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S 2338 PCS

Calendar No. 481ESCommentsClose CommentsPermalink

110th CONGRESS 1st Session S. 2338

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To modernize and update the National Housing Act and enable the Federal Housing Administration to more effectively reach underserved borrowers, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

(a) Short Title- This Act may be cited as the `FHA Modernization Act of 2007'.CommentsClose CommentsPermalink





(b) Table of Contents- The table of contents for this Act is as follows:CommentsClose CommentsPermalink





Sec. 1. Short title and table of contents.CommentsClose CommentsPermalink

TITLE I--BUILDING AMERICAN HOMEOWNERSHIP

Sec. 101. Short title.CommentsClose CommentsPermalink





Sec. 102. Maximum principal loan obligation.CommentsClose CommentsPermalink





Sec. 103. Cash investment requirement and prohibition of seller-funded downpayment assistance.CommentsClose CommentsPermalink





Sec. 104. Mortgage insurance premiums.CommentsClose CommentsPermalink





Sec. 105. Rehabilitation loans.CommentsClose CommentsPermalink





Sec. 106. Discretionary action.CommentsClose CommentsPermalink





Sec. 107. Insurance of condominiums.CommentsClose CommentsPermalink





Sec. 108. Mutual Mortgage Insurance Fund.CommentsClose CommentsPermalink





Sec. 109. Hawaiian home lands and Indian reservations.CommentsClose CommentsPermalink





Sec. 110. Conforming and technical amendments.CommentsClose CommentsPermalink





Sec. 111. Insurance of mortgages.CommentsClose CommentsPermalink





Sec. 112. Home equity conversion mortgages.CommentsClose CommentsPermalink





Sec. 113. Energy efficient mortgages program.CommentsClose CommentsPermalink





Sec. 114. Pilot program for automated process for borrowers without sufficient credit history.CommentsClose CommentsPermalink





Sec. 115. Homeownership preservation.CommentsClose CommentsPermalink





Sec. 116. Use of FHA savings for improvements in FHA technologies, procedures, processes, program performance, staffing, and salaries.CommentsClose CommentsPermalink





Sec. 117. Post-purchase housing counseling eligibility improvements.CommentsClose CommentsPermalink





Sec. 118. Pre-purchase homeownership counseling demonstration.CommentsClose CommentsPermalink





Sec. 119. Fraud prevention.CommentsClose CommentsPermalink





Sec. 120. Limitation on mortgage insurance premium increases.CommentsClose CommentsPermalink





Sec. 121. Savings provision.CommentsClose CommentsPermalink





Sec. 122. Implementation.CommentsClose CommentsPermalink





Sec. 123. Moratorium on implementation of risk-based premiums.CommentsClose CommentsPermalink

TITLE II--MANUFACTURED HOUSING LOAN MODERNIZATION

Sec. 201. Short title.CommentsClose CommentsPermalink





Sec. 202. Purposes.CommentsClose CommentsPermalink





Sec. 203. Exception to limitation on financial institution portfolio.CommentsClose CommentsPermalink





Sec. 204. Insurance benefits.CommentsClose CommentsPermalink





Sec. 205. Maximum loan limits.CommentsClose CommentsPermalink





Sec. 206. Insurance premiums.CommentsClose CommentsPermalink





Sec. 207. Technical corrections.CommentsClose CommentsPermalink





Sec. 208. Revision of underwriting criteria.CommentsClose CommentsPermalink





Sec. 209. Prohibition against kickbacks and unearned fees.CommentsClose CommentsPermalink





Sec. 210. Leasehold requirements.CommentsClose CommentsPermalink

TITLE I--BUILDING AMERICAN HOMEOWNERSHIP

SEC. 101. SHORT TITLE.

This title may be cited as the `Building American Homeownership Act of 2007'.CommentsClose CommentsPermalink

SEC. 102. MAXIMUM PRINCIPAL LOAN OBLIGATION.

Paragraph (2) of section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) is amended--CommentsClose CommentsPermalink





(1) by amending subparagraphs (A) and (B) to read as follows:CommentsClose CommentsPermalink





`(A) not to exceed the lesser of--CommentsClose CommentsPermalink





`(i) in the case of a 1-family residence, the median 1-family house price in the area, as determined by the Secretary; and in the case of a 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation in effect under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a 2-, 3-, or 4-family residence, respectively, bears to the dollar amount limitation in effect under such section for a 1-family residence; orCommentsClose CommentsPermalink





`(ii) the dollar amount limitation determined under such section 305(a)(2) for a residence of the applicable size;CommentsClose CommentsPermalink





except that the dollar amount limitation in effect for any area under this subparagraph may not be less than the greater of (I) the dollar amount limitation in effect under this section for the area on October 21, 1998, or (II) 65 percent of the dollar limitation determined under such section 305(a)(2) for a residence of the applicable size; andCommentsClose CommentsPermalink





`(B) not to exceed 100 percent of the appraised value of the property.'; andCommentsClose CommentsPermalink





(2) in the matter following subparagraph (B), by striking the second sentence (relating to a definition of `average closing cost') and all that follows through `section 3103A(d) of title 38, United States Code.'.CommentsClose CommentsPermalink

SEC. 103. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWNPAYMENT ASSISTANCE.

