secretary interior secretary approve tribal regulations leases executed mining leases require secretary approval sets forth environmental review process required tribal lease regulations regulations obtain secretary approval requires process identify evaluate significant effects proposed lease environment allow public comment effects allows tribes rely federal environmental review process tribal environmental review process project review federally funded directs bureau_of_indian_affairs bia report congress history experience indian tribes chosen assume bia responsibility operating


Summary: Responsible Consumer Financial Protection Regulations Act of 2011 - Amends the Consumer Financial Protection Act of 2010, title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to replace the position of Director of the Bureau of Consumer Financial Protection with a five-member Commission whose members are appointed by the President, by and with the advice and consent of the Senate. Prohibits the Chair of the Commission from making requests for estimates related to appropriations without the prior approval of the Commission. Revises procedures for funding the Bureau. Eliminates the Consumer Financial Protection Fund and the requirement that the Board of Governors of the Federal Reserve System transfer funds to the Bureau from the combined earnings of the Federal Reserve System. Authorizes appropriations for FY2011-FY2012.

responsible consumer financial protection regulations act amends consumer financial protection act title dodd frank wall street reform consumer protection act replace position director bureau_of_consumer_financial_protection member commission members appointed president advice consent senate prohibits making requests estimates related appropriations prior approval commission revises procedures funding bureau eliminates requirement board_of_governors federal_reserve_system transfer funds bureau combined earnings federal_reserve_system authorizes appropriations fy2011 fy2012


Summary: Financial and Economic Literacy Improvement Act of 2011 - Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to award formula matching grants to states or partnerships between states and experienced nonprofit providers of financial literacy or personal finance education. Requires grantees to use 25% of the grant funds to: (1) develop financial literacy standards and assessments for at least three grade levels, (2) create teacher training programs to embed financial literacy or personal finance education into core academic subjects, and (3) evaluate the impact such education has on students' financial literacy. Requires the remaining grant funds to be used for subgrants to local educational agencies (LEAs) or partnerships between LEAs and community organizations, local businesses, or other educational entities to implement such financial literacy activities, including student assessments and teacher training. Amends the Higher Education Act of 1965 to direct the Secretary to award competitive grants to institutions of higher education (IHEs) or partnerships between IHEs and experienced nonprofit providers of financial literacy or personal finance education for activities that increase student knowledge in consumer, economic, and personal financial concepts.

amends elementary secondary education act direct secretary education award formula matching grants states partnerships states experienced nonprofit providers financial literacy personal finance education requires grantees use grant funds develop financial literacy standards assessments grade levels create teacher training programs embed financial literacy personal finance education core academic subjects evaluate impact education students financial literacy requires remaining grant funds subgrants local educational agencies leas partnerships leas community organizations local businesses educational entities implement financial literacy activities including student assessments teacher training amends higher education act direct secretary award competitive grants institutions higher education ihes partnerships ihes experienced nonprofit providers financial literacy personal finance education activities increase student knowledge consumer economic personal financial concepts


Summary: Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 - Amends the Trust Indenture Act of 1939 to include within its purview mortgage-backed securities and their servicers. Imposes upon each servicer of a mortgage-backed security a fiduciary duty, not waivable by an investor, to protect the economic interests of the investors as a whole in an asset-backed security. Provides for removal of an indenture trustee that is a servicer of mortgage-backed securities if at least 50% of the investors petition the court for such removal. Authorizes amendment of a pooling and servicing agreement with respect to any mortgage-backed security without the consent of a majority of the security holders if at least 25% of them petition the court for such action. Defines such an agreement as any contract establishing the transaction rights and duties of the parties to a mortgage-backed securitization transaction. Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to promulgate specified requirements governing mortgage related securities. Amends the Truth In Lending Act (TILA) to prohibit the servicer of a securitized residential mortgage loan (or an affiliate) from owning or holding any interest in any other residential mortgage loan that is secured by a consensual security interest on the same dwelling or residential real property that is subject to the security interest that secures the securitized residential mortgage loan. Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to require all fees charged for a real estate settlement service in connection with a transaction involving a federally related mortgage loan, or incurred in connection with servicing such loan, to be reasonably related to the cost of providing the service. Sets forth specified prohibitions, restrictions, or requirements for: (1) use of subsidiaries and insourcing, (2) force-placed insurance, (3) disclosures related to insurance coverage information, and (4) loss mitigation. Amends TILA to: (1) prescribe the treatment of mistaken loan payments during the period that servicing of a loan is in transition, and (2) set limitations upon foreclosure proceedings. Amends the Fair Debt Collection Practices Act to: (1) bring within its purview a securitized residential mortgage loan and its servicer, and (2) subject to civil liability a debt collector who violates such Act in connection with a debt secured by a consumer's residence. Directs: (1) federal banking agencies to promulgate independent capital reserve standards for affiliates of mortgage-backed securities servicers, and (2) the SEC to promulgate regulations regarding treatment of delinquent loans.

