[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 469 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 469

To assist the Secretary of Housing and Urban Development in stabilizing 
              the Home Equity Conversion Mortgage program.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 6, 2013

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

_______________________________________________________________________

                                 A BILL


 
To assist the Secretary of Housing and Urban Development in stabilizing 
              the Home Equity Conversion Mortgage program.

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

SECTION 1. STABILIZING THE HECM PROGRAM.

    Section 255 of the National Housing Act (12 U.S.C. 1715z-20) is 
amended--
            (1) in subsection (d)(8)--
                    (A) by inserting ``property maintenance,'' before 
                ``insurance''; and
                    (B) by inserting ``, including matters that set 
                forth terms and provisions for establishing escrow 
                accounts, performing financial assessments, or limiting 
                the amount of any payment made available under the 
                mortgage'' before the semicolon; and
            (2) in subsection (h)--
                    (A) in paragraph (1), by striking ``; and'' and 
                inserting a semicolon;
                    (B) in paragraph (2), by striking the period and 
                inserting ``; and''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(3) by notice or mortgagee letter, establish any 
        additional or alternative requirements that the Secretary, in 
        his or her discretion, determines necessary to more effectively 
        carry out the provisions of this section, and any such notice 
        or mortgagee letter shall take effect upon issuance.''.
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