Paragraph 9 of section 203(b) of the National Housing Act (12 U.S.C. 1709(b)(9)) is amended to read as follows:CommentsClose CommentsPermalink





`(9) CASH INVESTMENT REQUIREMENT-CommentsClose CommentsPermalink





`(A) IN GENERAL- A mortgage insured under this section shall be executed by a mortgagor who shall have paid, in cash, on account of the property an amount equal to not less than 1.5 percent of the appraised value of the property or such larger amount as the Secretary may determine.CommentsClose CommentsPermalink





`(B) FAMILY MEMBERS- For purposes of this paragraph, the Secretary shall consider as cash or its equivalent any amounts borrowed from a family member (as such term is defined in section 201), subject only to the requirements that, in any case in which the repayment of such borrowed amounts is secured by a lien against the property, that--CommentsClose CommentsPermalink





`(i) such lien shall be subordinate to the mortgage; andCommentsClose CommentsPermalink





`(ii) the sum of the principal obligation of the mortgage and the obligation secured by such lien may not exceed 100 percent of the appraised value of the property.CommentsClose CommentsPermalink





`(C) PROHIBITED SOURCES- In no case shall the funds required by subparagraph (A) consist, in whole or in part, of funds provided by any of the following parties before, during, or after closing of the property sale:CommentsClose CommentsPermalink





`(i) The seller or any other person or entity that financially benefits from the transaction.CommentsClose CommentsPermalink





`(ii) Any third party or entity that is reimbursed, directly or indirectly, by any of the parties described in clause (i).'.CommentsClose CommentsPermalink

SEC. 104. MORTGAGE INSURANCE PREMIUMS.

Section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended--CommentsClose CommentsPermalink





(1) in the matter preceding subparagraph (A), by striking `or of the General Insurance Fund' and all that follows through `section 234(c),,'; andCommentsClose CommentsPermalink





(2) in subparagraph (A)--CommentsClose CommentsPermalink





(A) by striking `2.25 percent' and inserting `3 percent'; andCommentsClose CommentsPermalink





(B) by striking `2.0 percent' and inserting `2.75 percent'.CommentsClose CommentsPermalink

SEC. 105. REHABILITATION LOANS.

Subsection (k) of section 203 of the National Housing Act (12 U.S.C. 1709(k)) is amended--CommentsClose CommentsPermalink





(1) in paragraph (1), by striking `on' and all that follows through `1978'; andCommentsClose CommentsPermalink





(2) in paragraph (5)--CommentsClose CommentsPermalink





(A) by striking `General Insurance Fund' the first place it appears and inserting `Mutual Mortgage Insurance Fund'; andCommentsClose CommentsPermalink





(B) in the second sentence, by striking the comma and all that follows through `General Insurance Fund'.CommentsClose CommentsPermalink

SEC. 106. DISCRETIONARY ACTION.

The National Housing Act is amended--CommentsClose CommentsPermalink





(1) in subsection (e) of section 202 (12 U.S.C. 1708(e))--CommentsClose CommentsPermalink





(A) in paragraph (3)(B), by striking `section 202(e) of the National Housing Act' and inserting `this subsection'; andCommentsClose CommentsPermalink





(B) by redesignating such subsection as subsection (f);CommentsClose CommentsPermalink





(2) by striking paragraph (4) of section 203(s) (12 U.S.C. 1709(s)(4)) and inserting the following new paragraph:CommentsClose CommentsPermalink





`(4) the Secretary of Agriculture;'; andCommentsClose CommentsPermalink





(3) by transferring subsection (s) of section 203 (as amended by paragraph (2) of this section) to section 202, inserting such subsection after subsection (d) of section 202, and redesignating such subsection as subsection (e).CommentsClose CommentsPermalink

SEC. 107. INSURANCE OF CONDOMINIUMS.

(a) In General- Section 234 of the National Housing Act (12 U.S.C. 1715y) is amended--CommentsClose CommentsPermalink





(1) in subsection (c), in the first sentence--CommentsClose CommentsPermalink





(A) by striking `and' before `(2)'; andCommentsClose CommentsPermalink





(B) by inserting before the period at the end the following: `, and (3) the project has a blanket mortgage insured by the Secretary under subsection (d)'; andCommentsClose CommentsPermalink





(2) in subsection (g), by striking `, except that' and all that follows and inserting a period.CommentsClose CommentsPermalink





(b) Definition of Mortgage- Section 201(a) of the National Housing Act (12 U.S.C. 1707(a)) is amended--CommentsClose CommentsPermalink





