3.0.0 5121 2023-01-13T04:48:45Z 2023-01-13T04:48:45Z House H HR 2006-04-06 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-07-26T22:06:22Z hsba00 Financial Services Committee House Standing Reported by 2006-07-20T23:53:11Z Markup by 2006-05-24T16:43:58Z Referred to 2006-04-06T14:05:25Z H. Rept. 109-589 Expanding American Homeownership Act of 2006 109 3535 S 2006-06-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2006-07-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-07-25 17:56:16 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2006-07-25 17:56:15 On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 7 (Roll no. 400). (text: CR H5734-5738) Floor H37300 2 House floor actions 400 https://clerk.house.gov/evs/2006/roll400.xml House 109 2006-07-25T21:56:15Z 2 2006-07-25 17:56:15 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 7 (Roll no. 400).(text: CR H5734-5738) Floor 8000 9 Library of Congress 400 https://clerk.house.gov/evs/2006/roll400.xml House 109 2006-07-25T21:56:15Z 2 2006-07-25 17:31:30 Considered as unfinished business. (consideration: CR H5813-5814) Floor H30000 2 House floor actions 2006-07-25 13:11:28 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. Floor H37220 2 House floor actions 2006-07-25 12:37:41 DEBATE - The House proceeded with forty minutes of debate on H.R. 5121. Floor H8D000 2 House floor actions 2006-07-25 12:37:39 Considered under suspension of the rules. (consideration: CR H5734-5742) Floor H30000 2 House floor actions 2006-07-25 12:37:19 Mr. Ney moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2006-07-20 Placed on the Union Calendar, Calendar No. 340. Calendars H12410 2 House floor actions U00340 2006-07-20 Reported (Amended) by the Committee on Financial Services. H. Rept. 109-589. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2006-07-20 Reported (Amended) by the Committee on Financial Services. H. Rept. 109-589. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2006-06-27 Sponsor introductory remarks on measure. (CR H4583) IntroReferral B00100 9 Library of Congress 2006-05-24 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2006-05-24 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2006-04-06 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2006-04-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-04-06 Introduced in House IntroReferral 1000 9 Library of Congress N000081 Rep. Ney, Robert W. [R-OH-18] BOB NEY R OH 18 N W000187 Rep. Waters, Maxine [D-CA-35] MAXINE WATERS D CA 35 2006-04-06 True M001139 Rep. Miller, Gary G. [R-CA-42] GARY MILLER R CA 42 2006-04-06 True T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2006-04-06 True S001144 Rep. Shays, Christopher [R-CT-4] CHRISTOPHER SHAYS R CT 4 2006-05-08 False W000784 Rep. Wynn, Albert Russell [D-MD-4] ALBERT WYNN D MD R. 4 2006-05-08 False H001035 Rep. Harris, Katherine [R-FL-13] Katherine Harris R FL 13 2006-05-08 False H000636 Rep. Hinojosa, Ruben [D-TX-15] RUBEN HINOJOSA D TX 15 2006-05-08 False M000087 Rep. Maloney, Carolyn B. [D-NY-14] CAROLYN MALONEY D NY B. 14 