I 
111TH CONGRESS 
2D SESSION 
H. R. 6218 
To prevent foreclosure of home mortgages and provide for the affordable 
refinancing of mortgages held by Fannie Mae and Freddie Mac. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 28, 2010 
Mr. CARDOZA (for himself, Mr. LARSON of Connecticut, Ms. DELAURO, Mr. 
GEORGE
MILLER
of California, Ms. ESHOO, Mr. KAGEN, Mr. 
GARAMENDI, Mr. WELCH, Ms. CASTOR of Florida, Ms. BERKLEY, Mr. 
BACA, Mr. HASTINGS of Florida, Mr. COSTA, Ms. WASSERMAN SCHULTZ, 
Mr. MCNERNEY, Ms. GIFFORDS, and Mr. SIRES) introduced the following 
bill; which was referred to the Committee on Financial Services 
A BILL 
To prevent foreclosure of home mortgages and provide for 
the affordable refinancing of mortgages held by Fannie 
Mae and Freddie Mac. 
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 ‘‘Housing Opportunity 
and Mortgage Equity Act of 2010’’. 
VerDate Mar 15 2010 
06:38 Sep 29, 2010
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6218.IH
H6218
jbell on DSKDVH8Z91PROD with BILLS
SEC. 
2. 
AFFORDABLE 
REFINANCING 
OF 
MORTGAGES 
OWNED OR GUARANTEED BY FANNIE MAE 
AND FREDDIE MAC. 
(a) AUTHORITY.—The Federal National Mortgage 
Association and the Federal Home Loan Mortgage Cor-
poration shall each carry out a program under this section 
to provide for the refinancing of qualified mortgages on 
single-family housing owned by such enterprise through a 
refinancing mortgage, and for the purchase of and 
securitization of such refinancing mortgages, in accord-
ance with this section and policies and procedures that the 
Director of the Federal Housing Finance Agency shall es-
tablish. Such program shall require such refinancing of 
a qualified mortgage upon the request of the mortgagor 
made to the applicable enterprise and a determination by 
the enterprise that the mortgage is a qualified mortgage. 
(b) QUALIFIED MORTGAGE.—For purposes of this 
section, the term ‘‘qualified mortgage’’ means a mortgage, 
without regard to whether the mortgagor is current on or 
in default on payments due under the mortgage, that— 
(1) is an existing first mortgage that was made 
for purchase of, or refinancing another first mort-
gage on, a one- to four-family dwelling, including a 
condominium or a share in a cooperative ownership 
housing association, that is occupied by the mort-
gagor as the principal residence of the mortgagor; 
VerDate Mar 15 2010 
06:38 Sep 29, 2010
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6218.IH
H6218
jbell on DSKDVH8Z91PROD with BILLS
(2) is owned or guaranteed by the Federal Na-
tional Mortgage Association or the Federal Home 
Loan Mortgage Corporation; and 
(3) was originated on or before the date of the 
enactment of this Act. 
(c) REFINANCING MORTGAGE.—For purposes of this 
section, the term ‘‘refinancing mortgage’’ means a mort-
gage that meets the following requirements: 
(1) REFINANCING OF QUALIFIED MORTGAGE.— 
The principal loan amount repayment of which is se-
cured by the mortgage shall be used to satisfy all in-
debtedness under an existing qualified mortgage. 
(2) SINGLE-FAMILY
HOUSING.—The property 
that is subject to the mortgage shall be the same 
property that is subject to the qualified mortgage 
being refinanced. 
(3) INTEREST RATE.—The mortgage shall bear 
interest at a single rate that is fixed for the entire 
term of the mortgage, which shall be equivalent to 
the premium received by the enterprise on the quali-
fied mortgage being refinanced plus the cost of sell-
ing a newly issued mortgage having comparable risk 
and term to maturity in a mortgage-backed security, 
as such rate may be increased to the extent nec-
essary to cover, over the term to maturity of the 
VerDate Mar 15 2010 
06:38 Sep 29, 2010
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6218.IH
H6218
jbell on DSKDVH8Z91PROD with BILLS
mortgage, any fee paid to the servicer pursuant to 
subsection (d), the cost of any title insurance cov-
erage issued in connection with the mortgage, and, 
as determined by the Director, a portion of any ad-
ministrative costs of the program under this section 
as may be attributable to the mortgage. 
(4) WAIVER OF PREPAYMENT PENALTIES.—All 
penalties for prepayment or refinancing of the quali-
fied mortgage that is refinanced by the mortgage, 
and all fees and penalties related to the default or 
delinquency on such mortgage, shall have been 
waived or forgiven. 
(5) TERM TO MATURITY.—The mortgage shall 
have a term to maturity of not more than 40 years 
from the date of the beginning of the amortization 
of the mortgage. 
(6) PROHIBITION ON BORROWER FEES.—The 
servicer conducting the refinancing shall not charge 
the mortgagor any fee for the refinancing of the 
qualified mortgage through the refinancing mort-
gage. 
(7) TITLE INSURANCE.—The fee for title insur-
ance coverage issued in connection with the mort-
gage shall be reasonable in comparison with fees for 
VerDate Mar 15 2010 
06:38 Sep 29, 2010
Jkt 089200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6218.IH
H6218
jbell on DSKDVH8Z91PROD with BILLS