(1) before `a first mortgage' insert `(A)';CommentsClose CommentsPermalink





(2) by striking `or on a leasehold (1)' and inserting `(B) a first mortgage on a leasehold on real estate (i)';CommentsClose CommentsPermalink





(3) by striking `or (2)' and inserting `, or (ii)'; andCommentsClose CommentsPermalink





(4) by inserting before the semicolon the following: `, or (C) a first mortgage given to secure the unpaid purchase price of a fee interest in, or long-term leasehold interest in, real estate consisting of a one-family unit in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project'.CommentsClose CommentsPermalink





(c) Definition of Real Estate- Section 201 of the National Housing Act (12 U.S.C. 1707) is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





`(g) The term `real estate' means land and all natural resources and structures permanently affixed to the land, including residential buildings and stationary manufactured housing. The Secretary may not require, for treatment of any land or other property as real estate for purposes of this title, that such land or property be treated as real estate for purposes of State taxation.'.CommentsClose CommentsPermalink

SEC. 108. MUTUAL MORTGAGE INSURANCE FUND.

(a) In General- Subsection (a) of section 202 of the National Housing Act (12 U.S.C. 1708(a)) is amended to read as follows:CommentsClose CommentsPermalink





`(a) Mutual Mortgage Insurance Fund-CommentsClose CommentsPermalink





`(1) ESTABLISHMENT- Subject to the provisions of the Federal Credit Reform Act of 1990, there is hereby created a Mutual Mortgage Insurance Fund (in this title referred to as the `Fund'), which shall be used by the Secretary to carry out the provisions of this title with respect to mortgages insured under section 203. The Secretary may enter into commitments to guarantee, and may guarantee, such insured mortgages.CommentsClose CommentsPermalink





`(2) LIMIT ON LOAN GUARANTEES- The authority of the Secretary to enter into commitments to guarantee such insured mortgages shall be effective for any fiscal year only to the extent that the aggregate original principal loan amount under such mortgages, any part of which is guaranteed, does not exceed the amount specified in appropriations Acts for such fiscal year.CommentsClose CommentsPermalink





`(3) FIDUCIARY RESPONSIBILITY- The Secretary has a responsibility to ensure that the Mutual Mortgage Insurance Fund remains financially sound.CommentsClose CommentsPermalink





`(4) ANNUAL INDEPENDENT ACTUARIAL STUDY- The Secretary shall provide for an independent actuarial study of the Fund to be conducted annually, which shall analyze the financial position of the Fund. The Secretary shall submit a report annually to the Congress describing the results of such study and assessing the financial status of the Fund. The report shall recommend adjustments to underwriting standards, program participation, or premiums, if necessary, to ensure that the Fund remains financially sound.CommentsClose CommentsPermalink





`(5) QUARTERLY REPORTS- During each fiscal year, the Secretary shall submit a report to the Congress for each calendar quarter, which shall specify for mortgages that are obligations of the Fund--CommentsClose CommentsPermalink





`(A) the cumulative volume of loan guarantee commitments that have been made during such fiscal year through the end of the quarter for which the report is submitted;CommentsClose CommentsPermalink





`(B) the types of loans insured, categorized by risk;CommentsClose CommentsPermalink





`(C) any significant changes between actual and projected claim and prepayment activity;CommentsClose CommentsPermalink





`(D) projected versus actual loss rates; andCommentsClose CommentsPermalink





`(E) updated projections of the annual subsidy rates to ensure that increases in risk to the Fund are identified and mitigated by adjustments to underwriting standards, program participation, or premiums, and the financial soundness of the Fund is maintained.CommentsClose CommentsPermalink





The first quarterly report under this paragraph shall be submitted on the last day of the first quarter of fiscal year 2008, or on the last day of the first full calendar quarter following the enactment of the Building American Homeownership Act of 2007, whichever is later.CommentsClose CommentsPermalink





`(6) ADJUSTMENT OF PREMIUMS- If, pursuant to the independent actuarial study of the Fund required under paragraph (4), the Secretary determines that the Fund is not meeting the operational goals established under paragraph (7) or there is a substantial probability that the Fund will not maintain its established target subsidy rate, the Secretary may either make programmatic adjustments under this title as necessary to reduce the risk to the Fund, or make appropriate premium adjustments.CommentsClose CommentsPermalink





`(7) OPERATIONAL GOALS- The operational goals for the Fund are--CommentsClose CommentsPermalink





`(A) to minimize the default risk to the Fund and to homeowners by among other actions instituting fraud prevention quality control screening not later than 18 months after the date of enactment of the Building American Homeownership Act of 2007; andCommentsClose CommentsPermalink





`(B) to meet the housing needs of the borrowers that the single family mortgage insurance program under this title is designed to serve.'.CommentsClose CommentsPermalink





(b) Obligations of Fund- The National Housing Act is amended as follows:CommentsClose CommentsPermalink





