PlainBillCongress, translated.Legislation. Context. Public interest.Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 485.
Congressional Research Service
Version 00 · Introduced in Senate · Nov 13, 2007
Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007, or the PROMISE Act - Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or otherwise lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and (2) the voluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie Mac) to the OFHEO Director).
Requires: (1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and (2) the use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.
People & committees
Sen. Schumer, Charles E. [D-NY] · D–NY
Legislative record
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Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 485.
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Introduced in Senate
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Source last updated: Dec 6, 2025. Consult Congress.gov for the current record.
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