[Congressional Record Volume 157, Number 35 (Wednesday, March 9, 2011)]
[House]
[Pages H1666-H1668]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 8 of rule XVIII, proposed amendments were submitted as 
follows:

                                H.R. 830

                        Offered By: Mr. Paulsen

       Amendment No. 4: Page 6, line 15, strike ``and''.
       Page 6, line 16, before the period insert the following: 
     ``, and Members and Veterans With Service-connected 
     Disabilities and Their Families''.
       Page 7, line 11, strike ``or''.
       Page 7, line 17, strike the period and insert ``; or''.
       Page 7, after line 17, insert the following:
       (D) such members and veterans of the Armed Forces who have 
     service-connected injuries, and survivors and dependents of 
     such members and veterans of the Armed Forces with such 
     injuries.

                                H.R. 830

                         Offered By: Ms. Waters

       Amendment No. 5: At the end of the bill, add the following 
     new section:

[[Page H1667]]

     SEC. 4. STUDY ON IMPACTS REQUIRED.

       (a) In General.--Not later than 30 days after the date of 
     the enactment of this Act, the Secretary of Housing and Urban 
     Development shall, in consultation with the Secretary of the 
     Treasury, conduct a study on the negative impacts of 
     underwater mortgage loans on the housing market and the 
     economy of the United States and report to the Congress on 
     the findings of such study, including recommendations to the 
     Congress on how to mitigate such impacts.
       (b) Underwater Mortgage Defined.--For purposes of this 
     section, the term ``underwater mortgage'' means a mortgage 
     loan on an owner-occupied residential property that has an 
     appraised value that is less than the outstanding obligation 
     under such mortgage loan.

                                H.R. 830

                         Offered By: Ms. Waters

       Amendment No. 6: At the end of the bill, add the following 
     new section:

     SEC. 4. PUBLICATION OF MEMBER AVAILABILITY FOR ASSISTANCE.

       Not later than 5 days after the date of the enactment of 
     this Act, the Secretary of Housing and Urban Development 
     shall publish to its Website on the World Wide Web in a 
     prominent location, large point font, and boldface type the 
     following statement: ``The FHA Short Refinance Program, which 
     would have provided borrowers who are current on their 
     mortgage but owe more than their home is worth with the 
     ability to refinance into an FHA loan with better terms, has 
     been terminated. If you owe more on your mortgage than your 
     home is worth, please contact your Member of Congress for 
     assistance.''.

                                H.R. 830

                       Offered By: Mr. Garamendi

       Amendment No. 7: At the end of the bill, add the following 
     new section:

     SEC. 4. TREATMENT OF BONUSES FOR FINANCIAL SECTOR EMPLOYEES.

       The Federal regulatory agencies for banking and financial 
     institutions and for securities regulation shall jointly 
     issue regulations that--
       (1) require all new employees of any institution, company, 
     or entity regulated by such a regulatory agency, upon hiring, 
     to sign a contract stipulating that any bonus income provided 
     to such employee will be paid in securities or obligations 
     that such institution, company, or entity creates or deals in 
     in its regular course of business;
       (2) require that any such bonuses paid shall be held in 
     escrow for such period as may be necessary to determine 
     whether the such securities or obligations created or dealt 
     with by such institution, company, or entity are of 
     substandard quality or cannot be readily identified as an 
     asset or a liability;
       (3) require such escrow accounts to be portable so that an 
     employee may change jobs without hindrance; and
       (4) prohibit use of any such bonuses to hedge against 
     future losses.

                                H.R. 830

                          Offered By: Mr. Holt

       Amendment No. 8: At the end of the bill, add the following:

     SEC. 4. MODIFICATION OF REAL PROPERTY STANDARD DEDUCTION.