foreclosure fraud homeowner abuse prevention act amends trust act include purview mortgage backed securities servicers imposes servicer mortgage backed security fiduciary duty investor protect economic interests investors asset backed security provides removal trustee servicer mortgage backed securities investors petition court removal authorizes amendment pooling servicing agreement respect mortgage backed security consent majority security holders petition court action defines agreement contract establishing transaction rights duties parties mortgage backed securitization transaction amends securities_exchange_act direct securities_and_exchange_commission sec promulgate specified requirements governing mortgage related securities amends truth lending act tila prohibit servicer securitized residential mortgage loan affiliate owning holding interest residential mortgage loan secured consensual security interest dwelling residential real property subject security interest secures securitized residential mortgage loan amends real_estate_settlement_procedures_act respa require fees charged real estate settlement service connection transaction involving federally related mortgage loan incurred connection servicing loan reasonably related cost providing service sets forth specified prohibitions restrictions requirements use subsidiaries insourcing force placed insurance disclosures related insurance coverage information loss mitigation amends tila prescribe treatment loan payments period servicing loan transition set limitations foreclosure proceedings amends fair debt collection practices act bring purview securitized residential mortgage loan servicer subject civil liability debt collector violates act connection debt secured consumer residence directs federal banking agencies promulgate independent capital reserve standards affiliates mortgage backed securities servicers sec promulgate regulations treatment delinquent loans


Summary: Financial Literacy for Students Act of 2011 - Amends the Elementary and Secondary Education Act of 1965 to authorize the Secretary of Education to award grants to states to: (1) integrate financial literacy and entrepreneurship education into their public middle and secondary schools, and (2) provide training to financial literacy or entrepreneurship teachers in such schools. Authorizes the Secretary to award grants to local educational agencies (LEAs) for the provision of financial literacy and entrepreneurship training and assistance to parents and students. Directs the Secretary to encourage LEA grantees to: (1) partner with community organizations, financial institutions, or local businesses or entrepreneurs when implementing such program; and (2) find connections and foster mentorships between classroom-based programs and the local business and entrepreneurship community, where appropriate. Requires the Director of the Bureau of Consumer Financial Protection to coordinate the activities funded under this Act with the activities carried out by any financial education research center operated by a Federal Reserve bank.

amends elementary secondary education act authorize secretary education award grants states integrate financial literacy entrepreneurship education public middle secondary schools provide training financial literacy entrepreneurship teachers schools authorizes secretary award grants local educational agencies leas provision financial literacy entrepreneurship training assistance parents students directs secretary encourage lea grantees partner community organizations financial institutions local businesses entrepreneurs implementing program find connections foster classroom based programs local business entrepreneurship community appropriate requires director bureau_of_consumer_financial_protection coordinate activities funded act activities carried financial education research center operated federal_reserve bank


Summary: Consumer Rental-Purchase Agreement Act of 2011- Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures. Declares that an action for civil liability may be brought against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which it relates, including, but not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement. Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations. Grants enforcement powers to the Federal Trade Commission and to state attorneys general. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.

amends consumer credit protection act prescribe consumer protection guidelines rental purchase transactions including determination rental purchase cost disclosure requirements prohibitions confessions judgment wage assignments waiver consumer claims defenses furnishing statements account point rental disclosures rental purchase advertising disclosures declares action civil liability brought merchant assignee violation apparent face rental purchase agreement relates including limited disclosure determined incomplete inaccurate face agreement authorizes board_of_governors federal_reserve_system promulgate implementing regulations grants enforcement powers federal_trade_commission state attorneys general subjects criminal penalties willful knowing violation information disclosure requirements act


Summary: Regulation of Mortgage Servicing Act of 2011 - 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 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 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 foreclosure action. Allows a servicer in compliance with this Act, however, to bring or proceed with a foreclosure action, regardless of any prior violation.

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 foreclosure action borrower servicer performed specified tasks related offering borrower eligible loan modification alternative foreclosure requires servicer suspend 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 foreclosure action allows servicer compliance act bring proceed foreclosure action regardless prior violation


Summary: Rural Health Care Capital Access Reauthorization Act of 2011 - Amends the National Housing Act to extend from July 31, 2011 to July 31, 2016, the exemption for critical access hospitals from the limit on patient days customarily assignable to specified categories of care under the Department of Housing and Urban Development (HUD) (Federal Housing Administration [FHA]) hospital mortgage insurance program.

amends national housing act extend july july exemption critical access hospitals limit patient days customarily assignable specified categories care department_of_housing_and_urban_development hud federal_housing_administration fha hospital mortgage insurance program


Summary: Amends the Emergency Housing Act of 1975, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to extend eligibility for loan or advance of credit insurance or emergency mortgage relief payments to mortgagors who: (1) applied for a loan, advance, or emergency mortgage relief payments on or before September 30, 2011; and (2) were approved to receive the benefit of such loan, advance, or emergency mortgage relief on or before December 31, 2011.

amends emergency housing act amended dodd frank wall street reform consumer protection act extend eligibility loan advance credit insurance emergency mortgage relief payments mortgagors applied loan advance emergency mortgage relief payments september approved receive benefit loan advance emergency mortgage relief december


Summary: Empowering States' Rights To Protect Consumers Act - Amends the Truth In Lending Act to limit the annual percentage rate (APR) applicable to any consumer credit transaction (other than a residential mortgage transaction), including any associated fees, to the maximum rate permitted by the laws of the state in which the consumer resides.

