[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.