S. 2346 would temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans.

== Detailed Summary ==

<summary>
(Log inPromoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007, or the PROMISE Act - Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to editterminate, suspend, modify, or otherwise lift: (1) the wikilimitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and be(2) the firstvoluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie Mac) to provide a detailed summarythe OFHEO Director).

Requires: (1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and (2) the bill!)use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 11/13/2007: Introduced in the Senate.11/14/2007: Read the firstsecond time. Placed on Senate Legislative Calendar under Read the First Time.General Orders. Calendar No. 485.
</status>

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== Points in Favor ==

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== Points Against ==

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