1.This Act may be cited as the
Rural Homeowners Protection Act of
2009
.
2.Single family housing
loan guarantee programSubsection (h) of section 502 of the Housing
Act of 1949 (42
U.S.C. 1472(h)) is amended—
(1)in paragraph
(5)(A), by striking paragraph (13)
and inserting
paragraph (15)
;
(2)in paragraph (8),
by striking 1 percent
and inserting 2
percent
;
(3)in paragraph (9),
by striking Refinancing
and inserting
Modification of guaranteed
loans
;
(4)in paragraph
(14)—
(A)by striking
Guarantees for refinancing
loans
and inserting Refinancing of loans made or guaranteed by
Secretary
; and
(B)in subparagraph
(E)—
(i)by
striking (10)
and inserting (12)
; and
(ii)by striking (13)
and
inserting (9) or of paragraphs (11) through (14)
;
(5)by redesignating
paragraphs (10), (11), (12), (13), and (14) as paragraphs (12), (13), (14),
(15), and (10), respectively;
(6)by transferring
and inserting paragraph (10), as so redesignated by paragraph (5) of this
subsection, after paragraph (9); and
(7)by inserting after
paragraph (10), as so redesignated and transferred by paragraphs (5) and (6) of
this subsection, the following new paragraph:
(11)Refinancing of
loans made by private sector lenders
(A)The Secretary may, in accordance with this
paragraph, guarantee a loan made to refinance a loan made by a private lender
to an individual to acquire or construct a single-family residence.
(B)Except
as provided in subparagraph (C), all requirements of this subsection shall
apply to loans guaranteed and loan guarantees made under this paragraph.
(C)Notwithstanding paragraph (8), the Secretary shall charge a
guarantee fee with respect to loans guaranteed under this paragraph at levels
necessary, but no higher than needed, to allow such class of loans to be
guaranteed without resulting in a need for an appropriation for a credit
subsidy.
.
Passed the House of
Representatives July 29, 2009.
Lorraine C. Miller,
Clerk.