empowering states rights protect consumers act amends truth lending act limit annual percentage rate apr applicable consumer credit transaction residential mortgage transaction including associated fees maximum rate permitted laws state consumer resides


Summary: Residential Mortgage Market Privatization and Standardization Act of 2011 - Amends the National Housing Act and the Federal Home Loan Mortgage Corporation Act to require the Director of the Federal Housing Finance Agency (FHFA) to begin reducing by at least 10% per year the percentage of the value of a trust certificate or other security that may be guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs). Covers single-family or multifamily residential mortgage loans originated, serviced, or subserviced, in whole or in part, owned directly or indirectly, or securitized or resecuritized, by an entity, affiliate, or subsidiary regulated by any one of specified federal agencies. Directs each such agency to require that all entities they regulate put into the public domain reasonably accurate and complete data relating to covered mortgage loans. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the FHFA Director to establish a program to encourage the development of a deliverable residential mortgage (DRM) futures market (for forward contracts for the sale of mortgage-backed securities collateralized exclusively by DRMs) that: (1) compliments the TBA market (for forward contracts for the sale of mortgage-backed securities that do not specify the particular mortgage-backed securities that will be delivered to the buyer); (2) creates incentives for trading by participants in the TBA market; and (3) has the potential to replace the TBA market. Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to exempt from regulation and registration requirements any mortgage-backed security collateralized exclusively by DRMs. Requires the Director, as conservator of the GSEs, to: (1) identify any GSE property that would be of value to nongovernmental entities; and (2) sell it to them. Directs the federal banking agencies to: (1) establish jointly specific minimum standards for mortgage underwriting; and (2) review, and if necessary revise, them every five years. Makes it a violation of federal law: (1) for any mortgage loan originator to fail to comply with such minimum standards in originating a residential mortgage loan; (2) for any company to maintain an extension of credit on a revolving basis to any person to fund a residential mortgage loan, unless the company reasonably determines that the loan was subject to no less stringent underwriting standards; or (3) for any company to purchase, fund by assignment, or guarantee a residential mortgage loan, unless the company also reasonably determines that the loan was subject to no less stringent underwriting standards. Authorizes the federal banking agencies to issue rules jointly to exempt from specified downpayment requirements tax-exempt charitable organizations that are also mortgage loan originators. Amends the Securities Exchange Act of 1934 to repeal credit risk retention and qualified residential mortgage (QRM) rules. Requires the Director to develop a uniform pooling and servicing agreement (PSA) to: (1) address all issues relating to the pool trustee; and (2) create uniform loss mitigation standards, including standards for a single point of contact for troubled borrowers, an industry wide net-present-value model for determining when to conduct a loan modification rather than foreclosure, and national standards for the foreclosure process. Requires the FHFA Director to establish a Mortgage Electronic Registration System to incorporate a single national database for all mortgage title transfers. Requires the Comptroller of the Currency, the Chairperson of the Federal Deposit Insurance Corporation (FDIC), the Chairman of the Board of Governors of the Federal Reserve System, and the Director of the Consumer Financial Protection Bureau (CFPB) to develop jointly, under FHFA direction, uniform regulatory practices for the mortgage market.

amends national housing act federal_home_loan_mortgage_corporation_act require director federal_housing_finance_agency fhfa begin reducing year percentage value trust certificate security guaranteed federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses covers single family multifamily residential mortgage loans originated serviced owned directly indirectly securitized entity affiliate subsidiary regulated specified federal agencies directs agency require entities regulate public domain reasonably accurate complete data relating covered mortgage loans amends federal_housing_enterprises_financial_safety soundness act require fhfa director establish program encourage development residential mortgage futures market forward contracts sale mortgage backed securities collateralized exclusively market forward contracts sale mortgage backed securities specify particular mortgage backed securities delivered buyer creates incentives trading participants market potential replace market amends securities act securities_exchange_act exempt regulation registration requirements mortgage backed security collateralized exclusively requires director conservator gses identify gse property value nongovernmental entities sell directs federal banking agencies establish jointly specific minimum standards mortgage underwriting review necessary revise years makes violation federal law mortgage loan originator fail comply minimum standards originating residential mortgage loan company maintain extension credit revolving basis person fund residential mortgage loan company reasonably determines loan subject stringent underwriting standards company purchase fund assignment guarantee residential mortgage loan company reasonably determines loan subject stringent underwriting standards authorizes federal banking agencies issue rules jointly exempt specified downpayment requirements tax exempt charitable organizations mortgage loan originators amends securities_exchange_act repeal credit risk retention qualified residential mortgage rules requires director develop uniform pooling servicing agreement address issues relating pool trustee create uniform loss mitigation standards including standards single point contact troubled borrowers industry wide net present value model determining conduct loan modification foreclosure national standards foreclosure process requires fhfa director establish mortgage electronic registration system incorporate single national database mortgage title transfers requires comptroller currency chairperson federal_deposit_insurance_corporation fdic chairman board_of_governors federal_reserve_system director consumer_financial_protection_bureau cfpb develop jointly fhfa direction uniform regulatory practices mortgage market