       (a) Extension.--Subparagraph (C) of section 63(c)(1) of the 
     Internal Revenue Code of 1986 is amended by striking ``in 
     2008 or 2009'' and inserting ``after December 31, 2007, and 
     before January 1, 2015''.
       (b) Adjustments for Inflation.--Subparagraph (B) of section 
     63(c)(4) of such Code is amended by striking ``and'' at the 
     end of clause (i), by striking the period at the end of 
     clause (ii) and inserting ``, and'', and by inserting after 
     clause (ii) the following:
       ``(iii) `calendar year 2010' in the case of dollar amounts 
     contained in paragraph (7)(B).''.
       (c) Effective Date.--
       (1) In general.--Except as otherwise provided in this 
     subsection, the amendments made by this section shall apply 
     to taxable years beginning after December 31, 2009.
       (2) Inflation adjustment.--The amendments made by 
     subsection (b) shall apply to taxable years beginning after 
     December 31, 2011.

                                H.R. 830

                        Offered By: Mrs. Maloney

       Amendment No. 9: After section 1, insert the following new 
     section:

     SEC. 2. CONGRESSIONAL FINDINGS.

       The Congress finds that--
       (1) there are 35,610 underwater mortgages in Alabama;
       (2) 7,801 underwater mortgages in Alaska;
       (3) 648,387 underwater mortgages in Arizona;
       (4) 27,580 underwater mortgages in Arkansas;
       (5) 2,172,700 mortgages in California;
       (6) 221,097 underwater mortgages in Colorado;
       (7) 97,244 underwater mortgages in Connecticut;
       (8) 23,906 underwater mortgages in Delaware;
       (9) 2,029,128 underwater mortgages in Florida;
       (10) 449,971 underwater mortgages in Georgia;
       (11) 24,664 underwater mortgages in Hawaii;
       (12) 61,566 underwater mortgages in Idaho;
       (13) 431,050 underwater mortgages in Illinois;
       (14) 68,196 underwater mortgages in Indiana;
       (15) 28,976 underwater mortgages in Iowa;
       (16) 32,787 underwater mortgages in Kansas;
       (17) 24,880 underwater mortgages in Kentucky;
       (18) 298,554 underwater mortgages in Maryland;
       (19) 222,599 underwater mortgages in Massachusetts;
       (20) 519,716 underwater mortgages in Michigan;
       (21) 90,090 underwater mortgages in Minnesota;
       (22) 122,543 underwater mortgages in Missouri;
       (23) 8,650 underwater mortgages in Montana;
       (24) 21,388 underwater mortgages in Nebraska;
       (25) 390,192 underwater mortgages in Nevada;
       (26) 37,488 underwater mortgages in New Hampshire;
       (27) 286,293 underwater mortgages in New Jersey;
       (28) 29,375 underwater mortgages in New Mexico;
       (29) 129,633 underwater mortgages in New York;
       (30) 160,007 underwater mortgages in North Carolina;
       (31) 3,582 underwater mortgages in North Dakota;
       (32) 441,379 underwater mortgages in Ohio;
       (33) 24,411 underwater mortgages in Oklahoma;
       (34) 108,335 underwater mortgages in Oregon;
       (35) 132,805 underwater mortgages in Pennsylvania;
       (36) 45,511 underwater mortgages in Rhode Island;
       (37) 85,226 underwater mortgages in South Carolina;
       (38) 133,956 underwater mortgages in Tennessee;
       (39) 367,954 underwater mortgages in Texas;
       (40) 98,093 underwater mortgages in Utah;
       (41) 276,910 underwater mortgages in Virginia;
       (42) 209,577 underwater mortgages in Washington;
       (43) 15,240 underwater mortgages in Washington D.C.;
       (44) and 81,267 underwater mortgages in Wisconsin.
       (45) the aggregate number of mortgages estimated to be 
     underwater in such States is 10,780,236; and
       (46) by voting to terminate the FHA Refinance Program under 
     this Act without a suggested replacement, the Congress is 
     voting to terminate a program that may have helped these 
     underwater borrowers.

