I 
112TH CONGRESS 
2D SESSION 
H. R. 6467 
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 
SEPTEMBER 20, 2012 
Mr. LANGEVIN (for himself, Mr. MILLER of North Carolina, Mr. CICILLINE, 
Ms. BONAMICI, and Mr. SIRES) introduced the following bill; which was 
referred 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 2012’’. 
SEC. 2. REBUILDING EQUITY PROGRAM. 
(a) IN GENERAL.— 
(1) VOLUNTARY PROGRAM.—The Federal Na-
tional Mortgage Association and the Federal Home 
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Loan Mortgage Corporation (in this Act referred to 
as the ‘‘enterprises’’) shall each establish a voluntary 
program for borrowers described in paragraph (2), 
under which the enterprises shall pay not more than 
$1,000 of 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. 
(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) 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. 
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(2) 
CLOSING
COSTS.—The 
term 
‘‘closing 
costs’’— 
(A) means all reasonable and actual costs 
charged to the borrower by a third party to the 
refinancing transaction; 
(B) includes— 
(i) appraisal and inspection fees; 
(ii) fees associated with obtaining a 
borrower’s credit report; 
(iii) title insurance and title examina-
tion costs; 
(iv) attorneys’ fees associated with 
closing the transaction, other than attor-
neys’ fees associated with disputes arising 
out of the transaction or otherwise ancil-
lary to closing the transaction; 
(v) document preparation costs, if 
completed by a third party not controlled 
by the lender; 
(vi) transfer stamps, recording fees, 
courier fees, wire transfer fees, and re-
conveyance fees; and 
(vii) test and certification fees; and 
(C) does not include any costs charged to 
the borrower by the lender, including— 
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(i) lender application fees; and 
(ii) lender origination fees. 
Æ 
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