2006-05-08 False P000149 Rep. Payne, Donald M. [D-NJ-10] DONALD PAYNE D NJ M. 10 2006-05-08 False M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2006-05-11 False C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 2006-05-11 False D000605 Rep. Drake, Thelma D. [R-VA-2] Thelma Drake R VA D. 2 2006-05-11 False M001154 Rep. Miller, Brad [D-NC-13] Brad Miller D NC 13 2006-05-11 False D000299 Rep. Diaz-Balart, Lincoln [R-FL-21] LINCOLN DIAZ-BALART R FL 21 2006-05-11 False E000187 Rep. English, Phil [R-PA-3] PHIL ENGLISH R PA 3 2006-05-11 False D000600 Rep. Diaz-Balart, Mario [R-FL-25] Mario Diaz-Balart R FL 25 2006-05-11 False M000508 Rep. McKeon, Howard P. "Buck" [R-CA-25] HOWARD MCKEON R CA P. 25 2006-05-11 False D000492 Rep. Dreier, David [R-CA-26] DAVID DREIER R CA 26 2006-05-11 False C000059 Rep. Calvert, Ken [R-CA-44] KEN CALVERT R CA 44 2006-05-11 False R000004 Rep. Radanovich, George [R-CA-19] GEORGE RADANOVICH R CA P. 19 2006-05-11 False C001064 Rep. Campbell, John [R-CA-48] John Campbell R CA 48 2006-05-11 False R000409 Rep. Rohrabacher, Dana [R-CA-46] DANA ROHRABACHER R CA 46 2006-05-11 False F000452 Resident Commissioner Fortuno, Luis G. [R-PR-At Large] Luis Fortuno R PR G. 0 2006-05-17 False C001047 Rep. Capito, Shelley Moore [R-WV-2] Shelley Capito R WV Moore 2 2006-05-17 False B001247 Rep. Brown-Waite, Ginny [R-FL-5] Ginny Brown-Waite R FL 5 2006-05-17 False I000057 Rep. Israel, Steve [D-NY-2] STEVE ISRAEL D NY 2 2006-05-17 False P000588 Rep. Pearce, Stevan [R-NM-2] Stevan Pearce R NM 2 2006-05-17 False L000553 Rep. LaTourette, Steven C. [R-OH-14] STEVEN LATOURETTE R OH C. 14 2006-05-17 False R000573 Rep. Ross, Mike [D-AR-4] MIKE ROSS D AR 4 2006-05-17 False D000603 Rep. Davis, Geoff [R-KY-4] Geoff Davis R KY 4 2006-05-17 False F000238 Rep. Foley, Mark [R-FL-16] MARK FOLEY R FL 16 2006-05-17 False P000589 Rep. Porter, Jon C. [R-NV-3] Jon Porter R NV C. 3 2006-05-17 False R000574 Rep. Renzi, Rick [R-AZ-1] Rick Renzi R AZ 1 2006-05-17 False N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2006-05-17 False D000597 Rep. Davis, Jo Ann [R-VA-1] JO ANN DAVIS R VA 1 2006-05-17 False A000210 Rep. Andrews, Robert E. [D-NJ-1] ROBERT ANDREWS D NJ E. 1 2006-05-17 False S000033 Rep. Sanders, Bernard [I-VT-At Large] Bernard Sanders I VT 0 2006-05-17 False P000555 Rep. Pryce, Deborah [R-OH-15] DEBORAH PRYCE R OH 15 2006-05-17 False F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 2006-05-17 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2006-05-19 False G000280 Rep. Goode, Virgil H., Jr. [R-VA-5] VIRGIL GOODE R VA H. 5 2006-05-19 False M000472 Rep. McHugh, John M. [R-NY-23] JOHN MCHUGH R NY M. 23 2006-05-19 False R000033 Rep. Ramstad, Jim [R-MN-3] JIM RAMSTAD R MN 3 2006-05-19 False M000312 Rep. McGovern, James P. [D-MA-3] JAMES MCGOVERN D MA P. 3 2006-05-19 False G000553 Rep. Green, Al [D-TX-9] Al Green D TX 9 2006-05-19 False W000268 Rep. Weldon, Curt [R-PA-7] CURT WELDON R PA 7 2006-05-19 False B001232 Rep. Biggert, Judy [R-IL-13] JUDY BIGGERT R IL 13 2006-05-19 False C000191 Rep. Carson, Julia [D-IN-7] JULIA CARSON D IN 7 2006-05-23 False M000689 Rep. Mica, John L. [R-FL-7] JOHN MICA R FL L. 7 2006-05-23 False M001163 Rep. Matsui, Doris O. [D-CA-5] Doris Matsui D CA O. 5 2006-05-23 False P000585 Rep. Platts, Todd Russell [R-PA-19] TODD PLATTS R PA RUSSELL 19 2006-05-23 False C001061 Rep. Cleaver, Emanuel [D-MO-5] Emanuel Cleaver D MO 5 2006-05-23 False S001152 Rep. Simmons, Rob [R-CT-2] ROB SIMMONS R CT 2 2006-05-23 False C001055 Rep. Case, Ed [D-HI-2] Ed Case D HI 2 2006-05-23 False B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2006-05-23 False M000523 Rep. McKinney, Cynthia A. [D-GA-4] CYNTHIA MCKINNEY D GA A. 4 2006-05-25 False B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 2006-05-25 False G000210 Rep. Gillmor, Paul E. [R-OH-5] PAUL GILLMOR R OH E. 5 2006-05-25 False P000419 Rep. Pombo, Richard W. [R-CA-11] RICHARD POMBO R CA W. 11 2006-05-25 False B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 2006-06-06 False L000491 Rep. Lucas, Frank D. [R-OK-3] FRANK LUCAS R OK D. 3 2006-06-06 False B001227 Rep. Brady, Robert A. [D-PA-1] ROBERT BRADY D PA A. 1 2006-06-06 False S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 2006-06-06 False C001037 Rep. Capuano, Michael E. [D-MA-8] MICHAEL CAPUANO D MA E. 8 2006-06-06 False H001033 Rep. Hart, Melissa A. [R-PA-4] MELISSA HART R PA A. 4 2006-06-08 False B001231 Rep. Berkley, Shelley [D-NV-1] SHELLEY BERKLEY D NV 1 2006-06-08 False D000602 Rep. Davis, Artur [D-AL-7] Artur Davis D AL 7 2006-06-08 False O000166 Rep. Otter, C. L. (Butch) [R-ID-1] C. L. OTTER R ID 1 2006-06-22 False C000537 Rep. Clyburn, James E. [D-SC-6] JAMES CLYBURN D SC E. 6 2006-06-22 False F000440 Rep. Fossella, Vito [R-NY-13] VITO FOSSELLA R NY 13 2006-06-22 False R000462 Rep. Rothman, Steven R. [D-NJ-9] STEVEN ROTHMAN D NJ R. 9 2006-06-22 False D000599 Rep. Davis, Lincoln [D-TN-4] Lincoln Davis D TN 4 2006-06-22 False L000560 Rep. Larsen, Rick [D-WA-2] RICK LARSEN D WA 2 2006-06-22 False B001243 Rep. Blackburn, Marsha [R-TN-7] Marsha Blackburn R TN 7 2006-06-22 False B000586 Rep. Boehlert, Sherwood [R-NY-24] SHERWOOD BOEHLERT R NY L. 24 2006-06-29 False K000363 Rep. Kline, John [R-MN-2] John Kline R MN 2 2006-06-29 False C000984 Rep. Cummings, Elijah E. [D-MD-7] ELIJAH CUMMINGS D MD E. 7 2006-06-29 False J000032 Rep. Jackson-Lee, Sheila [D-TX-18] SHEILA JACKSON-LEE D TX 18 2006-06-29 False F000451 Rep. Fitzpatrick, Michael G. [R-PA-8] Michael Fitzpatrick R PA G. 8 2006-06-29 False O000159 Rep. Owens, Major R. [D-NY-11] MAJOR OWENS D NY R. 11 2006-06-29 False C000380 Del. Christensen, Donna M. [D-VI-At Large] DONNA CHRISTENSEN D VI M. 0 2006-06-29 False M000714 Rep. Millender-McDonald, Juanita [D-CA-37] JUANITA MILLENDER-MCDONALD D CA M. 37 2006-06-29 False D000429 Rep. Doolittle, John T. [R-CA-4] JOHN DOOLITTLE R CA T. 4 2006-06-29 False T000326 Rep. Towns, Edolphus [D-NY-10] EDOLPHUS TOWNS D NY 10 2006-06-29 False J000070 Rep. Jefferson, William J. [D-LA-2] WILLIAM JEFFERSON D LA J. 2 2006-06-29 False M001137 Rep. Meeks, Gregory W. [D-NY-6] GREGORY MEEKS D NY W. 6 2006-06-29 False F000043 Rep. Fattah, Chaka [D-PA-2] CHAKA FATTAH D PA 2 2006-06-29 False H000324 Rep. Hastings, Alcee L. [D-FL-23] ALCEE HASTINGS D FL L. 23 2006-06-29 False R000515 Rep. Rush, Bobby L. [D-IL-1] BOBBY RUSH D IL L. 1 2006-06-29 False M001148 Rep. Meek, Kendrick B. [D-FL-17] Kendrick Meek D FL B. 17 2006-06-29 False C000714 Rep. Conyers, John, Jr. [D-MI-14] JOHN CONYERS D MI 14 2006-06-29 False R000569 Rep. Reynolds, Thomas M. [R-NY-26] THOMAS REYNOLDS R NY M. 26 2006-06-29 False R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 2006-06-29 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2006-06-29 False D000096 Rep. Davis, Danny K. [D-IL-7] DANNY DAVIS D IL K. 7 2006-06-29 False P000323 Rep. Pickering, Charles W. "Chip" [R-MS-3] CHARLES PICKERING R MS W. 3 2006-06-29 False B000944 Rep. Brown, Sherrod [D-OH-13] Sherrod Brown D OH 13 2006-06-29 False H001038 Rep. Higgins, Brian [D-NY-27] Brian Higgins D NY 27 2006-07-13 False P000096 Rep. Pascrell, Bill, Jr. [D-NJ-8] WILLIAM PASCRELL D NJ J. 8 2006-07-13 False T000193 Rep. Thompson, Bennie G. [D-MS-2] BENNIE THOMPSON D MS 2 2006-07-13 False B000490 Rep. Bishop, Sanford D., Jr. [D-GA-2] SANFORD BISHOP D GA D. 2 2006-07-13 False S000097 Rep. Saxton, Jim [R-NJ-3] H. SAXTON R NJ JAMES 3 2006-07-13 False E000179 Rep. Engel, Eliot L. [D-NY-17] ELIOT ENGEL D NY L. 17 2006-07-13 False S001149 Rep. Sweeney, John E. [R-NY-20] JOHN SWEENEY R NY E. 20 2006-07-13 False F000262 Rep. Ford, Harold E., Jr. [D-TN-9] HAROLD FORD D TN E. 9 2006-07-13 False N000179 Rep. Napolitano, Grace F. [D-CA-38] GRACE NAPOLITANO D CA F. 38 2006-07-20 False 2006-06-14T04:00:00Z H.R. 5121, Expanding American Homeownership Act of 2006 http://www.cbo.gov/publication/17854 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 23, 2006</p> 2006-06-14T04:00:00Z H.R. 5121, Expanding American Homeownership Act of 2006 https://www.cbo.gov/publication/17854 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 23, 2006 Housing and Community Development Apartment houses Auditing Condominium (Housing) Congress Congressional oversight Congressional reporting requirements Correspondent banks Disaster relief Disasters Economics and Public Finance Emergency Management Federally-guaranteed loans Finance and Financial Sector Government Operations and Politics Government paperwork Government trust funds Hawaii Hawaiians Home equity conversion Home ownership Home repair and improvement Housing finance Housing for the aged Indian housing Insurance premiums Loan defaults Management information systems Minorities Mortgage banks Mortgage guaranty insurance Mortgages Native Americans Prices Real estate agents Real estate appraisal Risk Science, Technology, Communications Single family housing Social Welfare Housing and Community Development 00 2006-04-06 Introduced in House 2006-05-08T20:53:48Z Expanding American Homeownership Act of 2006 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal loan obligation; (2) extend the mortgage term; and (3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance.

