H.R.5121 - Expanding American Homeownership Act of 2006

To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. view all titles (4)

All Bill Titles

Short: Expanding American Homeownership Act of 2006 as introduced.
Short: Expanding American Homeownership Act of 2006 as reported to house.
Short: Expanding American Homeownership Act of 2006 as passed house.
Official: To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. as introduced.

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Sponsor

Robert Ney

R-

View Co-Sponsors (106)

Committees

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Introduced

House
Passed

Senate
Passes

President
Signs

04/06/06

07/25/06

Latest Action Jul 26, 2006Received in the Senate and Read twic... Related Bills (0) & Issues (33)

4/6/2006--Introduced.Expanding American Homeownership Act of 2006 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal loan obligation; (2) extend the mortgage term; and (3) revise requirements for cash payment by the mortgagor in the eligibility crit

Official Summary

4/6/2006--Introduced.
Expanding American Homeownership Act of 2006 - Amends the National Housing Act to:
(1) modify guidelines governing the maximum principal loan obligation;
(2) extend the mortgage term; and
(3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance.
Authorizes the Secretary of Housing and Urban Development (Secretary) to establish a mortgage insurance premium structure involving a single premium payment collected prior to the insurance of the mortgage that may vary during the mortgage term as long as the basis for determining the variable rate is established before the execution of the mortgage.
Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain blanket mortgage insured by the Secretary.
Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Sets limitations upon the Secretary's authority to enter into commitments for loan guarantees.
Makes insurance of a Native Hawaiian or Indian reservation mortgage the obligation of the MMI Fund (instead of the General Insurance Fund).
Eliminates the limitation placed upon the aggregate number of home equity conversion mortgages insured under the Act.
Authorizes the Secretary to insure a home equity conversion mortgage when its primary purpose is to enable an elderly mortgagor to purchase a 1-to 4 family dwelling in which the mortgagor will occupy one of the units.
Authorizes the Secretary to enter into agreements to insure temporarily certain mortgages for a single family residence located within a presidentially declared major disaster area.

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