3.0.0 6694 2022-02-03T05:19:03Z 2022-02-03T05:19:03Z House H HR 2008-07-31 110 hsba00 Financial Services Committee House Standing Reported by 2008-10-02T22:07:00Z Markup by 2008-09-16T20:34:32Z Referred to 2008-07-31T14:05:30Z H. Rept. 110-905 2008-10-02 Placed on the Union Calendar, Calendar No. 582. Calendars H12410 2 House floor actions U00582 2008-10-02 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-905. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2008-10-02 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-905. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2008-09-16 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2008-09-16 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2008-07-31 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2008-07-31 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-07-31 Introduced in House IntroReferral 1000 9 Library of Congress G000553 Rep. Green, Al [D-TX-9] Al Green D TX 9 N M001139 Rep. Miller, Gary G. [R-CA-42] GARY MILLER R CA 42 2008-07-31 True W000187 Rep. Waters, Maxine [D-CA-35] MAXINE WATERS D CA 35 2008-07-31 True S001144 Rep. Shays, Christopher [R-CT-4] CHRISTOPHER SHAYS R CT 4 2008-07-31 True S001165 Rep. Sires, Albio [D-NJ-13] Albio Sires D NJ 13 2008-09-15 False M001163 Rep. Matsui, Doris O. [D-CA-5] Doris Matsui D CA O. 5 2008-09-15 False T000459 Rep. Terry, Lee [R-NE-2] LEE TERRY R NE 2 2008-09-15 False C001050 Rep. Cardoza, Dennis A. [D-CA-18] Dennis Cardoza D CA A. 18 2008-09-15 False L000551 Rep. Lee, Barbara [D-CA-9] BARBARA LEE D CA 9 2008-09-15 False T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2008-09-15 False J000126 Rep. Johnson, Eddie Bernice [D-TX-30] EDDIE JOHNSON D TX BERNICE 30 2008-09-15 False W000801 Rep. Wilson, Charles A. [D-OH-6] Charles Wilson D OH A. 6 2008-09-15 False C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 2008-09-15 False C001061 Rep. Cleaver, Emanuel [D-MO-5] Emanuel Cleaver D MO 5 2008-09-15 False C001072 Rep. Carson, Andre [D-IN-7] Andre Carson D IN 7 2008-09-15 False R000462 Rep. Rothman, Steven R. [D-NJ-9] STEVEN ROTHMAN D NJ R. 9 2008-09-15 False P000096 Rep. Pascrell, Bill, Jr. [D-NJ-8] WILLIAM PASCRELL D NJ J. 8 2008-09-15 False W000797 Rep. Wasserman Schultz, Debbie [D-FL-20] Debbie Wasserman Schultz D FL 20 2008-09-16 False B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 2008-09-16 False L000517 Rep. Lungren, Daniel E. [R-CA-3] DANIEL LUNGREN R CA EDWARD 3 2008-09-16 False L000560 Rep. Larsen, Rick [D-WA-2] RICK LARSEN D WA 2 2008-09-16 False L000397 Rep. Lofgren, Zoe [D-CA-16] ZOE LOFGREN D CA 16 2008-09-18 False S000364 Rep. Shimkus, John [R-IL-19] JOHN SHIMKUS R IL M. 19 2008-09-18 False W000099 Rep. Walsh, James T. [R-NY-25] JAMES WALSH R NY T. 25 2008-09-22 False G000309 Rep. Gordon, Bart [D-TN-6] BART GORDON D TN 6 2008-09-23 False D000299 Rep. Diaz-Balart, Lincoln [R-FL-21] LINCOLN DIAZ-BALART R FL 21 2008-09-23 False S001174 Rep. Sutton, Betty [D-OH-13] Betty Sutton D OH 13 2008-10-02 False T000326 Rep. Towns, Edolphus [D-NY-10] EDOLPHUS TOWNS D NY 10 2008-10-02 False B000410 Rep. Berman, Howard L. [D-CA-28] HOWARD BERMAN D CA L. 28 2008-10-02 False 2008-09-29T04:00:00Z H.R. 6694, FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 http://www.cbo.gov/publication/20334 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on September 16, 2008</p> 2008-09-29T04:00:00Z H.R. 6694, FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 https://www.cbo.gov/publication/20334 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on September 16, 2008 Housing and Community Development Civil actions and liability Congressional oversight Government lending and loan guarantees Housing finance and home ownership Real estate business Housing and Community Development 00 2008-07-31 Introduced in House 2008-11-20T21:32:18Z FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 - Amends the National Housing Act to make exceptions to the prohibition against mortgage insurance for mortgages involving a downpayment using funds furnished by: (1) the seller or any party that benefits financially from the transaction (seller-financed downpayment); or (2) any third party that is reimbursed by the seller or any such party.

