Federal Housing Finance Reform Act of 2008

To establish licensing and registration requirements for residential mortgage originators, improve mortgage disclosures, create an Office of Housing Counseling, to provide incentives to facilitate loan modifications, reform the regulation of the Government Sponsored Enterprises, modernize the Federal Housing Administration, improve home ownership for veterans, reform appraisal activities, and combat mortgage fraud, and for other purposes.

4/22/2008--Introduced.
Homeownership Protection and Housing Market Stabilization Act of 2008 - Sets forth a licensing and registry system for residential mortgage loan originators. Amends the Truth in Lending Act to require additional creditor disclosures on residential mortgage loans. Expand and Preserve Home Ownership Through Counseling Act - Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling in the Office of the Secretary of Housing and Urban Development (HUD). Amends the Community Reinvestment Act of 1977 to grant community investment credit for certain lender practices. Expanding American Homeownership Act of 2008 - Amends the National Housing Act to revise the single family mortgage insurance program under the Federal Housing Administration (FHA), including Hawaiian home lands and Indian reservations, and home equity conversion (reverse) mortgages. Amends the Economic Stimulus Act of 2008 to grant a temporary increase in the maximum loan guaranty amount for veterans' housing loans guaranteed by Secretary of Veterans Affairs. Directs the Secretary of Defense to implement a mortgage foreclosure prevention counseling program for members of the Armed Forces returning from active duty abroad.
Amends the Servicemembers Civil Relief Act to extend the period of protection against mortgage foreclosures. Amends the Truth in Lending Act to:
(1) require escrow and impound accounts for periodic payments for certain credit transactions; and
(2) set forth property appraisal requirements. Authorizes appropriations for federal prosecution of mortgage fraud. Federal Housing Finance Reform Act of 2008 - Amends the Housing and Community Development Act of 1992 to establish:
(1) the Federal Housing Finance Agency (FHFA) to exercise oversight authority over the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal National Mortgage Association (Fannie Mae) (enterprises) ; and
(2) the Federal Housing Enterprise Board. Prescribes:
(1) minimum and critical capital levels for regulated entities; and
(2) special enforcement powers. Requires the FHFA Director to establish standards for enterprise assets and liabilities. Abolishes:
(1) the Office of Federal Housing Enterprise Oversight; and
(2) the Federal Housing Finance Board. Transfers their functions, personnel, and property to the FHFA. Terminates enterprise-related functions of HUD.


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Sponsor

• Rep. Spencer Bachus [R, AL-6]
• and 59 Co-Sponsors
  • Rep. James Barrett [R, SC-3]
  • Rep. Judy Biggert [R, IL-13]
  • Rep. Roy Blunt [R, MO-7]
  • Rep. John Boehner [R, OH-8]
  • Rep. Jo Bonner [R, AL-1]
  • Rep. Mary Bono Mack [R, CA-45]
  • Rep. John Boozman [R, AR-3]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. David Camp [R, MI-4]
  • Rep. Shelley Capito [R, WV-2]
  • Rep. John Carter [R, TX-31]
  • Rep. Michael Castle [R, DE-0]
  • Rep. Steven Chabot [R, OH-1]
  • Rep. K. Michael Conaway [R, TX-11]
  • Rep. Ander Crenshaw [R, FL-4]
  • Rep. Geoff Davis [R, KY-4]
  • Rep. David Davis [R, TN-1]
  • Rep. Charles Dent [R, PA-15]
  • Rep. Mario Diaz-Balart [R, FL-25]
  • Rep. Thelma Drake [R, VA-2]
  • Rep. David Dreier [R, CA-26]
  • Rep. James Forbes [R, VA-4]
  • Rep. Luis Fortuno [R, PR-0]
  • Rep. Rodney Frelinghuysen [R, NJ-11]
  • Rep. Elton Gallegly [R, CA-24]
  • Rep. Kay Granger [R, TX-12]
  • Rep. Ralph Hall [R, TX-4]
  • Rep. Doc Hastings [R, WA-4]
  • Rep. Dean Heller [R, NV-2]
  • Rep. Timothy Johnson [R, IL-15]
  • Rep. Walter Jones [R, NC-3]
  • Rep. Peter King [R, NY-3]
  • Rep. Mark Kirk [R, IL-10]
  • Rep. John Kline [R, MN-2]
  • Rep. John Kuhl [R, NY-29]
  • Rep. Thomas Latham [R, IA-4]
  • Rep. Steven LaTourette [R, OH-14]
  • Rep. Frank Lucas [R, OK-3]
  • Rep. Daniel Lungren [R, CA-3]
  • Rep. Donald Manzullo [R, IL-16]
  • Rep. Michael McCaul [R, TX-10]
  • Rep. Thaddeus McCotter [R, MI-11]
  • Rep. Marilyn Musgrave [R, CO-4]
  • Rep. Randy Neugebauer [R, TX-19]
  • Rep. Deborah Pryce [R, OH-15]
  • Rep. Adam Putnam [R, FL-12]
  • Rep. Michael Rogers [R, AL-3]
  • Rep. Michael Rogers [R, MI-8]
  • Rep. Peter Roskam [R, IL-6]
  • Rep. Peter Sessions [R, TX-32]
  • Rep. Christopher Shays [R, CT-4]
  • Rep. Michael Simpson [R, ID-2]
  • Rep. Mark Souder [R, IN-3]
  • Rep. Lee Terry [R, NE-2]
  • Rep. Todd Tiahrt [R, KS-4]
  • Rep. Michael Turner [R, OH-3]
  • Rep. Zach Wamp [R, TN-3]
  • Rep. Rob Wittman [R, VA-1]
  • Rep. Donald Young [R, AK-0]
  close

Committees

• House Financial Services
• 4 more
  • House Judiciary
  • House Veterans' Affairs
  • House Armed Services
  • House Armed Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.5857

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
April 22, 2008

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All Bill Actions

• May 23, 2008: Referred to the Subcommittee on Military Personnel.
• Apr 22, 2008: Referred to House Judiciary
• Apr 22, 2008: Referred to House Veterans' Affairs
• Apr 22, 2008: Referred to House Armed Services
• Apr 22, 2008: Referred to House Financial Services
• Apr 22, 2008: Referred to the Committee on Financial Services, and in addition to the Committees on Armed Services, Veterans' Affairs, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on Apr 22, 2008.

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Blog Coverage

May 20, 2008 the political other

I dont quite recall how I ever managed to get on McCaul's mailing list, but the letter, which touts McCaul's involvement in the HR 5857, the Homeownership Protections and Housing Market Stabilization Act, has some interesting exemplars ...

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April 21, 2008 Bill Introduced: HR5857 To establish licensing and registration ...

Bill Introduced: HR5857 To establish licensing and registration requirements for residential mortgage originators, improve mortgage disclosures, create an Office of Housing Counseling, to provide incentives to facilitate loan ...

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Source: Open Congress : House Financial Services...

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April 21, 2008 Bill Action: Introduced: HR 5857: To establish licensing and ...

Spencer Bachus [R-AL] introduced HR 5857: To establish licensing and registration requirements for residential mortgage originators, improve mortgage disclosures, create an Office of Housing Counseling, to provide incentives to ...

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Source: Active Legislation -- Tracked by govtrack.us

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