Bill113th Congress

H.R. 1754

Preserving American Homeownership Act of 2013

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Introduced
Apr 25, 2013
Origin Chamber
House
Policy Area
Housing and Community Development
Latest Action
Apr 25, 2013

Sponsor

Rep. Peters, Gary C. [D-MI-14]

Democrat·MI-14
Bioguide ID: P000595
First Name: Gary
Last Name: Peters
By Request: N
2
Cosponsors
1
Committees
3
Actions
0
Amendments
0
Related Bills
4
Subjects
1
Summaries
3
Titles
1
Text Versions

Bill Details

Update Date
Nov 15, 2022
Origin Chamber
House
Bill Type
HR
Bill Number
1,754
Congress
113
Introduced Date
Apr 25, 2013
Policy Area
Housing and Community Development
Is Law
No
Apr 25, 2013IntroReferralH11100

Referred to the House Committee on Financial Services.

Source: House floor actions

Apr 25, 2013IntroReferralIntro-H

Introduced in House

Source: Library of Congress

Apr 25, 2013IntroReferral1000

Introduced in House

Source: Library of Congress

Introduced in House· Apr 25, 20130

Preserving American Homeownership Act of 2013 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage, through assistance provided under the Home Affordable Modification Program (HAMP) under the Secretary of the Treasury's Making Home Affordable initiative, the use of shared appreciation mortgage modifications that: (1) are designed to return greater cash flow to investors than other loss-mitigation activities, including foreclosure; and (2) result in positive net present value for the investor.

Requires a shared appreciation mortgage modification to: (1) reduce by specified action the loan-to-value ratio of a covered mortgage to 115% immediately upon modification and to 95% within 3 years; (2) reduce the interest rate if such a principal reduction would not result in an affordable reduced monthly payment; (3) reduce to a specified amount any periodic payment the homeowner is required to make; (4) require the homeowner to pay the investor, after refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of any increase in the value of the real property during a specified period; and (5) result in a positive net present value for the investor after taking into account the principal reduction and, if necessary, any interest rate reduction.

Requires the Director to: (1) provide that an enterprise may negotiate regarding a shared appreciation mortgage modification of a covered mortgage with any mortgage insurance provider for a mortgage on the subject property, and (2) allow advanced claim agreements with respect to such mortgage insurance policies.

Financial Services Committee

House· Standing
Financial services and investmentsHousing and community development fundingHousing finance and home ownershipReal estate business

Introduced in House

Apr 25, 2013

Preserving American Homeownership Act of 2013 — Informed