3.0.0 3535 2023-01-13T04:50:38Z 2023-01-13T04:50:38Z Senate S S 2006-06-19 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-06-19T19:14:06Z Expanding American Homeownership Act of 2006 109 5121 HR 2006-07-26 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2006-06-19 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-06-19 Introduced in Senate IntroReferral 10000 9 Library of Congress T000024 Sen. Talent, Jim [R-MO] JIM TALENT R MO N M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL 2006-06-19 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2006-06-19 True C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA 2006-06-19 True H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2006-07-26 False C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2006-07-27 False C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2006-09-05 False D000294 Sen. DeWine, Mike [R-OH] MICHAEL DEWINE R OH 2006-09-05 False C001040 Sen. Chafee, Lincoln [R-RI] LINCOLN CHAFEE R RI D. 2006-09-21 False W000154 Sen. Warner, John [R-VA] JOHN WARNER R VA WILLIAM 2006-09-26 False A000121 Sen. Allen, George [R-VA] GEORGE ALLEN R VA F. 2006-09-29 False Housing and Community Development Accounting Condominium (Housing) Disaster relief Economics and Public Finance Emergency Management Federal aid to housing Federally-guaranteed loans Finance and Financial Sector Hawaiians Home equity conversion Housing for the aged Indian housing Indian lands Insurance premiums Minorities Mobile homes Mortgage guaranty insurance Mortgages Social Welfare Housing and Community Development 00 2006-06-19 Introduced in Senate 2006-07-18T21:13:54Z Expanding American Homeownership Act of 2006 - FHA Modernization Act of 2006 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal housing loan obligation; (2) extend the mortgage term to 40 years; 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 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.

Requires the Secretary to notify specified entities whenever the Secretary takes discretionary action to suspend or revoke approval of a mortgagee to participate in any mortgage insurance program.

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. Limits the Secretary's authority to enter into commitments for loan guarantees. Requires annual independent actuarial studies of the Fund.

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

Authorizes the Secretary to: (1) insure a home equity conversion mortgage for specified elderly mortgagors; and (2) enter into agreements to insure temporarily certain mortgages for a single family residence located within a presidentially declared major disaster area.

Federal Housing Administration Manufactured Housing Loan Act of 2006 - Exempts a manufactured home (including its appurtenant lot) from the limitation placed upon federal insurance of financial institutions.

Makes any mortgage insurance contract related to a manufactured housing loan conclusive evidence of the eligibility for such insurance of the financial institution involved.

Authorizes the Secretary to establish a mortgage insurance single premium structure for manufactured homes.

Increases the maximum dollar amounts of loan limits.

]]> Expanding American Homeownership Act of 2006 Display Title Expanding American Homeownership Act of 2006 Official Title as Introduced A bill to modernize and update the National Housing Act and to enable the Federal Housing Administration to use risk based pricing to more effectively reach underserved borrowers, and for other purposes. Introduced in Senate IS Short Titles as Introduced Expanding American Homeownership Act of 2006 Short Titles as Introduced for portions of this bill Federal Housing Administration Manufactured Housing Loan Act of 2006 Short Titles as Introduced for portions of this bill FHA Modernization Act of 2006 Introduced in Senate 2006-06-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s3535is/xml/BILLS-109s3535is.xml 2006-06-19 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.