(1) HOMEOWNERSHIP VOUCHER PROGRAM MORTGAGES- In section 203(v) (12 U.S.C. 1709(v))--CommentsClose CommentsPermalink





(A) by striking `Notwithstanding section 202 of this title, the' and inserting `The'; andCommentsClose CommentsPermalink





(B) by striking `General Insurance Fund' the first place such term appears and all that follows through the end of the subsection and inserting `Mutual Mortgage Insurance Fund.'.CommentsClose CommentsPermalink





(2) HOME EQUITY CONVERSION MORTGAGES- Section 255(i)(2)(A) of the National Housing Act (12 U.S.C. 1715z-20(i)(2)(A)) is amended by striking `General Insurance Fund' and inserting `Mutual Mortgage Insurance Fund'.CommentsClose CommentsPermalink





(c) Conforming Amendments- The National Housing Act is amended--CommentsClose CommentsPermalink





(1) in section 205 (12 U.S.C. 1711), by striking subsections (g) and (h); andCommentsClose CommentsPermalink





(2) in section 519(e) (12 U.S.C. 1735c(e)), by striking `203(b)' and all that follows through `203(i)' and inserting `203, except as determined by the Secretary'.CommentsClose CommentsPermalink

SEC. 109. HAWAIIAN HOME LANDS AND INDIAN RESERVATIONS.

(a) Hawaiian Home Lands- Section 247(c) of the National Housing Act (12 U.S.C. 1715z-12(c)) is amended--CommentsClose CommentsPermalink





(1) by striking `General Insurance Fund established in section 519' and inserting `Mutual Mortgage Insurance Fund'; andCommentsClose CommentsPermalink





(2) in the second sentence, by striking `(1) all references' and all that follows through `and (2)'.CommentsClose CommentsPermalink





(b) Indian Reservations- Section 248(f) of the National Housing Act (12 U.S.C. 1715z-13(f)) is amended--CommentsClose CommentsPermalink





(1) by striking `General Insurance Fund' the first place it appears through `519' and inserting `Mutual Mortgage Insurance Fund'; andCommentsClose CommentsPermalink





(2) in the second sentence, by striking `(1) all references' and all that follows through `and (2)'.CommentsClose CommentsPermalink

SEC. 110. CONFORMING AND TECHNICAL AMENDMENTS.

(a) Repeals- The following provisions of the National Housing Act are repealed:CommentsClose CommentsPermalink





(1) Subsection (i) of section 203 (12 U.S.C. 1709(i)).CommentsClose CommentsPermalink





(2) Subsection (o) of section 203 (12 U.S.C. 1709(o)).CommentsClose CommentsPermalink





(3) Subsection (p) of section 203 (12 U.S.C. 1709(p)).CommentsClose CommentsPermalink





(4) Subsection (q) of section 203 (12 U.S.C. 1709(q)).CommentsClose CommentsPermalink





(5) Section 222 (12 U.S.C. 1715m).CommentsClose CommentsPermalink





(6) Section 237 (12 U.S.C. 1715z-2).CommentsClose CommentsPermalink





(7) Section 245 (12 U.S.C. 1715z-10).CommentsClose CommentsPermalink





(b) Definition of Area- Section 203(u)(2)(A) of the National Housing Act (12 U.S.C. 1709(u)(2)(A)) is amended by striking `shall' and all that follows and inserting `means a metropolitan statistical area as established by the Office of Management and Budget;'.CommentsClose CommentsPermalink





(c) Definition of State- Section 201(d) of the National Housing Act (12 U.S.C. 1707(d)) is amended by striking `the Trust Territory of the Pacific Islands' and inserting `the Commonwealth of the Northern Mariana Islands'.CommentsClose CommentsPermalink

SEC. 111. INSURANCE OF MORTGAGES.

Subsection (n)(2) of section 203 of the National Housing Act (12 U.S.C. 1709(n)(2)) is amended--CommentsClose CommentsPermalink





(1) in subparagraph (A), by inserting `or subordinate mortgage or' before `lien given'; andCommentsClose CommentsPermalink





(2) in subparagraph (C), by inserting `or subordinate mortgage or' before `lien'.CommentsClose CommentsPermalink

SEC. 112. HOME EQUITY CONVERSION MORTGAGES.

