3.0.0 1997 2021-12-20T15:54:35Z 2021-12-20T15:54:35Z Senate S S 2011-12-15 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2011-12-15T17:18:37Z 2011-12-15 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2011-12-15 Introduced in Senate IntroReferral 10000 9 Library of Congress V000127 Sen. Vitter, David [R-LA] David Vitter R LA N C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2011-12-15 True J000291 Sen. Johanns, Mike [R-NE] Mike Johanns R NE 2011-12-15 True T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. 2011-12-15 True D000595 Sen. DeMint, Jim [R-SC] James DeMint R SC W. 2011-12-15 True P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY 2011-12-15 True R000584 Sen. Risch, James E. [R-ID] James Risch R ID E. 2011-12-15 True C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2011-12-15 True L000577 Sen. Lee, Mike [R-UT] Mike Lee R UT 2011-12-15 True Housing and Community Development Accounting and auditing Fraud offenses and financial crimes Government lending and loan guarantees Government studies and investigations Government trust funds Housing finance and home ownership Housing and Community Development 00 2011-12-15 Introduced in Senate 2012-02-15T22:21:02Z FHA Bailout Protection Act of 2011 - Amends the National Housing Act (NHA) to direct the Secretary of Housing and Urban Development (HUD) to take action to ensure that the Mutual Mortgage Insurance Fund attains and maintains a capital ratio of at least 2%. Includes among such actions: (1) increasing mortgage insurance premiums, (2) establishing more stringent underwriting standards, and (3) increasing the amount of cash (or its equivalent) required to be paid on account of the property subject to a mortgage.

Directs the Secretary to raise annual insurance premiums and charge an additional risk-based annual insurance premium if: (1) the Fund fails to attain a capital ratio of 2% by a specified date or maintain it, or (2) the Fund's expected claims rate as set forth in the quarterly independent actuarial study is 10.0 or higher.

Directs the Secretary to require a mortgagee to indemnify HUD for losses resulting from payment of an insurance claim with respect to a mortgage: (1) executed under the direct endorsement program or insured by the mortgagee pursuant to a delegation of authority, but (2) not originated or underwritten in accordance with HUD requirements. Requires indemnification also in the event that fraud or misrepresentation was involved in an origination or underwriting.

Directs the Secretary of HUD to take any actions required to seek indemnification for any early term delinquency on a mortgage which: (1) is an obligation of the Mutual Mortgage Insurance Fund; and (2) at the time of origination was not in compliance with NHA requirements.

Directs the Secretary of HUD to establish a program to review the cause of each early term delinquency on such a mortgage.

Converts from annual to quarterly the frequency of an independent actuarial study of the Mutual Mortgage Insurance Fund.

Amends the Federal Credit Reform Act of 1990 to prohibit the Secretary of the Treasury from entering into specified transactions with the Mutual Mortgage Insurance Fund.

]]> FHA Bailout Protection Act of 2011 Short Titles as Introduced FHA Bailout Protection Act of 2011 Display Title FHA Bailout Protection Act of 2011 Official Title as Introduced A bill to prohibit the Secretary of the Treasury from providing extra support to the Federal Housing Administration. Introduced in Senate 2011-12-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1997is/xml/BILLS-112s1997is.xml 2011-12-15 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.