I 
113TH CONGRESS 
1ST SESSION H. R. 3031 
To require a portion of closing costs to be paid by the enterprises with 
respect to certain refinanced mortgage loans, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
AUGUST 2, 2013 
Mr. LANGEVIN
(for himself, Mr. BLUMENAUER, Ms. BONAMICI, Mr. 
CICILLINE, and Mr. HOLT) introduced the following bill; which was re-
ferred to the Committee on Financial Services 
A BILL 
To require a portion of closing costs to be paid by the 
enterprises with respect to certain refinanced mortgage 
loans, and for other purposes. 
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 ‘‘Rebuilding Equity Act 
of 2013’’. 
SEC. 2. REBUILDING EQUITY PROGRAM. 
(a) ESTABLISHMENT OF VOLUNTARY PROGRAM.— 
(1) ESTABLISHMENT.— 
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(A) PAYMENT
OF
CLOSING
COSTS.—The 
Federal National Mortgage Association and the 
Federal Home Loan Mortgage Corporation (in 
this Act referred to as the ‘‘enterprises’’) shall 
each establish a voluntary program for bor-
rowers described in paragraph (2), under which 
the enterprises shall pay $1,000 toward the 
closing costs associated with applying for and 
receiving the refinancing when the borrower 
agrees to refinance into a fully amortizing loan 
with a term of not longer than 20 years. 
(B) FIRST
YEAR
OF
PROGRAM.—During 
the 12-month period that begins on the date of 
enactment of this Act, the amount of the clos-
ing costs that each enterprise shall pay under 
the program shall not vary based on the term 
of the mortgage that the borrower agrees to re-
finance into. 
(C) SUBSEQUENT YEARS.— 
(i) 
ANNUAL
RECALCULATION
OF 
CLOSING COSTS PAYMENT.—Upon the ex-
piration of the 12-month period set forth 
under subparagraph (B), and for each of 
the next two 12-month periods thereafter, 
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the Director of the Federal Housing Fi-
nance Agency— 
(I) shall adjust the amount of the 
portion of the closing costs that each 
enterprise will pay under the pro-
gram— 
(aa) by an amount that re-
sults in such program being rev-
enue neutral for such 12-month 
period; and 
(bb) based on economic con-
ditions generally affecting the 
mortgage and housing markets; 
and 
(II) may adjust the amount of 
the closing costs that each enterprise 
will pay under the program based on 
the term of the mortgage that the 
borrower agrees to refinance into. 
(ii) REPORT.—The Director of the 
Federal Housing Finance Agency shall re-
port any adjustments made pursuant to 
the requirements of clause (i) to the Chair 
and Ranking Member of the Committee on 
Banking, Housing, and Urban Affairs of 
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the Senate and the Committee on Finan-
cial Services of the House of Representa-
tives. 
(2) ELIGIBLE BORROWERS.—The program re-
quired by paragraph (1) shall be for any borrower— 
(A) who qualifies for the Home Affordable 
Refinance Program carried out by the enter-
prises; 
(B) whose subject property has a loan-to- 
value ratio of not less than 105 percent; and 
(C) who refinances from a loan with an 
original term of 30 years to a loan with a term 
of 20 years or less. 
(b) SUNSET.—Each voluntary program under this 
section shall terminate on the date that is 3 years after 
the date of establishment of such program. 
(c) DEFINITIONS.—As used in this section, the fol-
lowing definitions shall apply: 
(1) LOAN-TO-VALUE RATIO.—The term ‘‘loan- 
to-value ratio’’ means the ratio of the amount of the 
primary mortgage on a property to the value of that 
property. 
(2) 
CLOSING
COSTS.—The 
term 
‘‘closing 
costs’’— 
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