PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Sep 18, 2014
Preserving American Homeownership Act of 2014 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.
Requires a shared equity mortgage modification to:
reduce by specified action the loan-to-value ratio of a covered mortgage to 100% or less within 3 years;
reduce the interest rate if such a reduction of principal would not result in an affordable reduced monthly payment;
reduce to a specified amount any periodic payment the homeowner is required to make;
require the homeowner to pay the investor, upon refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of the equity value of the real property, subject to certain conditions;
be designed to deliver maximal net present value to the investor; and
be based on specified factors.
People & committees
Sen. Menendez, Robert [D-NJ] · D–NJ
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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