(a) In General- Section 255 of the National Housing Act (12 U.S.C. 1715z-20) is amended--CommentsClose CommentsPermalink





(1) in subsection (b)(2), insert `real estate,' after `mortgagor',';CommentsClose CommentsPermalink





(2) in subsection (g)--CommentsClose CommentsPermalink





(A) by striking the first sentence; andCommentsClose CommentsPermalink





(B) by striking `established under section 203(b)(2)' and all that follows through `located' and inserting `limitation established under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act for a 1-family residence';CommentsClose CommentsPermalink





(3) in subsection (i)(1)(C), by striking `limitations' and inserting `limitation'; andCommentsClose CommentsPermalink





(4) by adding at the end the following new subsection:CommentsClose CommentsPermalink





`(o) Authority To Insure Home Purchase Mortgage-CommentsClose CommentsPermalink





`(1) IN GENERAL- Notwithstanding any other provision of this section, the Secretary may insure, upon application by a mortgagee, a home equity conversion mortgage upon such terms and conditions as the Secretary may prescribe, when the home equity conversion mortgage will be used to purchase a 1- to 4-family dwelling unit, one unit of which that the mortgagor will occupy as a primary residence, and to provide for any future payments to the mortgagor, based on available equity, as authorized under subsection (d)(9).CommentsClose CommentsPermalink





`(2) LIMITATION ON PRINCIPAL OBLIGATION- A home equity conversion mortgage insured pursuant to paragraph (1) shall involve a principal obligation that does not exceed the dollar amount limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act for a 1-family residence.'.CommentsClose CommentsPermalink





(b) Mortgages for Cooperatives- Subsection (b) of section 255 of the National Housing Act (12 U.S.C. 1715z-20(b)) is amended--CommentsClose CommentsPermalink





(1) in paragraph (4)--CommentsClose CommentsPermalink





(A) by inserting `a first or subordinate mortgage or lien' before `on all stock';CommentsClose CommentsPermalink





(B) by inserting `unit' after `dwelling'; andCommentsClose CommentsPermalink





(C) by inserting `a first mortgage or first lien' before `on a leasehold'; andCommentsClose CommentsPermalink





(2) in paragraph (5), by inserting `a first or subordinate lien on' before `all stock'.CommentsClose CommentsPermalink





(c) Limitation on Origination Fees- Section 255 of the National Housing Act (12 U.S.C. 1715z-20), as amended by the preceding provisions of this section, is further amended--CommentsClose CommentsPermalink





(1) by redesignating subsections (k), (l), and (m) as subsections (l), (m), and (n), respectively; andCommentsClose CommentsPermalink





(2) by inserting after subsection (j) the following new subsection:CommentsClose CommentsPermalink





`(k) Limitation on Origination Fees- The Secretary shall establish limits on the origination fee that may be charged to a mortgagor under a mortgage insured under this section, which limitations shall--CommentsClose CommentsPermalink





`(1) equal 1.5 percent of the maximum claim amount of the mortgage unless adjusted thereafter on the basis of--CommentsClose CommentsPermalink





`(A) the costs to the mortgagor; andCommentsClose CommentsPermalink





`(B) the impact of such fees on the reverse mortgage market;CommentsClose CommentsPermalink





`(2) be subject to a minimum allowable amount;CommentsClose CommentsPermalink





`(3) provide that the origination fee may be fully financed with the mortgage;CommentsClose CommentsPermalink





`(4) include any fees paid to correspondent mortgagees approved by the Secretary; andCommentsClose CommentsPermalink





`(5) have the same effective date as subsection (o)(2) regarding the limitation on principal obligation.'.CommentsClose CommentsPermalink





(d) Study Regarding Program Costs and Credit Availability-CommentsClose CommentsPermalink





(1) IN GENERAL- The Comptroller General of the United States shall conduct a study regarding the costs and availability of credit under the home equity conversion mortgages for elderly homeowners program under section 255 of the National Housing Act (12 U.S.C. 1715z-20) (in this subsection referred to as the `program').CommentsClose CommentsPermalink





(2) PURPOSE- The purpose of the study required under paragraph (1) is to help Congress analyze and determine the effects of limiting the amounts of the costs or fees under the program from the amounts charged under the program as of the date of the enactment of this Act.CommentsClose CommentsPermalink





(3) CONTENT OF REPORT- The study required under paragraph (1) should focus on--CommentsClose CommentsPermalink





(A) the cost to mortgagors of participating in the program;CommentsClose CommentsPermalink





(B) the financial soundness of the program;CommentsClose CommentsPermalink





(C) the availability of credit under the program; andCommentsClose CommentsPermalink





(D) the costs to elderly homeowners participating in the program, including--CommentsClose CommentsPermalink





(i) mortgage insurance premiums charged under the program;CommentsClose CommentsPermalink





(ii) up-front fees charged under the program; andCommentsClose CommentsPermalink





(iii) margin rates charged under the program.CommentsClose CommentsPermalink





(4) TIMING OF REPORT- Not later than 12 months after the date of the enactment of this Act, the Comptroller General shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives setting forth the results and conclusions of the study required under paragraph (1).CommentsClose CommentsPermalink

SEC. 113. ENERGY EFFICIENT MORTGAGES PROGRAM.

