    [United States Statutes at Large, Volume 124, 111th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 111-229
    111th Congress

    An Act

    To increase the flexibility of the Secretary of Housing and Urban
    Development with respect to the amount of premiums charged for FHA
    single family housing mortgage insurance, and for other
    purposes. <>

    Be it enacted by the Senate and House of Representatives of the
    United States of America in Congress assembled,
    SECTION 1. MORTGAGE INSURANCE PREMIUMS.

    (a) Flexibility.--Subparagraph (B) of section 203(c)(2) of the
    National Housing Act (12 U.S.C. 1709(c)(2)(B)) is amended--
    (1) in the matter preceding clause (i)--
    (A) by striking ``shall'' and inserting ``may''; and
    (B) by striking ``0.50 percent'' and inserting ``1.5
    percent''; and
    (2) in clause (ii), by striking ``shall be in an amount not
    exceeding 0.55 percent'' and inserting ``may be in an amount not
    exceeding 1.55 percent''.

    (b) Implementation.--The <> Secretary may
    adjust the amount of any initial or annual premium charged pursuant to
    subsection (a) through notice published in the Federal Register or
    mortgagee letter. Such notice or mortgagee letter shall establish the
    effective date of any premium adjustment therein.
    SEC. 2. <> CONGRESSIONAL TESTIMONY.

    The Assistant Secretary of the Department of Housing and Urban
    Development who is the Federal Housing Commissioner shall appear before
    the Committee on Banking, Housing and Urban Affairs of the Senate and
    the Committee on Financial Services of the House of Representatives
    within 270 days after the enactment

    [[Page 2484]]

    of this Act to discuss the finances, including premiums, of the Federal
    Housing Administration.

    Approved August 11, 2010.

    LEGISLATIVE HISTORY--H.R. 5981:
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    CONGRESSIONAL RECORD, Vol. 156 (2010):
    July 30, considered and passed House.
    Aug. 4, considered and passed Senate.