[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 830 Reported in House (RH)]
Union Calendar No. 13
112th CONGRESS
1st Session
H. R. 830
[Report No. 112-25]
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
March 7, 2011
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
_______________________________________________________________________
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,
<DELETED>SECTION 1. SHORT TITLE.</DELETED>
<DELETED> This Act may be cited as the ``FHA Refinance Program
Termination Act''.</DELETED>
<DELETED>SEC. 2. RESCISSION OF FUNDING FOR FHA REFINANCE
PROGRAM.</DELETED>
<DELETED> 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are rescinded and permanently canceled all unexpended balances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.</DELETED>
<DELETED>SEC. 3. TERMINATION OF FHA REFINANCE PROGRAM.</DELETED>
<DELETED> (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.</DELETED>
<DELETED> (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.</DELETED>
<DELETED> (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.</DELETED>
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.
(d) Study of Use of Program by Members of the Armed Forces,
Veterans, and Gold Star Recipients.--
(1) Study.--The Secretary of Housing and Urban Development
shall conduct a study to determine the extent of usage of the
FHA Refinance Program referred to in section 2 by, and the
impact of such program on, covered homeowners.
(2) Report.--Not later than the expiration of the 90-day
period beginning on the date of the enactment of this Act, the
Secretary shall submit to the Congress a report setting forth
the results of the study under paragraph (1) and identifying
best practices, with respect to covered homeowners, that could
be applied to the FHA Refinance Program.
(3) Covered homeowner.--For purposes of this subsection,
the term ``covered homeowner'' means a homeowner who is--
(A) a member of the Armed Forces of the United
States on active duty or the spouse or parent of such a
member;
(B) a veteran, as such term is defined in section
101 of title 38, United States Code; or
(C) eligible to receive a Gold Star lapel pin under
section 1126 of title 10, United States Code, as a
widow, parent, or next of kin of a member of the Armed
Forces person who died in a manner described in
subsection (a) of such section.
Union Calendar No. 13
112th CONGRESS
1st Session
H. R. 830
[Report No. 112-25]
_______________________________________________________________________
A BILL
To rescind the unobligated funding for the FHA Refinance Program and to
terminate the program.
_______________________________________________________________________
March 7, 2011
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed