II 111th CONGRESS 2d Session S. 3266 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.

1.

Short title

This Act may be cited as the Rural Housing Preservation and Stabilization Act of 2010.

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and Related Agencies Appropriation Act, 2001 (as enacted by Public Law 106–387; 114 Stat. 1549A–34) is hereby repealed.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. .

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.