                                H.R. 830

                         Offered By: Mr. Deutch

       Amendment No. 10: Page 7, line 11, strike ``or''.
       Page 7, line 17, strike the period and insert ``; or''.
       Page 7, after line 17, insert the following:
       (D) a person who is 62 years of age or older.

                                H.R. 830

                      Offered By: Mr. Fitzpatrick

       Amendment No. 11: Page 5, line 12, after the period insert 
     the following: ``All such unexpended balances so rescinded 
     and permanently canceled shall be retained in the General 
     Fund of the Treasury for reducing the debt of the Federal 
     Government.''.

                                H.R. 830

                         Offered By: Mr. Inslee

       Amendment No. 12: Page 6, line 16, before the period insert 
     ``and Replacement Program''.
       Page 6, line 19, before ``the extent'' insert ``(A)''.
       Page 6, line 20, after ``section 2'' insert ``, 
     including''.
       Page 6, line 21, before the period insert the following: 
     ``, and (B) the need, and appropriate guidelines and 
     standards for, a mortgage insurance program of the Secretary 
     that (i) provides for loan modification involving a write-
     down of the remaining principal balance on existing mortgages 
     on 1- to 4-family residences under which such principal 
     balance exceeds the appraised value of the mortgaged 
     residence, and (ii) serves the needs of covered homeowners 
     with such mortgages''.
       Page 7, line 1, after ``paragraph (1)'' insert the 
     following: ``, setting forth the Secretary's determination of 
     the need for, and the appropriate guidelines and standards 
     for, the mortgage insurance program determined pursuant to 
     paragraph (1)(B),''.
       Page 7, line 1, after ``best practices,'' insert 
     ``including''.
       Page 7, line 3, before the period insert the following: 
     ``and to the mortgage insurance program identified and 
     described pursuant to paragraph (1)(B)''.
       Page 7, after line 17, add the following:
       (4) Implementation.--Upon the expiration of the 90-day 
     period beginning upon the submission to the Congress of the 
     report required under paragraph (2), the Secretary of Housing 
     and Urban Development shall implement the mortgage insurance 
     program described in such report pursuant to paragraph (1)(B) 
     through issuance of appropriate guidelines and standards set 
     forth in the report.

                                H.R. 830

                         Offered By: Mr. Inslee

       Amendment No. 13: At the end of the bill, add the following 
     new section:

[[Page H1668]]

     SEC. 4. STUDY OF BORROWERS OTHERWISE ELIGIBLE FOR FHA 
                   REFINANCE PROGRAM.

       Not later than the expiration of the 90-day period 
     beginning on the date of the enactment of this Act, the 
     Secretary of Housing and Urban Development shall conduct a 
     study, and submit to the Congress a report regarding the 
     results of such study, to determine the effects that 
     authorizing bankruptcy courts, in bankruptcy proceedings 
     under chapter 13 of title 11, United States Code, to reduce 
     the debt secured by a mortgage on the principal residence of 
     a debtor would have on mortgagors who, but for termination of 
     the FHA Refinance Program under this Act, would have 
     qualified for refinancing of a mortgage under such Program, 
     under the terms of such Program as in effect immediately 
     before the enactment of this Act.

                                H.R. 830

                         Offered By: Mr. Inslee

       Amendment No. 14: At the end of the bill, add the following 
     new section:

     SEC. 4. ENFORCEMENT OF FORECLOSURE LAWS.

       The Attorney General of the United States, in consultation 
     and coordination with the Secretary of the Treasury, the 
     Federal Deposit Insurance Corporation, the Director of the 
     Federal Housing Finance Agency, the Secretary of Housing and 
     Urban Development, the Board of Governors of the Federal 
     Reserve System, the Director of the Bureau of Consumer 
     Financial Protection of the Federal Reserve System, any other 
     appropriate Federal banking regulatory agencies, and the 
     Attorneys General of the States, shall pursue, to the fullest 
     extent of the law, criminal prosecution of directors and 
     officers of any financial institutions that the Attorney 
     General, in such consultation and coordination, determines 
     have failed to comply with State laws relating to foreclosure 
     of mortgages on residential real property and shall provide 
     appropriate assistance to such State Attorneys General in 
     such prosecutions.

