II 

112TH CONGRESS 

2D SESSION S. 3047 

To encourage responsible homeowners to refinance mortgages, and for other 

purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 9, 2012 

Mrs. FEINSTEIN introduced the following bill; which was read twice and 

referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To encourage responsible homeowners to refinance 

mortgages, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Expanding Refi5 nancing Opportunities Act of 2012’’. 


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•S 3047 IS

1 SEC. 2. STREAMLINED REFINANCING OF NON-ENTERPRISE 

2 MORTGAGES THROUGH THE FEDERAL HOUS3 ING ADMINISTRATION. 

4 (a) AMENDMENT.—Title II of the National Housing 

5 Act (12 U.S.C. 1707 et seq.) is amended by adding at 

6 the end the following: 

7 ‘‘SEC. 259. STREAMLINED REFINANCING OF NON-ENTER8 PRISE MORTGAGES. 

9 ‘‘(a) DEFINITION.—In this section, the term ‘eligible 

10 mortgage’ means a mortgage that— 

11 ‘‘(1) is not guaranteed by— 

12 ‘‘(A) the Federal National Mortgage Asso13 ciation; or 

14 ‘‘(B) the Federal Home Loan Mortgage 

15 Corporation; 

16 ‘‘(2) is collateralized by an owner-occupied resi17 dence (as defined by the Secretary); 

18 ‘‘(3) involves a principal obligation that does 

19 not exceed— 

20 ‘‘(A) 140 percent of the value of the prop21 erty collateralizing the mortgage; or 

22 ‘‘(B) the loan limits in effect on the date 

23 of enactment of this section for loans insured 

24 by the Secretary under section 203(b); and 

25 ‘‘(4) was executed by a mortgagor— 


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•S 3047 IS

1 ‘‘(A) having a credit standing that the Sec2 retary determines is satisfactory; 

3 ‘‘(B) who has made each payment on the 

4 mortgage, within the month in which the pay5 ment was due, during the 6-month period pre6 ceding the date of refinancing of the mortgage 

7 under this section; and 

8 ‘‘(C) who has not been 30 or more days 

9 delinquent on the mortgage more than once 

10 during the 1-year period preceding the date of 

11 refinancing of the mortgage under this section. 

12 ‘‘(b) REFINANCING AVAILABLE.—The Secretary may 

13 insure or commit to insure any mortgage made to refi14 nance an eligible mortgage. 

15 ‘‘(c) PREMIUMS.—The Secretary may collect such 

16 premiums with respect to the insurance of a mortgage 

17 under this section as the Secretary determines are appro18 priate. 

19 ‘‘(d) EXPANDED REFINANCING FUND.— 

20 ‘‘(1) ESTABLISHMENT.—There is established in 

21 the Federal Housing Administration a fund to be 

22 known as the Expanded Refinancing Fund, which 

23 shall be available to the Secretary without fiscal year 

24 limitation to carry out this section. 


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•S 3047 IS

1 ‘‘(2) LIMITATION.—No amounts of the Mutual 

2 Mortgage Insurance Fund established under section 

3 202 may be used to carry out this section. 

4 ‘‘(e) IMPLEMENTATION.—The Secretary may pre5 scribe requirements, terms, and conditions to carry out 

6 this section by notice published in the Federal Register 

7 or by mortgagee letter. 

8 ‘‘(f) SUNSET.—The Secretary may not insure or 

9 enter into a commitment to insure any mortgage under 

10 this section after December 31, 2014.’’. 

11 (b) APPROPRIATIONS.—Out of any money in the 

12 Treasury not otherwise appropriated, there are appro13 priated to the Expanded Refinancing Fund established 

14 under section 259 of the National Housing Act, as added 

15 by this section, $6,000,000,000. 

16 SEC. 3. OFFSET. 

17 (a) EXTENSION OF GSE GUARANTEE FEES.—Sec18 tion 1327(f) of the Housing and Community Development 

19 Act of 1992 (12 U.S.C. 4547(f)) is amended by striking 

20 ‘‘2021’’ and inserting ‘‘2022’’. 

21 (b) EXTENSION OF FHA GUARANTEE FEES.—Sec22 tion 402 of the Temporary Payroll Tax Cut Continuation 

23 Act of 2011 (Public Law 112–78; 125 Stat. 1289) is 

24 amended— 


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•S 3047 IS

1 (1) in subsection (b), by striking ‘‘October 1, 

2 2021’’ and inserting ‘‘October 1, 2022’’; and 

3 (2) by striking subsection (c). 

Æ 


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