[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3266 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3266

  To ensure the availability of loan guarantees for rural homeowners.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 27, 2010

  Mr. Bennet introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To ensure the availability of loan guarantees for rural homeowners.

    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 ``Rural Housing Preservation and 
Stabilization Act of 2010''.

SEC. 2. LOAN GUARANTEE FEES.

    (a) Fees.--
            (1) Up-front fees.--Paragraph (8) of section 502(h) of the 
        Housing Act of 1949 (42 U.S.C. 1472(h)(8)) is amended to read 
        as follows:
            ``(8) Guarantee fees.--With respect to a guaranteed loan 
        under this subsection, the Secretary may collect from the 
        lender, at the time of issuance of the guarantee, a fee equal 
        to not more than 4.05 percent of the principal obligation of 
        the loan, as determined sufficient by the Secretary to cover 
        the costs (as such term is defined in section 502 of the 
        Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of loan 
        guarantees under this subsection.''.
            (2) Conforming amendment.--Section 739 of the Agriculture, 
        Rural Development, Food and Drug Administration, and Related 
        Agencies Appropriation Act, 2001 (as enacted by Public Law 106-
        387; 114 Stat. 1549A-34) is hereby repealed.
    (b) Authorization of Amount of Loan Guarantees.--Section 513 of the 
Housing Act of 1949 (42 U.S.C. 1483) is amended by adding at the end 
the following new subsection:
    ``(f) Authorization for Loan Guarantees.--The Secretary may, to the 
extent approved in appropriation Acts, guarantee loans under section 
502(h) in aggregate amounts not to exceed $30,000,000,000 for fiscal 
year 2010.''.

SEC. 3. BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go-Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Committee on the Budget of the House of 
Representatives, provided that such statement has been submitted prior 
to the vote on passage.
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