                                H.R. 830

             Offered By: Ms. Loretta Sanchez of California

       Amendment No. 15: Strike all after the enacting clause and 
     insert the following:

     SECTION 1. USE OF FUNDING FOR FHA REFINANCE PROGRAM.

       Effective on the date of the enactment of this Act, 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 shall be available to the Secretary of Housing and 
     Urban Development for carrying out a program for insuring 
     mortgages made to refinance existing mortgages on 1- to 4-
     family residences, in accordance with such guidelines and 
     standards as the Secretary shall issue, which shall provide 
     that under such program--
       (1) the residence subject to a mortgage being refinanced 
     and to the insured refinancing mortgage shall be the 
     principal residence of the mortgagor;
       (2) the mortgagor under the insured refinancing mortgage 
     shall have an annual family income not exceeding $180,000;
       (3) the insured refinancing mortgage shall have a term to 
     maturity of 30 years;
       (4) the insured refinancing mortgage shall bear interest at 
     a single rate of 4.0 percent annually for the entire term of 
     the mortgage; and
       (5) the mortgagor under the insured refinancing mortgage 
     may not have failed to timely make any payments due under the 
     mortgage being refinanced.

                                H.R. 836

                        Offered By: Mr. Paulsen

       Amendment No: 3: Page 5, line 23, strike ``and''.
       Page 5, line 24, before the period insert the following: 
     ``, and Members and Veterans With Service-connected 
     Disabilities and Their Families''.
       Page 6, line 19, strike ``or''.
       Page 6, line 25, strike the period and insert ``; or''.
       Page 6, after line 25, insert the following:
       (D) such members and veterans of the Armed Forces who have 
     service-connected injuries, and survivors and dependents of 
     such members and veterans of the Armed Forces with such 
     injuries.

                                H.R. 836

                         Offered By: Ms. Waters

       Amendment No. 4: At the end of the bill, add the following 
     new section:

     SEC. 4. PUBLICATION OF MEMBER AVAILABILITY FOR ASSISTANCE.

       Not later than 5 days after the date of the enactment of 
     this Act, the Secretary of Housing and Urban Development 
     shall publish to its Website on the World Wide Web in a 
     prominent location, large point font, and boldface type the 
     following statement: ``The Emergency Mortgage Relief Program, 
     which would have provided unemployed homeowners with low-
     interest loans to assist them in paying their mortgage, has 
     been terminated. If you are unemployed and concerned about 
     not being able to pay your mortgage, please contact your 
     Member of Congress for assistance.''.

                                H.R. 836

                        Offered By: Mr. Canseco

       Amendment No. 5: Page 4, line 22, after the period insert 
     the following: ``All such unobligated balances so rescinded 
     and permanently canceled shall be retained in the General 
     Fund of the Treasury for reducing the debt of the Federal 
     Government.''.

                                H.R. 836

                  Offered By: Mr. Connolly of Virginia

       Amendment No. 6: Page 6, line 19, strike ``or''.
       Page 6, line 25, strike the period and insert ``; or''.
       Page 6, after line 25, insert the following:
       (D) a teacher in an elementary or secondary school.

                                H.R. 836

             Offered By: Ms. Loretta Sanchez of California

       Amendment No. 7: At the end of the bill, add the following 
     new section:

     SEC. 4. EFFECTIVE DATE.

       Notwithstanding any other provision of this Act, this Act 
     shall take effect on, and any reference in this Act to the 
     date of the enactment of this Act shall be construed to refer 
     to, the first date occurring after the date of the enactment 
     of this Act on which the Current Population Survey (CPS) of 
     the Bureau of Labor Statistics of the Department of Labor, as 
     released monthly, identifies that the unemployment rate for 
     the United States is equal to 7.5 percent or less.