Section 106(a)(2) of the Energy Policy Act of 1992 (42 U.S.C. 12712 note) is amended--CommentsClose CommentsPermalink





(1) by amending subparagraph (C) to read as follows:CommentsClose CommentsPermalink





`(C) COSTS OF IMPROVEMENTS- The cost of cost-effective energy efficiency improvements shall not exceed the greater of--CommentsClose CommentsPermalink





`(i) 5 percent of the property value (not to exceed 5 percent of the limit established under section 203(b)(2)(A)) of the National Housing Act (12 U.S.C. 1709(b)(2)(A); orCommentsClose CommentsPermalink





`(ii) 2 percent of the limit established under section 203(b)(2)(B) of such Act.'; andCommentsClose CommentsPermalink





(2) by adding at the end the following:CommentsClose CommentsPermalink





`(D) LIMITATION- In any fiscal year, the aggregate number of mortgages insured pursuant to this section may not exceed 5 percent of the aggregate number of mortgages for 1- to 4-family residences insured by the Secretary of Housing and Urban Development under title II of the National Housing Act (12 U.S.C. 1707 et seq.) during the preceding fiscal year.'.CommentsClose CommentsPermalink

SEC. 114. PILOT PROGRAM FOR AUTOMATED PROCESS FOR BORROWERS WITHOUT SUFFICIENT CREDIT HISTORY.

(a) Establishment- Title II of the National Housing Act (12 U.S.C. 1707 et seq.) is amended by adding at the end the following new section:CommentsClose CommentsPermalink

`SEC. 257. PILOT PROGRAM FOR AUTOMATED PROCESS FOR BORROWERS WITHOUT SUFFICIENT CREDIT HISTORY.

`(a) Establishment- The Secretary shall carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences to be insured under this title who have insufficient credit histories for determining their creditworthiness. Such alternative credit rating information may include rent, utilities, and insurance payment histories, and such other information as the Secretary considers appropriate.CommentsClose CommentsPermalink





`(b) Scope- The Secretary may carry out the pilot program under this section on a limited basis or scope, and may consider limiting the program to first-time homebuyers.CommentsClose CommentsPermalink





`(c) Limitation- In any fiscal year, the aggregate number of mortgages insured pursuant to the automated process established under this section may not exceed 5 percent of the aggregate number of mortgages for 1- to 4-family residences insured by the Secretary under this title during the preceding fiscal year.CommentsClose CommentsPermalink





`(d) Sunset- After the expiration of the 5-year period beginning on the date of the enactment of the Building American Homeownership Act of 2007, the Secretary may not enter into any new commitment to insure any mortgage, or newly insure any mortgage, pursuant to the automated process established under this section.'.CommentsClose CommentsPermalink





(b) GAO Report- Not later than the expiration of the two-year period beginning on the date of the enactment of this title, the Comptroller General of the United States shall submit to the Congress a report identifying the number of additional mortgagors served using the automated process established pursuant to section 257 of the National Housing Act (as added by the amendment made by subsection (a) of this section) and the impact of such process and the insurance of mortgages pursuant to such process on the safety and soundness of the insurance funds under the National Housing Act of which such mortgages are obligations.CommentsClose CommentsPermalink

SEC. 115. HOMEOWNERSHIP PRESERVATION.

The Secretary of Housing and Urban Development and the Commissioner of the Federal Housing Administration, in consultation with industry, the Neighborhood Reinvestment Corporation, and other entities involved in foreclosure prevention activities, shall--CommentsClose CommentsPermalink





(1) develop and implement a plan to improve the Federal Housing Administration's loss mitigation process; andCommentsClose CommentsPermalink





(2) report such plan to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.CommentsClose CommentsPermalink

SEC. 116. USE OF FHA SAVINGS FOR IMPROVEMENTS IN FHA TECHNOLOGIES, PROCEDURES, PROCESSES, PROGRAM PERFORMANCE, STAFFING, AND SALARIES.

(a) Authorization of Appropriations- There is authorized to be appropriated for each of fiscal years 2008 through 2012, $25,000,000, from negative credit subsidy for the mortgage insurance programs under title II of the National Housing Act, to the Secretary of Housing and Urban Development for increasing funding for the purpose of improving technology, processes, program performance, eliminating fraud, and for providing appropriate staffing in connection with the mortgage insurance programs under title II of the National Housing Act.CommentsClose CommentsPermalink





(b) Certification- The authorization under subsection (a) shall not be effective for a fiscal year unless the Secretary of Housing and Urban Development has, by rulemaking in accordance with section 553 of title 5, United States Code (notwithstanding subsections (a)(2), (b)(B), and (d)(3) of such section), made a determination that--CommentsClose CommentsPermalink





(1) premiums being, or to be, charged during such fiscal year for mortgage insurance under title II of the National Housing Act are established at the minimum amount sufficient to--CommentsClose CommentsPermalink





(A) comply with the requirements of section 205(f) of such Act (relating to required capital ratio for the Mutual Mortgage Insurance Fund); andCommentsClose CommentsPermalink





(B) ensure the safety and soundness of the other mortgage insurance funds under such Act; andCommentsClose CommentsPermalink