Authorizes the Secretary of Housing and Urban Development (Secretary) to establish a mortgage insurance premium structure involving a single premium payment collected prior to the insurance of the mortgage that may vary during the mortgage term as long as the basis for determining the variable rate is established before the execution of the mortgage.

Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain blanket mortgage insured by the Secretary.

Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Sets limitations upon the Secretary's authority to enter into commitments for loan guarantees.

Makes insurance of a Native Hawaiian or Indian reservation mortgage the obligation of the MMI Fund (instead of the General Insurance Fund).

Eliminates the limitation placed upon the aggregate number of home equity conversion mortgages insured under the Act.

Authorizes the Secretary to insure a home equity conversion mortgage when its primary purpose is to enable an elderly mortgagor to purchase a 1-to 4 family dwelling in which the mortgagor will occupy one of the units.

Authorizes the Secretary to enter into agreements to insure temporarily certain mortgages for a single family residence located within a presidentially declared major disaster area.

]]> 17 2006-07-20 Reported to House with amendment(s) 2006-09-26T22:51:13Z Expanding American Homeownership Act of 2006 - (Sec. 3) Amends the National Housing Act to modify requirements for determining the maximum insurable mortgage amount.

Increases the maximum insurable mortgage amount to the full median house price in a home's area, allowing the Federal Housing Administration (FHA) to insure up to 100% of the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac) conforming loan limit. Increases the minimum loan limit (floor) from 48% to 65% of such limit.

(Sec. 4) Extends the permissible FHA mortgage term from 35 to 40 years.

(Sec. 5) Revises cash downpayment requirements. Repeals the requirement that a minimum of three percent of the estimated acquisition cost be paid down. Authorizes the Secretary of Housing and Urban Development to determine the downpayment amount based on factors commensurate with the likelihood of default.

(Sec. 6) Authorizes the Secretary to establish, for a mortgage secured by a one- to four-family dwelling, a mortgage insurance premium structure involving a single premium payment collected prior to the insurance of the mortgage or periodic payments, without regard to any maximum or minimum premium amounts otherwise required. Allows the premium rate to vary during the mortgage term, as long as the basis for determining the variable rate is established before execution of the mortgage.

Requires prior notice to mortgagees and Congress in order to establish or alter a premium structure.

(Sec. 7) Makes the rehabilitation loan program an obligation of the Mutual Mortgage Insurance Fund (MMIF) instead of the General Insurance Fund (GIF).

(Sec. 8) Revises notification requirements regarding discretionary action taken by the Secretary to suspend or revoke the approval of a mortgagee to participate in FHA programs.

(Sec. 9) Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a multifamily blanket mortgage insured by the Secretary.

Redefines mortgage to include a first mortgage given to secure the unpaid purchase price of a fee interest, or long-term leasehold interest, in a one-family unit in a multifamily (condominium) project.

(Sec. 10) Revises requirements governing the MMIF. Sets limitations upon the Secretary's authority to enter into commitments for loan guarantees.

Confers fiduciary responsibility upon the Secretary to ensure that the MMIF remains financially sound.

Directs the Secretary to provide for and report to Congress annually on an independent actuarial study of the MMIF. Requires quarterly reports to Congress on loan guarantee commitments, loss rates, and projected annual subsidy rates.

Sets forth operation goals of the MMIF, and authorizes the Secretary to make programmatic or premium adjustments for it if such goals are not being met, or if there is a substantial probability that the MMIF will not maintain its target subsidy rate.

Makes obligations of the MMIF insured mortgages used in conjunction with the Homeownership Voucher program and insured home equity conversion mortgages (HECMs, or reverse mortgages).

(Sec. 11) Makes insurance of a Native Hawaiian Home Land or an Indian reservation mortgage the obligation of the MMIF (instead of the GIF).

(Sec. 13) Eliminates the 250,000 limitation upon the aggregate number of HECMs for elderly homeowners insured under the Act.

