PlainBillCongress, translated.Legislation. Context. Public interest.Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-709.
Congressional Research Service
Version 00 · Introduced in Senate · May 10, 2012
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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Sen. Menendez, Robert [D-NJ] · D–NJ
Legislative record
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Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-709.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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