To reduce the interest rates on mortgages owned or guaranteed by Fannie Mae and Freddie Mac.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Affordable Mortgage for Homeowners Act of 2011''.
SEC. 2. PRINCIPAL REDUCTION OF MORTGAGES OWNED OR GUARANTEED BY FANNIE MAE AND FREDDIE MAC.
(a) Program Authority.--The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall each carry out a program under this section to provide for the reduction of the interest rates on qualified mortgages on single-family housing owned or guaranteed by such enterprises, in accordance with this section and policies and procedures that the Director of the Federal Housing Finance Agency shall establish. (b) Timing.--Each enterprise shall commence the program required under subsection (a) upon the expiration of the 90-day period beginning upon the date of the enactment of this Act and shall complete all reductions of the interest rates of qualified mortgages required under the program not later than the expiration of the 12-month period beginning upon the commencement of such program. (c) Interest Rate Reduction.--In reducing the interest rate on a qualified mortgage under a program of an enterprise required under this section, the enterprise shall reduce the annual rate of interest charged with respect to the outstanding principal obligation of the mortgage for the remainder of the term of the mortgage, notwithstanding whether the interest rate under...