3.0.0 4811 2023-01-11T13:16:25Z 2023-01-11T13:16:25Z House H HR 2010-03-10 111 hsba00 Financial Services Committee House Standing Referred to 2010-03-10T15:02:50Z 2010-03-10 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-03-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-03-10 Introduced in House IntroReferral 1000 9 Library of Congress C001047 Rep. Capito, Shelley Moore [R-WV-2] Shelley Capito R WV Moore 2 N B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2010-03-10 True B001232 Rep. Biggert, Judy [R-IL-13] JUDY BIGGERT R IL 13 2010-03-10 True G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2010-03-10 True N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2010-03-10 True L000567 Rep. Lance, Leonard [R-NJ-7] Leonard Lance R NJ 7 2010-03-10 True H001036 Rep. Hensarling, Jeb [R-TX-5] Jeb Hensarling R TX 5 2010-03-10 True M001139 Rep. Miller, Gary G. [R-CA-42] GARY MILLER R CA 42 2010-03-10 True M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2010-04-20 False Housing and Community Development Department of Housing and Urban Development Executive agency funding and structure Fraud offenses and financial crimes Government National Mortgage Association (Ginnie Mae) Government corporations and government-sponsored enterprises Government lending and loan guarantees Government studies and investigations Government trust funds Housing finance and home ownership Housing and Community Development 00 2010-03-10 Introduced in House 2010-04-29T21:53:06Z FHA Safety and Soundness and Taxpayer Protection Act of 2010 - Amends the Department of Housing and Urban Development Act to establish within the Federal Housing Administration (FHA) a Deputy Assistant Secretary for Risk Management to: (1) manage and mitigate risk to the mortgage insurance funds of the Department of Housing and Urban Development (HUD); and (2) ensure the performance of HUD-insured mortgages.

Abolishes, upon confirmation of such Deputy Assistant Secretary, the position of chief risk officer within HUD filled by appointment by the Federal Housing Commissioner.

Amends the National Housing Act to authorize the Secretary of HUD to use credit risk analysis sources outside of HUD to: (1) analyze credit risk models and practices regarding HUD-insured single-family housing mortgages; (2) evaluate underwriting standards for such mortgages; and (3) analyze lender compliance and HUD enforcement of underwriting standards.

Authorizes the Secretary to increase annual insurance premiums if necessary to protect the safety and soundness of the Mutual Mortgage Insurance Fund ( MMIF).

Directs the Secretary to implement a limited pilot program to provide a flexible risk-based premium structure for mortgage insurance premiums for certain insured mortgages secured by one- to four-family residences and executed by first-time homebuyers.

Directs the Secretary to: (1) review annually the rate of early defaults and claims for each mortgage originator or underwriter of mortgages on HUD-insured single family housing; (2) conduct an ongoing review of mortgages on HUD-insured single family housing originated during the preceding 24 months under which the mortgagor has become 60 or more days delinquent in making mortgage payments; and (3) investigate a mortgagee of HUD- insured single family housing who evinces high early default rates.

Authorizes the Secretary, if certain grounds exist, to: (1) suspend temporarily a mortgagee with high early default rates; and (2) require a direct endorsement mortgagee, in certain circumstances, to indemnify the Secretary for losses generated by an insurance claim paid by HUD.

Directs the Secretary to require each mortgagee to use a unique SAFE Mortgage Licensing Act identifier in all dealings and communications with HUD.

Directs the Secretary to require each mortgagee that purchases insured by HUD and originated by other mortgagees to notify the Secretary if the mortgagee terminates or discontinues such purchases or related servicing rights from another mortgagee based on a concern of fraud or misrepresentation in connection with mortgage origination, or based upon the level of mortgage defaults.

Requires each quarterly report on the MMIF to include: (1) an assessment of the MMIF financial status; (2) changes to the current or projected safety and soundness of the MMIF since the most recent report; and (3) recommendations to ensure the MMIF remains financially sound.

Directs the Comptroller General to report to Congress on: (1) single family mortgage insurance programs of HUD and the MMIF; and (2) the Government National Mortgage Association (GINNIE MAE).

]]> FHA Safety and Soundness and Taxpayer Protection Act of 2010 Display Title FHA Safety and Soundness and Taxpayer Protection Act of 2010 Official Title as Introduced To protect the American taxpayers by improving the safety and soundness of the FHA mortgage insurance programs of the Department of Housing and Urban Development. Introduced in House IH Short Titles as Introduced FHA Safety and Soundness and Taxpayer Protection Act of 2010 Introduced in House 2010-03-10T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr4811ih/xml/BILLS-111hr4811ih.xml 2010-03-10 Referred to the House Committee on Financial Services. 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.