[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5981 Referred in Senate (RFS)]

111th CONGRESS
  2d Session
                                H. R. 5981


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 30, 2010

                                Received

                             August 2, 2010

Read twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 AN ACT


 
   To increase the flexibility of the Secretary of Housing and Urban 
  Development with respect to the amount of premiums charged for FHA 
   single family housing mortgage insurance, and for other purposes.

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

SECTION 1. MORTGAGE INSURANCE PREMIUMS.

    (a) Flexibility.--Subparagraph (B) of section 203(c)(2) of the 
National Housing Act (12 U.S.C. 1709(c)(2)(B)) is amended--
            (1) in the matter preceding clause (i)--
                    (A) by striking ``shall'' and inserting ``may''; 
                and
                    (B) by striking ``0.50 percent'' and inserting 
                ``1.5 percent''; and
            (2) in clause (ii), by striking ``shall be in an amount not 
        exceeding 0.55 percent'' and inserting ``may be in an amount 
        not exceeding 1.55 percent''.
    (b) Implementation.--The Secretary may adjust the amount of any 
initial or annual premium charged pursuant to subsection (a) through 
notice published in the Federal Register or mortgagee letter. Such 
notice or mortgagee letter shall establish the effective date of any 
premium adjustment therein.

SEC. 2. CONGRESSIONAL TESTIMONY.

    The Assistant Secretary of the Department of Housing and Urban 
Development who is the Federal Housing Commissioner shall appear before 
the Committee on Banking, Housing and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Representatives 
within 270 days after the enactment of this Act to discuss the 
finances, including premiums, of the Federal Housing Administration.

            Passed the House of Representatives July 30, 2010.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.