Establishes the FHLMC conforming loan limit as the maximum HECM amount and maximum claim amount.

Authorizes the Secretary to insure an HECM when its primary purpose is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy one of the units. Sets the FHLMC conforming loan limit as the maximum principal obligation placed upon an HECM.

Directs the Secretary to study and report to Congress on mortgage insurance premiums for insurance of HECMs regarding: (1) the possible effects on costs to mortgagors and the program's financial soundness of reducing premiums; and (2) the feasibility and effectiveness of exempting from all program requirements any insured HECM under which all or part of future payments to the homeowner are used for a long-term care insurance contract on the mortgagor or family members.

(Sec. 14) Authorizes the Secretary to enter into agreements to insure for up to 36 months mortgages involving a principal obligation of up to 100% of the FHLMC conforming loan limit for a single family residence located in a presidentially declared major disaster area.

(Sec. 15) Redefines mortgagee to allow participation in the federal mortgage insurance program by state-licensed mortgage brokers and correspondent lenders who make, underwrite, or service mortgage loans. Requires a state-licensed mortgage broker or correspondent lender that closes but does not underwrite or service a mortgage to post a surety bond of $75,000, in lieu of annual audit and net worth requirements, in order also to participation in the program.

(Sec. 16) Expresses the sense of Congress that: (1) the Secretary should use a portion of funds received in excess of claims paid from premiums paid for FHA single family housing mortgage insurance to increase substantially the funding for technology used in the program; (2) the goal of this investment should be to bring such technology up to or exceeding the level and sophistication of the technology used in the conventional mortgage lending market; and (3) the Secretary should report to Congress on the progress the Department is making toward such goal and, if progress is not sufficient, the resources needed to make greater progress.

]]> 36 2006-07-25 Passed House amended 2006-09-27T15:51:45Z Expanding American Homeownership Act of 2006 - (Sec. 3) Amends the National Housing Act to modify requirements for determining the maximum insurable mortgage amount.

Increases the maximum insurable mortgage amount to the full median house price in a home's area, allowing the Federal Housing Administration (FHA) to insure up to 100% of the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac) conforming loan limit. Increases the minimum loan limit (floor) from 48% to 65% of such limit.

(Sec. 4) Extends the permissible FHA mortgage term from 35 to 40 years.

(Sec. 5) Revises cash downpayment requirements. Repeals the requirement that a minimum of three percent of the estimated acquisition cost be paid down. Authorizes the Secretary of Housing and Urban Development to determine the downpayment amount based on factors commensurate with the likelihood of default.

(Sec. 6) Directs the Secretary to reinstate the current downpayment requirement if defaults increase beyond a specified ratio. Requires the Secretary to make default determinations for each of the five years following enactment of this Act, and report on them annually to Congress, including their effect upon the Mutual Mortgage Insurance Fund (MMIF).

Instructs the Secretary not to count among such defaults any on properties in disaster areas.

(Sec. 7) Authorizes the Secretary to establish, for a mortgage secured by a one- to four-family dwelling, a mortgage insurance premium structure involving a single premium payment collected prior to the insurance of the mortgage or annual payments, subject to specified maximum up-front and annual premium amounts. Allows the premium rate to vary during the mortgage term, as long as the basis for determining the variable rate is established before execution of the mortgage.

Establishes a premium reduction incentive for timely payment of permiums over a five-year period.

Requires prior notice to mortgagees and Congress in order to establish or alter a premium structure.

(Sec. 8) Makes the rehabilitation loan program an obligation of the MMIF instead of the General Insurance Fund (GIF).

(Sec. 9) Revises notification requirements regarding discretionary action taken by the Secretary to suspend or revoke the approval of a mortgagee to participate in FHA programs.

(Sec. 10) Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a multifamily blanket mortgage insured by the Secretary.

Redefines mortgage to include a first mortgage given to secure the unpaid purchase price of a fee interest, or long-term leasehold interest, in a one-family unit in a multifamily (condominium) project.