Summary: Mortgage Finance Act of 2011 - Appoints the Federal Housing Finance Agency (FHFA) receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and places them into irrevocable receivership, effective on the date on which the Mortgage Finance Agency (MFA) established by this Act is operational and able to perform the guarantee function for qualified mortgage-backed securities collateralized by qualified residential mortgages. Directs the FHFA to commence liquidation of the GSEs immediately upon their placement into receivership. Repeals the charters of Fannie Mae and Freddie Mac. Requires repayment by the FHFA to the General Fund of the Treasury, in repayment of certain government assistance to the GSEs, of all proceeds from their operations in receivership remaining after their outstanding obligations are fully satisfied. Requires the FHFA as receiver to manage the combined assets of the GSEs to obtain resolutions that maximize the return for the taxpayer. Establishes the MFA as an independent agency of the federal government to: (1) guarantee securities issued by qualified issuers and collateralized by pools of qualified residential mortgages in order to provide a dependable, transparent, and liquid market for high quality mortgages and multifamily mortgages for securitization; (2) charge and collect a guarantee fee sufficient to protect the MFA and the Treasury from the risks of guaranteeing the timely payment of principal and interest on qualified mortgage-backed securities; (3) establish and maintain a Catastrophic Fund to minimize the burden on the federal government by setting aside amounts that will be available solely to pay obligations under the MFA guarantee in the event of any future mortgage market collapse; and (4) purchase supplemental insurance coverage. Requires the MFA to: (1) guarantee the timely payment of the principal and interest to holders of qualified mortgage-back securities, and (2) cover any shortfalls to security holders. Requires the MFA to charge a guarantee fee with respect to timely payment of principal and interest on the qualified mortgage-backed securities. Creates in the Treasury the Catastrophic Fund, to which shall be credited the amount of guarantee fees and any amounts earned on investments. Requires the MFA Board of Directors to issue guidelines to determine whether supplemental coverage: (1) is being offered on commercially reasonable terms, and (2) is reasonably likely to mitigate the risk that the MFA will have to make any payment pursuant to its guarantee. Declares that nothing in this Act may be construed as preventing the private sector from securitizing qualified residential mortgages, qualified multifamily mortgages, or other non-qualified residential single family or multifamily mortgages. Terminates the MFA after ten years.

mortgage finance act appoints federal_housing_finance_agency fhfa receiver federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses places irrevocable receivership effective date established act operational able perform guarantee function qualified mortgage backed securities collateralized qualified residential mortgages directs fhfa commence liquidation gses immediately placement receivership repeals charters fannie_mae freddie_mac requires repayment fhfa general_fund_of_the_treasury repayment certain government assistance gses proceeds operations receivership remaining outstanding obligations fully satisfied requires fhfa receiver manage combined assets gses obtain resolutions maximize return taxpayer establishes independent agency federal government guarantee securities issued qualified issuers collateralized pools qualified residential mortgages order provide dependable transparent liquid market high quality mortgages multifamily mortgages securitization charge collect guarantee fee sufficient protect treasury risks guaranteeing timely payment principal interest qualified mortgage backed securities establish maintain catastrophic fund minimize burden federal government setting aside amounts available solely pay obligations guarantee event future mortgage market collapse purchase supplemental insurance coverage requires guarantee timely payment principal interest holders qualified mortgage securities cover shortfalls security holders requires charge guarantee fee respect timely payment principal interest qualified mortgage backed securities creates treasury catastrophic fund shall credited guarantee fees amounts earned investments requires directors issue guidelines determine supplemental coverage offered commercially reasonable terms reasonably likely mitigate risk payment pursuant guarantee declares act construed preventing private sector qualified residential mortgages qualified multifamily mortgages non qualified residential single family multifamily mortgages terminates years


Summary: FHA Bailout Protection Act of 2011 - Amends the National Housing Act (NHA) to direct the Secretary of Housing and Urban Development (HUD) to take action to ensure that the Mutual Mortgage Insurance Fund attains and maintains a capital ratio of at least 2%. Includes among such actions: (1) increasing mortgage insurance premiums, (2) establishing more stringent underwriting standards, and (3) increasing the amount of cash (or its equivalent) required to be paid on account of the property subject to a mortgage. Directs the Secretary to raise annual insurance premiums and charge an additional risk-based annual insurance premium if: (1) the Fund fails to attain a capital ratio of 2% by a specified date or maintain it, or (2) the Fund's expected claims rate as set forth in the quarterly independent actuarial study is 10.0 or higher. Directs the Secretary to require a mortgagee to indemnify HUD for losses resulting from payment of an insurance claim with respect to a mortgage: (1) executed under the direct endorsement program or insured by the mortgagee pursuant to a delegation of authority, but (2) not originated or underwritten in accordance with HUD requirements. Requires indemnification also in the event that fraud or misrepresentation was involved in an origination or underwriting. Directs the Secretary of HUD to take any actions required to seek indemnification for any early term delinquency on a mortgage which: (1) is an obligation of the Mutual Mortgage Insurance Fund; and (2) at the time of origination was not in compliance with NHA requirements. Directs the Secretary of HUD to establish a program to review the cause of each early term delinquency on such a mortgage. Converts from annual to quarterly the frequency of an independent actuarial study of the Mutual Mortgage Insurance Fund. Amends the Federal Credit Reform Act of 1990 to prohibit the Secretary of the Treasury from entering into specified transactions with the Mutual Mortgage Insurance Fund.