(2) any negative credit subsidy for such fiscal year resulting from such mortgage insurance programs adequately ensures the efficient delivery and availability of such programs.CommentsClose CommentsPermalink





(c) Study and Report- The Secretary of Housing and Urban Development shall conduct a study to obtain recommendations from participants in the private residential (both single family and multifamily) mortgage lending business and the secondary market for such mortgages on how best to update and upgrade processes and technologies for the mortgage insurance programs under title II of the National Housing Act so that the procedures for originating, insuring, and servicing of such mortgages conform with those customarily used by secondary market purchasers of residential mortgage loans. Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Secretary shall submit a report to the Congress describing the progress made and to be made toward updating and upgrading such processes and technology, and providing appropriate staffing for such mortgage insurance programs.CommentsClose CommentsPermalink

SEC. 117. POST-PURCHASE HOUSING COUNSELING ELIGIBILITY IMPROVEMENTS.

Section 106(c)(4) of the Housing and Urban Development Act of 1968 (12 U.S.C. 1701x(c)(4)) is amended:CommentsClose CommentsPermalink





(1) in subparagraph (C)--CommentsClose CommentsPermalink





(A) in clause (i), by striking `; or' and inserting a semicolon;CommentsClose CommentsPermalink





(B) in clause (ii), by striking the period at the end and inserting a semicolon; andCommentsClose CommentsPermalink





(C) by adding at the end the following:CommentsClose CommentsPermalink





`(iii) a significant reduction in the income of the household due to divorce or death; orCommentsClose CommentsPermalink





`(iv) a significant increase in basic expenses of the homeowner or an immediate family member of the homeowner (including the spouse, child, or parent for whom the homeowner provides substantial care or financial assistance) due to--CommentsClose CommentsPermalink





`(I) an unexpected or significant increase in medical expenses;CommentsClose CommentsPermalink





`(II) a divorce;CommentsClose CommentsPermalink





`(III) unexpected and significant damage to the property, the repair of which will not be covered by private or public insurance; orCommentsClose CommentsPermalink





`(IV) a large property-tax increase; or';CommentsClose CommentsPermalink





(2) by striking the matter that follows subparagraph (C); andCommentsClose CommentsPermalink





(3) by adding at the end the following:CommentsClose CommentsPermalink





`(D) the Secretary of Housing and Urban Development determines that the annual income of the homeowner is no greater than the annual income established by the Secretary as being of low- or moderate-income.'.CommentsClose CommentsPermalink

SEC. 118. PRE-PURCHASE HOMEOWNERSHIP COUNSELING DEMONSTRATION.

(a) Establishment of Program- For the period beginning on the date of enactment of this Act and ending on the date that is 3 years after such date of enactment, the Secretary of Housing and Urban Development shall establish and conduct a demonstration program to test the effectiveness of alternative forms of pre-purchase homeownership counseling for eligible homebuyers.CommentsClose CommentsPermalink





(b) Forms of Counseling- The Secretary of Housing and Urban Development shall provide to eligible homebuyers pre-purchase homeownership counseling under this section in the form of --CommentsClose CommentsPermalink





(1) telephone counseling;CommentsClose CommentsPermalink





(2) individualized in-person counseling;CommentsClose CommentsPermalink





(3) web-based counseling;CommentsClose CommentsPermalink





(4) counseling classes; orCommentsClose CommentsPermalink





(5) any other form or type of counseling that the Secretary may, in his discretion, determine appropriate.CommentsClose CommentsPermalink





(c) Size of Program- The Secretary shall make available the pre-purchase homeownership counseling described in subsection (b) to not more than 3,000 eligible homebuyers in any given year.CommentsClose CommentsPermalink





(d) Incentive to Participate- The Secretary of Housing and Urban Development may provide incentives to eligible homebuyers to participate in the demonstration program established under subsection (a). Such incentives may include the reduction of any insurance premium charges owed by the eligible homebuyer to the Secretary.CommentsClose CommentsPermalink





(e) Eligible Homebuyer Defined- For purposes of this section an `eligible homebuyer' means a first-time homebuyer who has been approved for a home loan with a loan-to-value ratio between 97 percent and 98.5 percent.CommentsClose CommentsPermalink





(f) Report to Congress- The Secretary of Housing and Urban Development shall report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representative--CommentsClose CommentsPermalink





(1) on an annual basis, on the progress and results of the demonstration program established under subsection (a); andCommentsClose CommentsPermalink





(2) for the period beginning on the date of enactment of this Act and ending on the date that is 5 years after such date of enactment, on the payment history and delinquency rates of eligible homebuyers who participated in the demonstration program.CommentsClose CommentsPermalink

SEC. 119. FRAUD PREVENTION.

Section 1014 of title 18, United States Code, is amended in the first sentence--CommentsClose CommentsPermalink





(1) by inserting `the Federal Housing Administration' before `the Farm Credit Administration'; andCommentsClose CommentsPermalink





(2) by striking `commitment, or loan' and inserting `commitment, loan, or insurance agreement or application for insurance or a guarantee'.CommentsClose CommentsPermalink

SEC. 120. LIMITATION ON MORTGAGE INSURANCE PREMIUM INCREASES.

