[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1443 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 1443

 To amend section 251 of the National Housing Act to enable homebuyers 
  to make use of the authority of the Secretary of Housing and Urban 
        Development to insure hybrid adjustable rate mortgages.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 26, 2003

  Mr. Calvert (for himself, Mr. Israel, Mr. Feeney, and Mr. Davis of 
   Alabama) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend section 251 of the National Housing Act to enable homebuyers 
  to make use of the authority of the Secretary of Housing and Urban 
        Development to insure hybrid adjustable rate mortgages.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Affordable Mortgages 
Act''.

SEC. 2. HYBRID ARMS.

    (a) In General.--Section 251(d)(1)(C) of the National Housing Act 
(12 U.S.C. 1715z-16(d)(1)(C)) is amended by striking ``five'' and 
inserting ``three''.
    (b) Applicability.--The amendment made by subsection (a) shall 
apply to mortgages executed on or after the date of the enactment of 
this Act.
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