amends national housing act nha direct secretary housing_and_urban_development hud action ensure mutual_mortgage_insurance_fund attains maintains capital ratio includes actions increasing mortgage insurance premiums establishing stringent underwriting standards increasing cash equivalent required paid account property subject mortgage directs secretary raise annual insurance premiums charge additional risk based annual insurance premium fund fails attain capital ratio specified date maintain fund expected claims rate set forth quarterly independent actuarial study higher directs secretary require mortgagee indemnify hud losses resulting payment insurance claim respect mortgage executed direct endorsement program insured mortgagee pursuant delegation authority originated underwritten accordance hud requirements requires indemnification event fraud misrepresentation involved origination underwriting directs secretary hud actions required seek indemnification early term delinquency mortgage obligation mutual_mortgage_insurance_fund time origination compliance nha requirements directs secretary hud establish program review cause early term delinquency mortgage converts annual quarterly frequency independent actuarial study mutual_mortgage_insurance_fund amends prohibit secretary treasury entering specified transactions mutual_mortgage_insurance_fund


Summary: Prepaid Card Consumer Protection Act of 2011 - Amends the Electronic Fund Transfer Act to extend its coverage to spending accounts (prepaid cards) established by a consumer (or on a consumer's behalf): (1) to which recurring electronic fund transfers may be made, at the consumer's direction; and (2) from which payments may be made, at the consumer's direction, through the use of a card, code, or device. Treats as a spending account any similar deposit account operated or managed by a financial institution, or any other person, whose funds: (1) are pooled with the funds of a person other than the one who established the account, or (2) are held in a name other than that of the person who established the account. Excludes from the meaning of spending account: (1) any nonreloadable general-use prepaid card in an amount under $250; and (2) any general-use prepaid card solely associated with a certain kind of health plan, a qualified transportation fringe, a health savings account or any other healthcare benefit account, a gift certificate, a store gift card, an electronic promise, plastic card, or payment code, or device, a nonreloadable card labeled as a gift card and marketed solely as such, or a nonreloadable loyalty, rebate, or promotional card. Requires spending accounts to be structured to provide and maintain separate deposit insurance coverage for the funds of each consumer under the applicable Federal Deposit Insurance Corporation (FDIC) regulations. Requires any person that receives funds in connection with an electronic fund transfer to a spending account to: (1) transfer them, within one business day after funds are activated, to an account at an FDIC-insured depository institution; or (2) credit the spending account an amount equal to the amount of such funds. Waives the requirement for providing a consumer with a periodic statement if a financial institution, among other things, provides the consumer with access to the account balance through a readily available telephone line, the Internet, text messaging, or at an electronic terminal or other device (ATM machine) that allows the consumer to make a balance inquiry. Prohibits the charging of fees for services required to meet these requirements, other than $1 for an optional periodic statement. Specifies other fees which may and may not be charged in connection with a spending account. Prohibits any person from offering or providing a spending account that has a credit feature or that can be linked to a credit account that is automatically repaid from the spending account. Directs the Consumer Financial Protection Bureau (CFPB) to establish an implementation plan and timeline for a prepaid card research study to determine if any differences exist for both the short- and long-term economic well being of consumers at different income levels who use spending accounts versus those who use traditional bank accounts for their primary means of making financial transactions.

amends electronic fund transfer act extend coverage spending accounts prepaid cards established consumer consumer behalf recurring electronic fund transfers consumer direction payments consumer direction use card code device treats spending account similar deposit account operated managed financial institution person funds pooled funds person established account held person established account excludes meaning spending account nonreloadable general use prepaid card general use prepaid card solely associated certain kind health plan qualified transportation fringe health savings account healthcare benefit account gift certificate store gift card electronic promise plastic card payment code device nonreloadable card labeled gift card marketed solely nonreloadable loyalty rebate promotional card requires spending accounts structured provide maintain separate deposit insurance coverage funds consumer applicable federal_deposit_insurance_corporation fdic regulations requires person receives funds connection electronic fund transfer spending account transfer business day funds activated account fdic insured depository institution credit spending account equal funds waives requirement providing consumer periodic statement financial institution things provides consumer access account balance readily available telephone line internet text messaging electronic terminal device atm machine allows consumer balance inquiry prohibits charging fees services required meet requirements optional periodic statement specifies fees charged connection spending account prohibits person offering providing spending account credit feature linked credit account automatically repaid spending account directs consumer_financial_protection_bureau cfpb establish implementation plan timeline prepaid card research study determine differences exist short- long term economic consumers different income levels use spending accounts versus use traditional bank accounts primary means making financial transactions


Summary: Helping Homeowners Refinance Act - Requires the Director of the Federal Housing Finance Agency to promulgate rules prohibiting the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and their affiliates from holding any possessory interest in or otherwise owning, in whole or in part, any financial market instrument that would, in the Director's discretion, substantially reduce the financial incentive to carry out the statutory mission of the GSEs to provide liquidity, stability, and affordability to the U.S. housing market under the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act. Directs Freddie Mac to implement policies (consistent with Fannie Mae's as of February 1, 2012) to reduce the putback risk on a mortgage, including any putback risk associated with loan refinancing, regardless of the loan-to-value ratio on the mortgage. Defines "putback risk" as the probability that a GSE would require a loan originator to repurchase a loan purchased by the GSE. Requires the GSEs to apply the same putback risks to all financial institutions that refinance mortgage loans owned or guaranteed by a GSE, regardless of whether the loans being refinanced were originated by the same institution that is originating the new loan. Authorizes the Director to waive any rule under this Act or the application of such a putback risk if the Director certifies in writing to Congress that the GSE's safety and soundness is put at risk by the applicability of the putback risk.

