Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · BILL · 113th Congress · S. 1373 (Introduced in Senate) — To increase access to refinancing for homeowners, and for other purposes. · Sec. 3

Sec. 3. Refinancing authority

314 words·~1 min read·/bill/113/s/1373/is/section-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Each enterprise shall establish and carry out a program under this section to provide for the refinancing of eligible mortgages. 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.
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— verification of a borrower’s employment, income, reserves, and assets; a borrower’s credit history; property valuation requirements; representations and warranties; eligible property type and occupancy requirements; and continuation of the second-lien position, or release, of any junior liens on the property.
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. 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. 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.
The Director may issue any regulations, guidance, or directives necessary to carry out the refinancing program required under subsection (a).
Connectionstraces to 2
Citation graph
cites case law
Sec. 3
Refinancing authority
U.S.C.§ 1716
U.S.C.§ 1451
Cites 2Cited by 0 across 0 sources
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.