FHA Manufactured Housing Loan Modernization Act of 2007

To modernize the manufactured housing loan insurance program under title I of the National Housing Act.

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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Sponsor

• Rep. Joe Donnelly [D, IN-2]
• and 29 Co-Sponsors
  • Rep. Leonard Boswell [D, IA-3]
  • Rep. F. Allen Boyd [D, FL-2]
  • Rep. Ken Calvert [R, CA-44]
  • Rep. Julia Carson [D, IN-7]
  • Rep. Ben Chandler [D, KY-6]
  • Rep. Emanuel Cleaver [D, MO-5]
  • Rep. Geoff Davis [R, KY-4]
  • Rep. Lincoln Davis [D, TN-4]
  • Rep. Keith Ellison [D, MN-5]
  • Rep. Brad Ellsworth [D, IN-8]
  • Rep. Bob Etheridge [D, NC-2]
  • Rep. Tom Feeney [R, FL-24]
  • Rep. Barney Frank [D, MA-4]
  • Rep. Paul Gillmor [R, OH-5]
  • Rep. Maurice Hinchey [D, NY-22]
  • Rep. Walter Jones [R, NC-3]
  • Rep. Mark Kirk [R, IL-10]
  • Rep. Joseph Knollenberg [R, MI-9]
  • Rep. Patrick Mchenry [R, NC-10]
  • Rep. Dennis Moore [D, KS-3]
  • Rep. Gwen Moore [D, WI-4]
  • Rep. Steven Pearce [R, NM-2]
  • Rep. Nick Rahall [D, WV-3]
  • Rep. David Scott [D, GA-13]
  • Rep. Brad Sherman [D, CA-27]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. Mark Souder [R, IN-3]
  • Rep. Patrick Tiberi [R, OH-12]
  • Rep. Charles Wilson [D, OH-6]
  close

Committees

• Senate Banking, Housing, and Urban Affairs
• 1 more
  • House Financial Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.2139

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
May 03, 2007		June 25, 2007

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All Bill Actions

• Jun 26, 2007: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Passed by voice vote in the House on Jun 25, 2007. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
• Jun 25, 2007: DEBATE - The House proceeded with forty minutes of debate on H.R. 2139.
• Jun 25, 2007: Considered under suspension of the rules.
• Jun 25, 2007: Mr. Donnelly moved to suspend the rules and pass the bill, as amended.
• Added to calendar on Jun 21, 2007: Placed on the Union Calendar, Calendar No. 125..
• Jun 21, 2007: Reported (Amended) by the Committee on Financial Services. H. Rept. 110-206.
• Added to calendar on May 23, 2007: Ordered to be Reported (Amended) by Voice Vote..
• May 23, 2007: Committee Consideration and Mark-up Session Held.
• May 23, 2007: Ordered to be Reported (Amended) by Voice Vote.
• May 03, 2007: Referred to the House Committee on Financial Services.
• Introduced on May 03, 2007.

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Related Bills:

• S.1741

Related Issue Areas:

• Housing
• Administrative procedure
• Block grants
• Budgets
• 29 more
• Business
• Community development
• Congressional investigations
• Congressional reporting requirements
• Department of Housing and Urban Development
• Economic policy
• Emergency management
• Evidence (Law)
• Executive departments
• Federally-guaranteed loans
• Finance
• Indexing (Economic policy)
• Infrastructure
• Insurance premiums
• Law
• Mobile homes
• Mortgage banks
• Mortgage guaranty insurance
• Mortgages
• Prefabricated buildings
• Public contracts
• Risk
• Rural affairs
• Social security
• Social security numbers
• Standards
• State and local government
• Tornadoes
• Urban affairs

Data from the Congressional Research Service

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In the News

October 18, 2007 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 ...

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Source: Barron's (subscription)

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Blog Coverage

February 01, 2008 Manufactured Housing Policy

This story talks about HR 2139, a bill in Congress that would reform FHA lending on Manufactured Housing. It discusses the background of the FHA loan guarantee program. It looks at the...

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Source: Fha loan

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February 01, 2008 Manufactured Housing Policy

This story talks about HR 2139, a bill in Congress that would reform FHA lending on Manufactured Housing. It discusses the background of the FHA loan guarantee program. It looks at the costs and benefits of the bill from the perspective ...

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Source: Digg / upcoming

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February 01, 2008 Manufactured Housing: Some Good Policy News

That good news would be the FHA Manufactured Housing Loan Modernization Act (HR 2139). This bill, which has passed the House, would potentially increase loan limits on Title I loans from $48600 to $69678. In subsequent years, the limits ...

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Source: Manufactured Housing Reader

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