Private, no accountPrivacy details: browsing privately, no account needed
You're browsing privately, no account needed. Your region stays in this session and your precise location is never stored.What we store
H.R. 363 · 112th CongressIn committee

Housing Opportunity and Mortgage Equity Act of 2011

Latest action. Referred to the subcommitteeA smaller panel inside a standing committee with jurisdiction over a slice of its subject matter. Most hearings and the first markup usually happen here.Read the full definition (opens a new tab) on Capital Markets and Government Sponsored Enterprises. · March 23, 2011

Live record from Congress.gov, updated as the official record changes.
What this bill would do
Official summary · Congressional Research Service

Housing Opportunity and Mortgage Equity Act of 2011 - 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, regardless of whether the mortgagor is current on payments due or in default, that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence; (2) is owned or guaranteed by the particular GSE; and (3) was originated on or before enactment of this Act.

Specifies the terms and conditions of a refinancing mortgage, including a 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.

Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance.

Prohibits any requirement of a property appraisal.

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on January 20, 2011. It describes the bill, it is not the legal text.

Status
Introduced
January 20, 2011
In committee
March 23, 2011
Passed a chamber
Cleared Congress
Enacted
Where this sits in the process
Common questions
Composed from the official record
Where is it in the process, and what happens next?

4 steps remain before this bill could become law.

The record's latest action, on March 23, 2011: Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.

  1. Clearing the committees it was referred to, and being scheduled for a floor vote
  2. Passage by the House
  3. Passage by the Senate
  4. The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?

Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.

In the 112th Congress (2011-12), 283 of the 10,618 bills and joint resolutions introduced became law, about 2.7 percent. That count covers every measure at every stage, including the many that never left committee.

This one is not there yet: 4 steps are still outstanding, listed above.

Has anyone actually voted on it?

No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.

A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.

Who is behind it?

Dennis Cardoza (D-CA) introduced it on January 20, 2011, and 36 members have since signed on as cosponsors.

They are 36 Democrats.

Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.

How long has it been in play?

It was introduced on January 20, 2011, 5712 days ago. The most recent recorded action was 5650 days ago, on March 23, 2011.

Measures do not carry over. Anything the 112th Congress has not finished by January 3, 2013 dies when the term ends, and has to be introduced again from the start in the next Congress.

Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.

Vote history

  1. House
    In committee, no floor vote yet
  2. Senate
    Awaits House passage
  3. President
    Awaits both chambers
No recorded votes yet
No roll call in this Congress cites this bill. Most bills die in committee without ever reaching a recorded floor vote.