helping homeowners refinance act requires director federal_housing_finance_agency promulgate rules prohibiting federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses affiliates holding interest owning financial market instrument director discretion substantially reduce financial incentive carry statutory mission gses provide liquidity stability affordability housing market federal_home_loan_mortgage_corporation_act federal_national_mortgage_association charter act directs freddie_mac implement policies consistent fannie_mae february reduce risk mortgage including risk associated loan refinancing regardless loan value ratio mortgage defines risk probability gse require loan originator repurchase loan purchased gse requires gses apply risks financial institutions refinance mortgage loans owned guaranteed gse regardless loans refinanced originated institution originating new loan authorizes director waive rule act application risk director certifies writing congress gse safety soundness risk applicability risk


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 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 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.

preserving american homeownership act requires director federal_housing_finance_agency federal_housing commissioner establish pilot program encourage 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 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


Summary: Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to respond in writing within 75 days to a mortgagor of a residential mortgage loan who has requested in writing a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan. Authorizes an aggrieved individual to bring a civil action for damages and equitable relief for any violation of this Act. Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.

prompt notification short sales act requires servicer home mortgage respond writing days mortgagor residential mortgage loan requested writing short sale dwelling residential real property subject mortgage deed trust security interest securing mortgage loan authorizes aggrieved individual bring civil action damages equitable relief violation act declares act inapplicable certain residential mortgages entered enactment mortgage agreements explicitly provide procedure terms short sale approval


Summary: Medical Debt Responsibility Act of 2012 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from making any report containing information related to a fully paid or settled medical debt that had been characterized as delinquent, charged off, or in collection which, from the date of payment or settlement, antedates the report by more than 45 days.

medical debt responsibility act amends fair credit reporting act prohibit consumer reporting agency making report containing information related fully paid settled medical debt characterized delinquent charged collection date payment settlement antedates report days


Summary: Mortgage Foregiveness Tax Relief Act - Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

mortgage tax relief act amends internal revenue code extend exclusion gross income income attributable discharge indebtedness principal residence


Summary: Rebuilding Equity 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 establish a voluntary program for borrowers who qualify for the Home Affordable Refinance Program carried out by the GSEs, in which the GSE shall pay for the closing costs associated with applying for and receiving the refinancing when the borrower agrees to refinance into a fully amoritizing loan with a term of not longer than 20 years.

rebuilding equity act directs federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses establish voluntary program borrowers qualify home_affordable_refinance_program carried gses gse shall pay closing costs associated applying receiving refinancing borrower agrees refinance fully loan term longer years


Summary: Expanding Refinancing Opportunities Act of 2012 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to insure or commit to insure any mortgage made to refinance an eligible mortgage. Defines "eligible mortgage" as one that: (1) is not guaranteed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation) (Freddie Mac) (government sponsored enterprises or GSEs), (2) is collateralized by an owner-occupied residence, (3) involves a principal obligation that does not exceed 140% of the value of the property collateralizing the mortgage or the HUD-insured loan limits in effect, and (4) was executed by a mortgagor meeting certain criteria. Establishes in the Federal Housing Administration (FHA) the Expanded Refinancing Fund, which shall be available to carry out streamlined refinancing of non-enterprise mortgages. Prohibits the use of any amounts in the Mutual Mortgage Fund to carry out this Act. Amends the Housing and Community Development Act of 1992 and the Temporary Payroll Tax Cut Continuation Act of 2011 to extend through FY2022 the mandates for GSE and FHA guarantee fees.

expanding refinancing opportunities act amends national housing act authorize secretary housing_and_urban_development hud insure commit insure mortgage refinance eligible mortgage defines eligible mortgage guaranteed federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses collateralized owner occupied residence involves principal obligation exceed value property mortgage hud insured loan limits effect executed mortgagor meeting certain criteria establishes federal_housing_administration fha shall available carry streamlined refinancing non enterprise mortgages prohibits use amounts carry act amends housing_and_community_development_act extend fy2022 mandates gse fha guarantee fees


Summary: Responsible Homeowners Refinancing Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified criteria pertaining to: (1) borrower eligibility, (2) representations and warranties, (3) prohibition on up-front fees, (4) alternative streamlined methods to appraise the value of a property, (5) an administrative penalty for lien-holder refusal to resubordinate junior liens, (6) carryover of mortgage insurance, and (7) guarantee fees. Requires the GSE to notify all borrowers with a mortgage owned or guaranteed by a GSE about the Program and its eligibility criteria, and inform borrowers of the website required below. Directs the Director of the Federal Housing Finance Agency (FHFA) to establish a single website where borrowers may: (1) determine their potential eligibility for participation in the Program, (2) see a complete list of and links to participating lenders, (3) use a mortgage refinance calculator to calculate potential payment savings based on different interest rates, and (4) obtain tips on refinancing their loan. Directs the FHFA to issue guidelines to require the GSEs to make their refinancing guidelines consistent to ease lender compliance requirements, particularly with respect to: (1) loans with less than an 80% loan-to-value ratio, and (2) GSE closing cost policies.