Makes eligible for mortgage insurance, in spite of a seller-financed downpayment, any mortagors with credit scores equivalent to a FICO score of: (1) 680 or more; (2) at least 620 but less than 680; or (3) 619 or less. Prescribes conditions for mortgage insurance in the latter two situations.

Amends the FHA Modernization Act of 2008 to authorize the Secretary of Housing and Urban Development to implement a risk-based premium product for borrowers with lower credit or FICO scores through the establishment and collection of adequate mortgage insurance premiums to cover the risks of such loans.

Requires the Secretary to provide for a refund of a portion or all of the higher risk-based premiums paid at the time of insurance by such borrowers as a result of risk-based pricing, but only those borrowers with a history of on-time mortgage payments. Requires payment of such refund upon payment in full of the underlying mortgage obligation.

]]> 17 2008-10-02 Reported to House with amendment(s) 2008-12-23T21:19:42Z FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 - (Sec. 2) Amends the National Housing Act to make exceptions to the prohibition against mortgage insurance for mortgages involving a downpayment using funds furnished by: (1) the seller or any party that benefits financially from the transaction (seller-financed downpayment); or (2) any third party that is reimbursed by the seller or any such party.

Makes eligible for mortgage insurance, in spite of a seller-financed downpayment, any mortagors with credit scores equivalent to a FICO score of: (1) 680 or more; (2) at least 620 but less than 680; or (3) 619 or less. Prescribes conditions for mortgage insurance in the latter two situations.

Requires entities participating in a governmental or private nonprofit program that provides downpayment assistance for such a mortgage to offer and make available, before loan closing, counseling about the responsibilities and financial management involved in homeownership.

Authorizes the Secretary of Housing and Urban Development to impose civil money penalties for improperly influencing appraisals.

(Sec. 3) Prohibits the Secretary from implementing: (1) risk-based premiums designed for mortgage lenders to offer a Federal Housing Administration (FHA)-insured product that provides a range of mortgage insurance premium pricing based upon a specified risk that the insurance contract represents; or (2) any other risk-based premium product for mortgage insurance on a single family residence where the premium price for such new product is based upon the borrower's Decision Credit Score.

Makes an exception from such prohibition for flexible risk-based premiums. Authorizes the Secretary to establish, for a mortgagor whose FICO credit score is under 600, a mortgage insurance premium structure with a variable rate that reflects the mortgagor's credit risk, if the basis for determining such rate is established before the mortgage is executed.

Requires notice to mortgagees and to Congress before such a premium structure is established or changed.

Requires the Secretary to consider specified factors when premiums are established and collected under a flexible risk-based premium structure.

Authorizes the Secretary to provide for variations in such rates according to the credit risk associated with the type of mortgage product that is being insured.

Requires the Secretary to make payment incentives to a mortgagor, in the form of certain refunds, upon payment in full of timely mortgage payments.

Authorizes the Secretary, for mortgages with a flexible risk-based premium, to establish a higher annual premium in lieu of a higher up-front premium.

]]> FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 Short Titles as Introduced FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 Short Titles as Reported to House FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 H House Display Title FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 Official Title as Introduced To revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act and to authorize risk-based insurance premiums for certain mortgagors under such mortgages. Reported in House 2008-10-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6694rh/xml/BILLS-110hr6694rh.xml Introduced in House 2008-07-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6694ih/xml/BILLS-110hr6694ih.xml 2008-10-02 Placed on the Union Calendar, Calendar No. 582. 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.