(Sec. 11) Revises requirements governing the MMIF. Sets limitations upon the Secretary's authority to enter into commitments for loan guarantees.

Confers fiduciary responsibility upon the Secretary to ensure that the MMIF remains financially sound.

Directs the Secretary to provide for and report to Congress annually on an independent actuarial study of the MMIF. Requires quarterly reports to Congress on loan guarantee commitments, loss rates, and projected annual subsidy rates.

Sets forth operation goals of the MMIF, and authorizes the Secretary to make programmatic or premium adjustments for it if such goals are not being met, or if there is a substantial probability that the MMIF will not maintain its target subsidy rate.

Makes obligations of the MMIF insured mortgages used in conjunction with the Homeownership Voucher program and insured home equity conversion mortgages (HECMs, or reverse mortgages).

(Sec. 12) Makes insurance of a Native Hawaiian Home Land or an Indian reservation mortgage the obligation of the MMIF (instead of the GIF).

(Sec. 14) Eliminates the 250,000 limitation upon the aggregate number of HECMs for elderly homeowners insured under the Act.

Establishes the FHLMC conforming loan limit as the maximum HECM amount and maximum claim amount.

Authorizes the Secretary to insure an HECM when its primary purpose is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy one of the units. Sets the FHLMC conforming loan limit as the maximum principal obligation placed upon an HECM.

Revises the meaning of mortgage relating to a dwelling unit in a residential cooperative housing corporation (RCHC) for HECM insurance purposes. Specifies in such a mortgage a first or subordinate mortgage or lien on all stock allocated to such a dwelling unit, as well as a first mortgage or first lien on a leashold. Includes in the meaning of a first mortgage a first or subordinate lien on all stock allocated to an RCHC dwelling unit.

Directs the Secretary to study and report to Congress on mortgage insurance premiums for insurance of HECMs regarding: (1) the possible effects on costs to mortgagors and the program's financial soundness of reducing premiums; and (2) the feasibility and effectiveness of exempting from all program requirements any insured HECM under which all or part of future payments to the homeowner are used for a long-term care insurance contract on the mortgagor or family members.

(Sec. 15) Authorizes the Secretary to enter into agreements to insure for up to 36 months mortgages involving a principal obligation of up to 100% of the FHLMC conforming loan limit for a single family residence located in a presidentially declared major disaster area.

(Sec. 16) Redefines mortgagee to allow participation in the federal mortgage insurance program by state-licensed mortgage brokers and correspondent lenders who make, underwrite, or service mortgage loans. Requires a state-licensed mortgage broker or correspondent lender that closes but does not underwrite or service a mortgage to post a surety bond of $75,000, in lieu of annual audit and net worth requirements, in order also to participation in the program.

(Sec. 17) Expresses the sense of Congress that: (1) the Secretary should use a portion of funds received in excess of claims paid from premiums paid for FHA single family housing mortgage insurance to increase substantially the funding for technology used in the program; (2) the goal of this investment should be to bring such technology up to or exceeding the level and sophistication of the technology used in the conventional mortgage lending market; and (3) the Secretary should report to Congress on the progress the Department is making toward such goal and, if progress is not sufficient, the resources needed to make greater progress.

]]> Expanding American Homeownership Act of 2006 Display Title Expanding American Homeownership Act of 2006 Official Title as Introduced To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. Introduced in House IH Short Titles as Introduced Expanding American Homeownership Act of 2006 Short Titles as Reported to House Expanding American Homeownership Act of 2006 H House Short Titles as Passed House Expanding American Homeownership Act of 2006 H House Referred in Senate 2006-07-26T04:00:00Z Engrossed in House 2006-07-25T04:00:00Z Reported in House 2006-07-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5121rh/xml/BILLS-109hr5121rh.xml Introduced in House 2006-04-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5121ih/xml/BILLS-109hr5121ih.xml 2006-07-26 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.