[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 830 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 830

To rescind the unobligated funding for the FHA Refinance Program and to 
                         terminate the program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 28, 2011

  Mr. Dold (for himself, Mr. Bachus, and Mrs. Biggert) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To rescind the unobligated funding for the FHA Refinance Program and to 
                         terminate the program.

    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 ``FHA Refinance Program Termination 
Act''.

SEC. 2. RESCISSION OF FUNDING FOR FHA REFINANCE PROGRAM.

    Effective on the date of the enactment of this Act, there are 
rescinded and permanently canceled all unexpended balances remaining 
available as of such date of enactment of the amounts made available 
under title I of the Emergency Economic Stabilization Act (Public Law 
110-343; 12 U.S.C. 5211 et seq.) that have been allocated for use under 
the FHA Refinance Program (pursuant to Mortgagee Letter 2010-23 of the 
Secretary of Housing and Urban Development) of the Making Home 
Affordable initiative of the Secretary of the Treasury.

SEC. 3. TERMINATION OF FHA REFINANCE PROGRAM.

    (a) Termination of Mortgagee Letter.--The Mortgagee Letter referred 
to in section 2 shall be void and have no effect and the Secretary of 
Housing and Urban Development may not issue any regulation, order, 
notice, or mortgagee letter based on or substantially similar to such 
Mortgagee Letter.
    (b) Treatment of Remaining Funds.--Notwithstanding subsection (a) 
of this section, any amounts made available for use under the Program 
referred to in section 2 of this Act and expended before the date of 
the enactment of this Act shall continue to be governed by the 
Mortgagee Letter specified in subsection (a) of this section, and any 
other provisions of law, regulations, orders, and notices, applicable 
to such amounts, as in effect immediately before such date of 
enactment.
    (c) Termination.--After the enactment of this Act, the Secretary of 
Housing and Urban Development may not newly insure any mortgage under 
the FHA Refinance Program referred to in section 2 of this Act except 
pursuant to a commitment to insure made before such enactment, and upon 
the completion of all activities with respect to such commitments under 
the provisions of law, regulations, orders, notices, and mortgagee 
letters referred to in subsection (b) of this section, the Secretary of 
Housing and Urban Development shall terminate the FHA Refinance Program 
referred to in section 2.
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