I 
112TH CONGRESS 
1ST SESSION H. R. 3129 
To establish the Family Foreclosure Rescue Corporation to provide emergency 
relief to refinance home mortgages of homeowners in foreclosure or default. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 6, 2011 
Mr. BACA introduced the following bill; which was referred to the Committee 
on Financial Services, and in addition to the Committee on Ways and 
Means, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To establish the Family Foreclosure Rescue Corporation to 
provide emergency relief to refinance home mortgages 
of homeowners in foreclosure or default. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Family Foreclosure 
Rescue Corporation Act’’. 
SEC. 2. PURPOSES. 
The purposes of this Act are to provide emergency 
relief with respect to home mortgage indebtedness through 
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the establishment of a corporation to directly refinance 
home mortgages to homeowners currently in foreclosure, 
serious default, or with a reasonable expectation of immi-
nent, sustained default and— 
(1) to extend relief to the owners of homes oc-
cupied by them and who are unable to amortize their 
debt elsewhere, including those homeowners whose 
outstanding mortgage indebtedness exceeds the value 
of their home due to recent declines in the housing 
market; 
(2) to provide necessary funds for refinancing 
without reliance on liquidity and credit availability in 
private markets; 
(3) to stabilize neighborhoods by reducing fore-
closures and the downward impact on house prices 
created by the threat of widespread foreclosure; 
(4) to encourage loan originators and servicers 
to modify the terms of existing nonperforming loans 
to obligations that borrowers can reasonably repay; 
(5) to provide mortgage assistance in an effi-
cient manner at minimal to no cost to the taxpayer, 
with corporate profits returned to the Treasury of 
the United States; and 
(6) to minimize the impacts of the current 
mortgage crisis on the broader economy. 
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SEC. 3. DEFINITIONS. 
For purposes of this Act, the following definitions 
shall apply: 
(1) CORPORATION.—The term ‘‘Corporation’’ 
means the Family Foreclosure Rescue Corporation 
established under section 4. 
(2) BOARD.—The term ‘‘Board’’ means the 
Board of Directors of the Corporation. 
(3) HOME MORTGAGE.—The term ‘‘home mort-
gage’’ means a first mortgage on real estate— 
(A)(i) in fee simple, upon which there is lo-
cated a dwelling for not more than four fami-
lies; 
(ii) on a leasehold under a renewable lease 
for not less than 99 years, upon which there is 
located a dwelling for not more than four fami-
lies; or 
(iii) that is a single unit in a condominium; 
and 
(B) has a value not exceeding the lower 
of— 
(i) 125 percent of the local area me-
dian home price; or 
(ii) 175 percent of the dollar amount 
limitation for a single-family residence 
then in effect under section 305(a)(2) of 
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the Federal Home Loan Mortgage Cor-
poration Act (12 U.S.C. 1454(a)(2)). 
(4) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
SEC. 4. ESTABLISHMENT. 
The Secretary of the Treasury shall establish a cor-
poration to be known as the Family Foreclosure Rescue 
Corporation, which shall be an instrumentality of the 
United States, and which shall have authority to sue and 
to be sued in any court of competent jurisdiction, Federal 
or State. 
SEC. 5. BOARD. 
(a) IN GENERAL.—The Corporation shall be under 
the direction of a Board of Directors and shall be operated 
by the Board under such bylaws, rules, and regulations 
as the Board may prescribe for the accomplishment of the 
purposes and intent of this Act. 
(b) MEMBERS.—The Board shall consist of seven 
members, as follows: 
(1) Two of the members shall be appointed by 
the President. 
(2) Four of the members shall be appointed by 
President from among a list of 10 nominees selected 
jointly by the Speaker of the House of Representa-
tives and the majority leader of the Senate. 
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