Expanding American Homeownership Act of 2007

A bill 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.

11/8/2007--Introduced.
Expanding American Homeownership Act of 2007 - 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. Directs the Secretary of Housing and Urban Development (HUD) to reinstate the current downpayment requirement in the event of increased defaults. Authorizes the 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. Sets forth maximum upfront premium amounts. Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain HUD-insured blanket mortgage. Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Limits the authority of the Secretary 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 one- to four-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. Redefines mortgagee to allow participation in the federal mortgage insurance program by state-licensed mortgage brokers and correspondent lenders who make, underwrite, or service mortgage loans.


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Sponsor

• Sen. George Voinovich [R, OH]

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2325

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
November 08, 2007

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All Bill Actions

• Introduced on Nov 08, 2007.
• Nov 08, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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Related Bills:

• S.2338
• H.R.1752
• H.R.1852

Related Issue Areas:

• Housing
• Aged
• Apartment houses
• Auditing
• 36 more
• Budgets
• Condominium (Housing)
• Congress
• Congressional oversight
• Congressional reporting requirements
• Correspondent banks
• Disaster relief
• Disasters
• Emergency management
• Federally-guaranteed loans
• Finance
• Government information
• Government paperwork
• Government trust funds
• Hawaii
• Hawaiians
• Home equity conversion
• Home improvement loans
• Home ownership
• Housing finance
• Housing for the aged
• Indian housing
• Indians
• Insurance premiums
• Loan defaults
• Management information systems
• Minorities
• Mortgage banks
• Mortgage guaranty insurance
• Mortgages
• Prices
• Real estate agents
• Real estate appraisal
• Risk
• Single family housing
• Technology

Data from the Congressional Research Service

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In the News

December 10, 2007 Electronic Discovery in Europe: A Different Story

I S. 2325, and www.fas.org/irp/world/germany/docs/bdsg.htm (English). Thus, the consequences for clients who violate the directive can be grave. ...

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Blog Coverage

April 29, 2008 No mortgage relief without missed payments

... Expanding Homeownership Act of 2007 (S. 2325) · Congressional Action taken on H.R. 3915 · Mortgage Reform and Anti-Predatory Lending Act of 2007 · No mortgage relief without missed payments · Sophisticated Loans -- Unsophist

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Source: Foreclosed Dreams

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November 18, 2007 Expanding Homeownership Act of 2007 (S. 2325)

Senator George Voinovich (R-OH) introduced the Expanding American Homeownership Act of 2007 — legislation provides more FHA financing to homeowners facing foreclosure or mortgages with resetting interest rates (S. 2325). The bill: ...

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Source: foreclosure matters

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November 18, 2007 Expanding Homeownership Act of 2007 (S. 2325)

The credit crisis is severely contracting the amount of money available for mortgages. Homeowners facing foreclosure are unable to sell their homes prior to actual foreclosure because of a lack of buyers with financing. The bill. ...

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Source: Foreclosed Dreams

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