3.0.0 2734 2017-12-14T23:59:14Z 2022-02-08T17:27:15Z Senate S S 2008-03-07 110 FHA Modernization Act of 2007 110 2338 S 2007-12-17 Held at the desk. 18:08:32 Related bill CRS 2008-03-11 Senate Star Print ordered on the bill. Floor 2008-03-10 Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 613. Calendars 2008-03-07 Senate Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. Calendars 2008-03-07 Sponsor introductory remarks on measure. (CR S1743-1744) IntroReferral B00100 9 Library of Congress 2008-03-07 Introduced in Senate IntroReferral 10000 9 Library of Congress B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. N I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2008-03-07 True A000360 Sen. Alexander, Lamar [R-TN] Lamar Alexander R TN 2008-03-07 True D000601 Sen. Dole, Elizabeth [R-NC] Elizabeth Dole R NC H. 2008-03-07 True M000355 Sen. McConnell, Mitch [R-KY] Mitch McConnell R KY 2008-03-07 True A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE 2008-03-07 True C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA 2008-03-07 True C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2008-03-07 True C000858 Sen. Craig, Larry E. [R-ID] LARRY CRAIG R ID EDWIN 2008-03-07 True H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2008-03-07 True I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2008-03-07 True S000888 Sen. Stevens, Ted [R-AK] THEODORE STEVENS R AK F. 2008-03-07 True M001153 Sen. Murkowski, Lisa [R-AK] Lisa Murkowski R AK 2008-03-07 True C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2008-03-07 True E000194 Sen. Ensign, John [R-NV] JOHN ENSIGN R NV 2008-03-13 False Housing and Community Development Administrative procedure Afghanistan Apartment houses Armed Forces and National Security Bonds Commerce Condominium (Housing) Congress Congressional investigations Congressional reporting requirements Consumer credit Cooperative housing Counseling Damages Department of the Treasury Economics and Public Finance Energy Energy efficiency Federal aid to housing Federally-guaranteed loans Fees Finance and Financial Sector Foreclosure Fraud Government Operations and Politics Government trust funds Hawaiians Home equity conversion Home ownership Income tax Indexing (Economic policy) Indian housing Insurance premiums Iraq Iraq compilation Law Leases Liability (Law) Loan defaults Losses Middle East and North Africa Military operations Minimum tax Minorities Mobile homes Mortgage guaranty insurance Mortgage interest rates Mortgages Performance measurement Rental housing Residential rehabilitation Single family housing Social Welfare South Asia Tax credits Tax deductions Taxation Trusts and trustees Housing and Community Development 00 2008-03-07 Introduced in Senate 2008-04-22T21:44:05Z Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans.

Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling.

Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit.

Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act.

Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain adjustments to the alternative (minimum) tax net operating loss deduction.

Amends the Servicemembers Civil Relief Act of 1940 to expand the period of moratorium on foreclosure sales after a servicemember's service.

Requires the Secretary of Defense to develop a program for mortgage foreclosure prevention counseling for members of the Armed Forces returning from service abroad.

FHA Modernization Act of 2008 - Amends the National Housing Act (NHA) to: (1) revise requirements for the maximum principal loan obligation eligible for mortgage insurance, as well as the cash investment requirement; and (2) prohibit seller-funded downpayment assistance.

Replaces the General Insurance Fund (GIF) with the Mutual Mortgage Insurance (MMI) Fund as the depository of all funds involved in rehabilitation loans for one- to four-family structures.

Eliminates the limitation on the aggregate number of home equity conversion mortgages (HECMs) for elderly homeowners insured under the Act. Authorizes the Secretary of Housing and Urban Development (HUD) to insure HECMs. Establishes a single national loan limit for HECMs.

Amends the Energy Policy Act of 1992 to raise the cap on the price of cost-effective energy efficiency improvements under the energy efficiency mortgages program.

Amends the NHA to require the Secretary to establish a pilot program for an automated process to provide alternative credit rating information on mortgagors and prospective mortgagors.

Amends the Housing and Urban Development Act of 1968 to revise post-purchase housing counseling eligibility requirements.

Directs the Secretary to establish a pre-purchase homeownership counseling demonstration program.

Places limitations on mortgage insurance premium increases.

Imposes a one-year moratorium on implementation by the Secretary of certain risk-based premiums.

FHA Manufactured Housing Loan Modernization Act of 2008 - Amends the National Housing Act regarding FHA housing loan insurance for manufactured homes (or lots for such homes).

Increases manufactured home loan limits, requiring annual indexing.

Sets forth borrower premium charges.

Amends the NHA to apply the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured home financed with an FHA-insured loan or extension of credit and related services.

Prescribes certain lease requirements as prerequisites for HUD insurance of any loan, advance of credit, or purchase of such a loan or credit to finance a manufactured home intended to be located in a manufactured home community under a lease.

]]> SAFE Act Short Titles as Introduced SAFE Act Short Titles as Introduced Security Against Foreclosures and Education Act Display Title SAFE Act Official Title as Introduced A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis. Placed on Calendar Senate 2008-03-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2734pcs/xml/BILLS-110s2734pcs.xml 2008-03-11 Star Print ordered on the bill. 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.