responsible homeowners refinancing act requires federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses carrying home_affordable_refinance_program adopt specified criteria pertaining borrower eligibility representations warranties prohibition fees alternative streamlined methods appraise value property administrative penalty lien holder refusal junior liens carryover mortgage insurance guarantee fees requires gse notify borrowers mortgage owned guaranteed gse program eligibility criteria inform borrowers website required directs director federal_housing_finance_agency fhfa establish single website borrowers determine potential eligibility participation program complete list links participating lenders use mortgage refinance calculator calculate potential payment savings based different interest rates obtain tips refinancing loan directs fhfa issue guidelines require gses refinancing guidelines consistent ease lender compliance requirements particularly respect loans loan value ratio gse closing cost policies


Summary: Stopping Ongoing Lender Delays Act or SOLD Act - Amends the Truth in Lending Act to require each servicer of a home mortgage to respond in writing within 30 days to a mortgagor of a residential mortgage loan who hasrequested in writing a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan. Authorizes an aggrieved individual to bring a civil action for damages and equitable relief for any violation of this Act. Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.

stopping ongoing lender delays act require servicer home mortgage respond writing days mortgagor residential mortgage loan writing short sale dwelling residential real property subject mortgage deed trust security interest securing mortgage loan authorizes aggrieved individual bring civil action damages equitable relief violation act declares act inapplicable certain residential mortgages entered enactment mortgage agreements explicitly provide procedure terms short sale approval


Summary: Homeowners and Military Families Tax Fairness Act - Amends the Internal Revenue Code to: (1) extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence, (2) extend through 2012 the tax deduction for mortgage insurance premiums, and (3) exclude from gross income any National Mortgage Settlement amount. Defines "National Mortgage Settlement amount" as any amount received pursuant to the settlement in a legal action against Bank of America Corporation filed in U.S. District Court on March 12, 2012, which is: (1) a payment for transitional assistance; (2) a payment from the Borrower Payment Fund under the National Mortgage Settlement to a borrower whose home was finally sold or taken in foreclosure after December 31, 2007, and before January 1, 2012; or (3) a payment received as a result of a foreclosure that the Attorney General has determined was not in compliance with the Servicemembers Civil Relief Act.

extend exclusion gross income income attributable discharge indebtedness principal residence extend tax deduction mortgage insurance premiums exclude gross income defines national mortgage settlement received pursuant settlement legal action filed district_court march payment transitional assistance payment borrower home finally sold taken foreclosure december january payment received result foreclosure attorney general determined compliance servicemembers_civil_relief_act


Summary: Stopping Abuse and Fraud in Electronic Lending Act of 2012 or SAFE Lending Act of 2012 - Amends the Electronic Fund Transfer Act to authorize the issuance of remotely created checks only if the consumer has designated in writing a person to issue them. Defines a "remotely created check" as one that: (1) is not created by the financial institution that holds the customer account from which the check is to be paid; and (2) does not bear a signature applied, or purported to be applied, by the person from whose account the check is to be paid. Treats as a preauthorized electronic fund transfer (EFT) subject to the protections of such Act any voluntary repayment by a consumer of an extension of a small-dollar ($5,000 or less) consumer credit transaction by means of an EFT. Amends the Truth in Lending Act to require any small-dollar consumer credit transaction made over the Internet, telephone, FAX, mail, electronic mail, or other electronic communication, as well as any conducted by an insured depository institution, to comply with the laws of the state in which the consumer resides with respect to annual percentage rates, interest, fees, charges, and such other matters as the Consumer Financial Protection Bureau (CFPB) may determine. Prohibits persons engaged in the business of facilitating, brokering, arranging, gathering applications for, distributing sensitive personal financial information, or extending credit in connection with a small-dollar consumer credit transaction unless that person is directly extending the small-dollar consumer credit to the consumer. Subjects violators of this Act to civil liability. Empowers the CFPB to investigate violations of this Act. Sets forth investigative and cease-and-desist enforcement procedures, particularly with respect to offshore persons conducting business directed to U.S. residents but from a location outside any U.S. judicial district. Directs the Government Accountability Office (GAO) to study the availability of capital on Indian reservations and the impact that small-dollar consumer credit extended through Internet and non-Internet means to members of Indian tribes has had upon economic opportunity and wealth for tribal members.

stopping abuse fraud electronic lending act safe lending act amends electronic fund transfer act authorize issuance remotely created checks consumer designated writing person issue defines remotely created check created financial institution holds customer account check paid bear signature applied purported applied person account check paid treats preauthorized electronic fund transfer eft subject protections act voluntary repayment consumer extension small dollar consumer credit transaction means eft amends truth lending act require small dollar consumer credit transaction internet telephone fax mail electronic mail electronic communication conducted insured depository institution comply laws state consumer resides respect annual percentage rates interest fees charges matters consumer_financial_protection_bureau cfpb determine prohibits persons engaged business facilitating arranging gathering applications distributing sensitive personal financial information extending credit connection small dollar consumer credit transaction person directly extending small dollar consumer credit consumer subjects violators act civil liability empowers cfpb investigate violations act sets forth investigative cease desist enforcement procedures particularly respect offshore persons conducting business directed residents location outside judicial district directs government_accountability_office gao study availability capital indian reservations impact small dollar consumer credit extended internet non internet means members indian tribes economic opportunity wealth tribal members


