Sec. 2. Fannie Mae and Freddie Mac
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/bill/116/hr/6794/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
During the period that begins 5 days after the date of the enactment of this Act and ends 60 days after the covered period with respect to the mortgage, notwithstanding any other provision of law, an enterprise may not refuse to purchase any single-family mortgage originated on or after February 1, 2020, that otherwise would have been eligible for purchase by such enterprise, solely due to the fact that the borrower has, for the borrower’s previous mortgage or on the mortgage being purchased— entered into forbearance as a result of a financial hardship due, directly or indirectly, to the COVID-19 emergency; requested forbearance as a result of a financial hardship due, directly or indirectly, to the COVID-19 emergency; or inquired as to options related to forbearance as a result of a financial hardship due, directly or indirectly, to the COVID-19 emergency.
With respect to purchase of single-family mortgages described in subsection
(a)and specified in any of paragraphs
(1)through
(3)of such subsection, an enterprise may not— establish additional restrictions that are not applicable to similarly situated mortgages under which the borrower is not in forbearance; charge a higher guarantee fee (within the meaning provided such term in section 1327 of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4547 )), or loan level pricing adjustment, or otherwise alter pricing for such mortgages, relative to similarly situated mortgages under which the borrower is not in forbearance; apply repurchase requirements to such mortgages that are more restrictive than repurchase requirements applicable to similarly situated mortgages under which the borrower is not in forbearance; or require lender indemnification of such mortgages, solely due to the fact that the borrower is in forbearance. This section may not be construed to prevent an enterprise from conducting oversight and review of single-family mortgages purchased when a borrower is in forbearance on the borrower’s previous mortgage, or on the mortgage being purchased, for purposes of detecting fraud. An enterprise shall report any fraud detected to the Director. During the period that begins 5 days after the date of the enactment of this Act and ends 60 days after the covered period with respect to a mortgage, notwithstanding any other provision of law, a forbearance on such mortgage shall not be considered to be a delinquency under such mortgage for purposes of calculating capital of an enterprise for any purpose under title XIII of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4501 et seq.). This section may not be construed to require an enterprise to purchase single-family mortgages that do not meet existing or amended purchase parameters, other than parameters related to borrower forbearance, established by such enterprise. This section may not be construed to prevent an enterprise from establishing additional requirements to ensure that a borrower has not lost their job or income prior to a mortgage closing. The Director may issue any guidance, orders, and regulations necessary to carry out this section.
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