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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Rebuilding American Homeownership
Act of 2013''.

SEC. 2. DEFINITIONS.

In this Act, the following definitions shall apply:
(1) Current borrower.--The term ''current borrower'' means
a mortgagor that--
(A) has made each payment on an eligible mortgage,
within the month in which the payment was due, during
the 6-month period preceding the date of refinancing of
the eligible mortgage under this Act; and
(B) has not been more than 30 days delinquent on an
eligible mortgage more than once during the 1-year
period preceding the date of refinancing of the
mortgage under this Act.
(2) Director.--The term ''Director'' means the Director of
the Federal Housing Finance Agency.
(3) Eligible mortgage.--The term ''eligible mortgage''--
(A) means any mortgage that--
(i) is an existing first mortgage--
(I) that was made for purchase of,
or refinancing of another first
mortgage, on a 1- to 4-family owner-
occupied dwelling, including a
condominium or a share in a cooperative
ownership housing association; and
(II) with a current loan-to-value
ratio in excess of 80 percent, but not
greater than 140 percent;
(ii) was originated on or before May 31,
2009;
(iii) is not owned or guaranteed by an
enterprise; and
(iv) with respect to which, the mortgagor
is a current borrower; and
(B) does not include any mortgage that is insured
or guaranteed by any program of the Federal Housing
Administration, the Department of Housing and Urban
Development, the Government National Mortgage
Association, the Department of Agriculture, or the
Department of Veterans Affairs.
(4) Enterprise.--The term ''enterprise'' means the Federal
National Mortgage Association and the Federal Home Loan
Mortgage Corporation.
(5) Guarantee fee.--The term ''guarantee fee'' has the same
meaning as in section 1327(a) of the Housing and Community
Development Act of 1992 (12 U.S.C. 4547(a)).

SEC. 3. REFINANCING AUTHORITY.

(a) Enterprise Refinancing Authority.--
(1) Program.--Each enterprise shall establish and carry out
a program under this section to provide for the refinancing of
eligible mortgages.
(2) Authority.--Notwithstanding any provision of the
Federal National Mortgage Association Charter Act (12 U.S.C.
1716 et seq.) and the Federal Home Loan Mortgage Corporation
Act (12 U.S.C. 1451 et seq.), in carrying out the refinancing
program required under paragraph (1), an enterprise may
purchase, guarantee, service, sell, lend on the security of,
refinance, or otherwise deal in eligible mortgages.
(b) Implementation Authority.--
(1) In general.--Subject to paragraph (2), each enterprise
may prescribe any requirements, terms, and conditions that such
enterprise determines necessary to carry out the refinancing
program required under subsection (a), including with respect
to any underwriting criteria, such as--
(A) verification of a borrower's employment,
income, reserves, and assets;
(B) a borrower's credit history;
(C) property valuation requirements;
(D) representations and warranties;
(E) eligible property type and occupancy
requirements; and
(F) continuation of the second-lien position, or
release, of any junior liens on the property.
(2) Existing credit enhancements to be retained.--In order
to participate in the refinancing program required under
subsection (a), an eligible mortgage with existing credit
enhancement coverage must continue to maintain or otherwise
transfer such coverage to the new mortgage that is a result of
the refinancing of the eligible mortgage authorized by this
section.
(3) Maximum term of the new mortgage.--The term of any new
mortgage that is a result of the refinancing of an eligible
mortgage authorized by this section shall not exceed 30 years.
(4) Maximum loan amount.--The maximum original principal
obligation of any new mortgage that is a result of the
refinancing of an eligible mortgage authorized by this section
shall not exceed the limitation in law governing the maximum
original principal obligation on conventional mortgages that
may be purchased or guaranteed by an enterprise, as such law is
in effect on the date of the closing of the new mortgage.
(c) Regulations.--The Director may issue any regulations, guidance,
or directives necessary to carry out the refinancing program required
under subsection (a).

SEC. 4. GUARANTEE FEES.

(a) Requirement To Charge a Guarantee Fee.--Each enterprise shall
charge a guarantee fee in connection with any guarantee of the timely
payment of principal and interest on securities, notes, and other
obligations based on or backed by eligible mortgages refinanced under
this Act.
(b) Amount.--
(1) In general.--The amount of the guarantee fee required
to be charged by an enterprise pursuant to subsection (a) shall
be actuarially determined by the Director to cover the expected
risk of default on the pool of eligible mortgages refinanced
under this Act backing the security, note, or other obligation
to which the enterprises' guarantee applies.
(2) Rule of construction.--In calculating the expected risk
of default pursuant to paragraph (1), the Director shall ensure
that any default probability assumptions used to model such
risk--
(A) are reasonable, including with respect to the
arrival rate of default and the magnitude risk of
default; and
(B) are not unduly weighted to cover historical
stress or crisis scenarios.
(3) Prohibition on additional charges.--In determining the
amount of any guarantee fee required to be charged pursuant to
subsection (a), neither the Director nor an enterprise may
charge any additional fee, price adjustment, premium, or other
amount other than that which is determined in accordance with
paragraph (1).
(4) Prohibition on offsets.--The Director shall prohibit an
enterprise from offsetting the cost of the guarantee fee
required to by charged pursuant to subsection (a) to mortgage
originators, borrowers, and investors by decreasing other
charges, fees, or premiums, or in any other manner.
(c) Authority To Limit Offer of Guarantee.--The Director shall
prohibit an enterprise from consummating any offer for a guarantee on
any security, note, or other obligation based on or backed by eligible
mortgages refinanced under this Act, if the guarantee is inconsistent
with the requirements of this section.

SEC. 5. REPORTS.

The Director shall include, in the annual report submitted to the
Congress pursuant to section 1319B of the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4521),
information on the use and impact of the program established under
section 3. The information provided shall include--
(1) a review and analysis of the effectiveness of the
program in--
(A) reducing the rate of mortgage default and
delinquency;
(B) preventing foreclosure; and
(C) supporting stable homeownership; and
(2) any recommendations the Director considers appropriate
regarding the program.

SEC. 6. SUNSET.

(a) Termination.--The provisions of this Act, and any program or
authorities established or granted therein or derived therefrom, shall
terminate on December 31, 2014.
(b) Extension.--The Director, upon transmission of a written
notification to Congress, may extend the authorities provided under
this Act for a 1-year period.
A:
Rebuilding American Homeownership Act of 2013 - Requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (Government sponsored enterprises or GSEs) to establish a program to provide for the refinancing of eligible mortgages. Authorizes a GSE to purchase, guarantee, service, sell, lend on the security of, refinance, or otherwise deal in eligible mortgages in carrying out such program. Defines eligible mortgage as an existing first mortgage: (1) made for purchase of, or refinancing of another first mortgage, on a 1- to 4-family owner-occupied dwelling; (2) with a current loan-to-value ratio between 80% and 140%; (3) originated on or before May 31, 2009; and (4) not owned or guaranteed by a GSE. Requires the mortgagor to be a current borrower. Excludes from eligibility any mortgage insured or guaranteed by any program of the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD), the Government National Mortgage Association (Ginnie Mae), the Department of Agriculture (USDA), or the Department of Veterans Affairs (VA). Requires that an eligible mortgage with existing credit coverage, in order to participate in the refinancing program, must continue to maintain or otherwise transfer such coverage to the new mortgage. Sets the maximum term of the new mortgage at 30 years, and the maximum original principal obligation at the legal limit for conventional mortgages a GSE may purchase or guarantee. Requires each GSE to charge a fee for any guarantee of the new mortgage.