Summary: Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums.

amends internal revenue code permanent tax deduction mortgage insurance premiums


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 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 revise definition high cost mortgage


Summary: Amends the Interstate Land Sales Full Disclosure Act to exempt from certain registration and disclosure requirements the sale or lease of a condominium unit not already exempt from coverage under such Act.

amends disclosure act exempt certain registration disclosure requirements sale lease condominium unit exempt coverage act


Summary: Rebuilding Equity Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) each to establish a voluntary program for eligible borrowers who qualify for the Home Affordable Refinance Program carried out by the GSEs, under which the GSEs shall pay up to $1,000 of the closing costs associated with applying for and receiving refinancing when the borrower agrees to refinance a 30-year mortgage loan into a fully amortizing loan with a term of not longer than 20 years. Requires the subject property to have a loan-to-value ratio of not less than 105%.

rebuilding equity act requires federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses establish voluntary program eligible borrowers qualify home_affordable_refinance_program carried gses gses shall pay closing costs associated applying receiving refinancing borrower agrees refinance year mortgage loan fully amortizing loan term longer years requires subject property loan value ratio


Summary: Responsible Homeowner Refinancing Act of 2012 - Requires the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), in carrying out the Home Affordable Refinance Program, to adopt specified criteria pertaining to: (1) borrower eligibility, (2) representations and warranties, (3) prohibition on up-front fees, (4) alternative streamlined methods to determine the value of a property, (5) the purchase or guarantee of any new mortgage resulting from the refinancing of an eligible mortgage, and (6) guarantee fees. Requires the GSEs to notify all borrowers with a mortgage owned or guaranteed by a GSE about the Program and its eligibility criteria, and inform borrowers of the website required below. Directs the Director of the Federal Housing Finance Agency (FHFA) to establish a single website where borrowers may: (1) determine their potential eligibility for participation in the Program, (2) see a complete list of and links to qualified lenders, (3) use a mortgage refinance calculator to calculate potential payment savings based on different interest rates, and (4) obtain tips on refinancing their loan. Directs the Director of FHFA to issue guidance to require the GSEs to make their refinancing guidelines consistent to ease the compliance requirements of qualified lenders, and in particular with respect to loans with less than 80% loan-to-value ratio and closing cost policies of the GSEs, which regulations or guidance shall be put into effect not later than 90 days after the enactment of this Acts.

responsible homeowner refinancing act requires federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses carrying home_affordable_refinance_program adopt specified criteria pertaining borrower eligibility representations warranties prohibition fees alternative streamlined methods determine value property purchase guarantee new mortgage resulting refinancing eligible mortgage guarantee fees requires gses notify borrowers mortgage owned guaranteed gse program eligibility criteria inform borrowers website required directs director federal_housing_finance_agency fhfa establish single website borrowers determine potential eligibility participation program complete list links qualified lenders use mortgage refinance calculator calculate potential payment savings based different interest rates obtain tips refinancing loan directs director fhfa issue guidance require gses refinancing guidelines consistent ease compliance requirements qualified lenders particular respect loans loan value ratio closing cost policies gses regulations guidance shall effect later days enactment acts


Summary: Amends the Mortgage Reform and Anti-Predatory Lending Act, title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to declare that nothing in such Act, including its effective dates, shall apply with respect to regulations required to be issued pursuant to certain safe harbor and rebuttable presumption requirements that authorize: (1) any creditor or assignee subject to liability with respect to any residential mortgage loan to presume that it has met the minimum standards for such a loan if it is a qualified mortgage meeting specified criteria that does not result in a balloon payment; and (2) the Board of Governors of the Federal Reserve by regulation to include as a qualified mortgage any balloon loan meeting the same specified criteria if it meets certain other criteria as well, including that it is extended by a creditor operating predominantly in rural or underserved areas. Treats any such regulations as having a significant economic impact on a substantial number of small entities (small businesses). Prohibits any such regulation from taking effect unless and until the Consumer Financial Protection Bureau (CFPB) has convened a small business review panel to participate in the rulemaking through the reasonable use of specified comment-gathering techniques.

amends mortgage reform anti predatory lending act title xiv dodd frank wall street reform consumer protection act declare act including effective dates shall apply respect regulations required issued pursuant certain safe harbor rebuttable presumption requirements authorize creditor assignee subject liability respect residential mortgage loan presume met minimum standards loan qualified mortgage meeting specified criteria result balloon payment board_of_governors federal_reserve regulation include qualified mortgage balloon loan meeting specified criteria meets certain criteria including extended creditor operating predominantly rural underserved areas treats regulations having significant economic impact substantial number small entities small businesses prohibits regulation taking effect consumer_financial_protection_bureau cfpb convened small business review panel participate rulemaking reasonable use specified comment gathering techniques