3.0.0 1741 2023-01-12T17:52:44Z 2023-01-12T17:52:44Z Senate S S 2007-06-28 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-06-28T22:55:52Z FHA Manufactured Housing Loan Modernization Act of 2007 110 2139 HR 2007-06-26 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Identical bill CRS 2007-06-28 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-06-28 Introduced in Senate IntroReferral 10000 9 Library of Congress B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN N A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE 2007-06-28 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2007-08-01 False Housing and Community Development Administrative procedure Block grants Commerce Community development Department of Housing and Urban Development Economics and Public Finance Emergency Management Evidence (Law) Federally-guaranteed loans Finance and Financial Sector Government Operations and Politics Indexing (Economic policy) Infrastructure Insurance premiums Law Mobile homes Mortgage banks Mortgage guaranty insurance Mortgages Prefabricated buildings Risk Standards Urban affairs Housing and Community Development 00 2007-06-28 Introduced in Senate 2007-09-14T15:06:02Z FHA Manufactured Housing Loan Modernization Act of 2007 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes).

Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases.

Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.)

Increases loan limits, requiring annual indexing.

Sets forth borrower premium charges, including an up-front premium of up to 2.25% and an annual premium of up to 1%.

Revises requirements for the handling and disposal of any real or personal conveyed to or acquired by the Secretary of Housing and Urban Development (HUD), and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees.

Directs the Secretary of HUD to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.

]]> FHA Manufactured Housing Loan Modernization Act of 2007 Display Title FHA Manufactured Housing Loan Modernization Act of 2007 Official Title as Introduced A bill to modernize the manufactured housing loan insurance program under title I of the National Housing Act. Introduced in Senate IS Short Titles as Introduced FHA Manufactured Housing Loan Modernization Act of 2007 Introduced in Senate 2007-06-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1741is/xml/BILLS-110s1741is.xml 2007-06-28 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.