H.R.2139 - FHA Manufactured Housing Loan Modernization Act of 2007

To modernize the manufactured housing loan insurance program under title I of the National Housing Act. view all titles (4)

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All Bill Titles

  • Official: To modernize the manufactured housing loan insurance program under title I of the National Housing Act. as introduced.
  • Short: FHA Manufactured Housing Loan Modernization Act of 2007 as introduced.
  • Short: FHA Manufactured Housing Loan Modernization Act of 2007 as reported to house.
  • Short: FHA Manufactured Housing Loan Modernization Act of 2007 as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
05/02/07
 
06/25/07
 
 
 
 
 

Official Bill Text Comment on about 13 Pages

Official Summary

6/25/2007--Passed House amended. (This measure has not been amended since it was reported to the House on June 21, 2007. The summary of that version is repeated here.) FHA Manufactured Housing Loan Modernization Act of 2007 - Amends the National Housing Act with respect to Federal Housing
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Official Summary

6/25/2007--Passed House amended. (This measure has not been amended since it was reported to the House on June 21, 2007. The summary of that version is repeated here.) FHA Manufactured Housing Loan Modernization Act of 2007 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes).

(Sec. 3)

Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases.

(Sec. 4)

Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.)

(Sec. 5)

Increases loan limits, requiring annual indexing.

(Sec. 6)

Prescribes requirements for payment by a borrower of premium charges for credit insurance, including an up-front premium of up to 2.25% and an annual premium of up to 1%.

(Sec. 7)

Revises requirements for the handling and disposal of any real or personal conveyed to or acquired by the Secretary of Housing and Urban Development (HUD), and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees.

(Sec. 8)

Directs the Secretary of HUD to:
(1) establish underwriting criteria for loans and credit in connection with a manufactured home, or a lot for one, that will ensure the manufactured housing program's financial soundness; and
(2) revise within six months existing criteria to accord with those established under this Act.

(Sec. 9)

Prohibits any grant of credit insurance to a financial institution unless the borrower to which a housing renovation or modernization loan or advance of credit was made, and each member of the borrower's family age 18 years or older, including the borrower's spouse, has a valid Social Security number.

(Sec. 10)

Directs the Comptroller General to assess, and report to Congress on, how the Secretary of HUD utilizes the FHA manufactured housing loan insurance program, the community development block grant program, and other programs and resources to mitigate the risks to manufactured housing residents and communities resulting from tornados.


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Recent News Coverage

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10/17/07
Champion Could Get Boost From Congress

The increase in lending interest and available funds we expect from successful passage of HR 2139/S.1741 (aka the FHA Manufactured Housing Loan ...

Source: Barron's (subscription)
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Recent Blog Coverage

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04/26/09
H.R.2139: Initiating Foreign Assistance Reform Act of 2009 - U.S. ...

... Wiki; News (1) & Blogs (215) · Videos (0) · Comments (2). This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it. ..... OpenCongress is

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04/14/08
bills sponsored or cosponsored by congressman patrick mchenry in ...

to modernize the manufactured housing loan insurance program under title i of the national housing act. (reported in house)[hr2139.rh ] 76 . animal fighting prohibition enforcement act of 2007 (reported in house)[hr137.rh ] ...

Source: mchenry ROCKS!
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03/30/08
CONGRESSIONAL BUDGET OFFICE COST ESTIMATE FHA Modernization Act of ...

On June 1, 2007, CBO transmitted a cost estimate for H.R. 2139, the FHA Manufactured. Housing Loan Modernization Act of 2007, as ordered reported by the House Committee on. Financial Services on May 23, 2007. H.R. 2139 and title II of ...

Source: CBO's Latest 10 Documents
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