3.0.0 4172 2019-11-15T20:53:12Z 2019-11-15T20:53:12Z House H HR 2012-03-08 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HECK:H.R. 4172.Congress has the power to enact this legislation pursuantto the following:Section 8, Article 1[Page H1305]]]> hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Referred to 2012-04-26T14:52:27Z Referred to 2012-03-08T14:57:40Z 2012-04-26 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Committee 2012-03-08 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-03-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-03-08 Introduced in House IntroReferral 1000 9 Library of Congress H001055 Rep. Heck, Joseph J. [R-NV-3] Joseph Heck R NV J. 3 N Housing and Community Development Administrative law and regulatory procedures Department of Housing and Urban Development Fraud offenses and financial crimes Government information and archives Government lending and loan guarantees Housing finance and home ownership Interest, dividends, interest rates Real estate business Securities User charges and fees Housing and Community Development 00 2012-03-08 Introduced in House 2012-03-28T15:34:54Z Second Chance at Homeownership Act of 2012 - Amends the National Housing Act to establish in the Federal Housing Administration (FHA) a Second Chance at Homeownership Program to: (1) create a voluntary FHA program to provide lenders for qualified second-chance borrowers and support long-term, sustainable homeownership; (2) target mortgage assistance to enable families to become homeowners of a one- to four-family principal residence; and (3) ensure the Program remains in effect only for as long as necessary to provide stability to the housing market.

Authorizes the Secretary of Housing and Urban Development (HUD) to insure mortgages meeting specified criteria under the Program.

Defines a "second-chance borrower" as any mortgagor who has not been: (1) the mortgagor under any other mortgage or had any present ownership interest in any residence after January 1, 2011, unless the Secretary makes exceptions for a mortgagor who has inherited a property; (2) delinquent with respect to any of the most recent 12 monthly rental payments due for the rental of the mortgagor's principal residence; or (3) convicted under federal or state law for fraud during the 10-year period before insurance of the mortgage under the Program. Requires the borrower's net worth to be $1 million or less.

]]> Second Chance at Homeownership Act of 2012 Short Titles as Introduced Second Chance at Homeownership Act of 2012 Display Title Second Chance at Homeownership Act of 2012 Official Title as Introduced To authorize the Secretary of Housing and Urban Development to insure mortgages that provide former homeowners who are a reasonable credit risk a second chance at homeownership. Introduced in House 2012-03-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4172ih/xml/BILLS-112hr4172ih.xml 2012-04-26 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. 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.