(a) In General- Notwithstanding any other provision of law, including any provision of this Act and any amendment made by this Act--CommentsClose CommentsPermalink





(1) for the period beginning on the date of the enactment of this Act and ending on October 1, 2009, the premiums charged for mortgage insurance under multifamily housing programs under the National Housing Act may not be increased above the premium amounts in effect under such program on October 1, 2006, unless the Secretary of Housing and Urban Development determines that, absent such increase, insurance of additional mortgages under such program would, under the Federal Credit Reform Act of 1990, require the appropriation of new budget authority to cover the costs (as such term is defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a) of such insurance; andCommentsClose CommentsPermalink





(2) a premium increase pursuant to paragraph (1) may be made only if not less than 30 days prior to such increase taking effect, the Secretary of Housing and Urban Development--CommentsClose CommentsPermalink





(A) notifies the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives of such increase; andCommentsClose CommentsPermalink





(B) publishes notice of such increase in the Federal Register.CommentsClose CommentsPermalink





(b) Waiver- The Secretary of Housing and Urban Development may waive the 30-day notice requirement under subsection (a)(2), if the Secretary determines that waiting 30-days before increasing premiums would cause substantial damage to the solvency of multifamily housing programs under the National Housing Act.CommentsClose CommentsPermalink

SEC. 121. SAVINGS PROVISION.

Any mortgage insured under title II of the National Housing Act before the date of enactment of this title shall continue to be governed by the laws, regulations, orders, and terms and conditions to which it was subject on the day before the date of the enactment of this title.CommentsClose CommentsPermalink

SEC. 122. IMPLEMENTATION.

The Secretary of Housing and Urban Development shall by notice establish any additional requirements that may be necessary to immediately carry out the provisions of this title. The notice shall take effect upon issuance.CommentsClose CommentsPermalink

TITLE II--MANUFACTURED HOUSING LOAN MODERNIZATION

SEC. 201. SHORT TITLE.

This title may be cited as the `FHA Manufactured Housing Loan Modernization Act of 2007'.CommentsClose CommentsPermalink

SEC. 202. PURPOSES.

The purposes of this title are--CommentsClose CommentsPermalink





(1) to provide adequate funding for FHA-insured manufactured housing loans for low- and moderate-income homebuyers during all economic cycles in the manufactured housing industry;CommentsClose CommentsPermalink





(2) to modernize the FHA title I insurance program for manufactured housing loans to enhance participation by Ginnie Mae and the private lending markets; andCommentsClose CommentsPermalink





(3) to adjust the low loan limits for title I manufactured home loan insurance to reflect the increase in costs since such limits were last increased in 1992 and to index the limits to inflation.CommentsClose CommentsPermalink

SEC. 203. EXCEPTION TO LIMITATION ON FINANCIAL INSTITUTION PORTFOLIO.

The second sentence of section 2(a) of the National Housing Act (12 U.S.C. 1703(a)) is amended--CommentsClose CommentsPermalink





(1) by striking `In no case' and inserting `Other than in connection with a manufactured home or a lot on which to place such a home (or both), in no case'; andCommentsClose CommentsPermalink





(2) by striking `: Provided, That with' and inserting `. With'.CommentsClose CommentsPermalink

SEC. 204. INSURANCE BENEFITS.

(a) In General- Subsection (b) of section 2 of the National Housing Act (12 U.S.C. 1703(b)), is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





`(8) INSURANCE BENEFITS FOR MANUFACTURED HOUSING LOANS- Any contract of insurance with respect to loans, advances of credit, or purchases in connection with a manufactured home or a lot on which to place a manufactured home (or both) for a financial institution that is executed under this title after the date of the enactment of the FHA Manufactured Housing Loan Modernization Act of 2007 by the Secretary shall be conclusive evidence of the eligibility of such financial institution for insurance, and the validity of any contract of insurance so executed shall be incontestable in the hands of the bearer from the date of the execution of such contract, except for fraud or misrepresentation on the part of such institution.'.CommentsClose CommentsPermalink





(b) Applicability- The amendment made by subsection (a) shall only apply to loans that are registered or endorsed for insurance after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 205. MAXIMUM LOAN LIMITS.

(a) Dollar Amounts- Paragraph (1) of section 2(b) of the National Housing Act (12 U.S.C. 1703(b)(1)) is amended--CommentsClose CommentsPermalink





(1) in clause (ii) of subparagraph (A), by striking `$17,500' and inserting `$25,090';CommentsClose CommentsPermalink





(2) in subparagraph (C) by striking `$48,600' and inserting `$69,678';CommentsClose CommentsPermalink





(3) in subparagraph (D) by striking `$64,800' and inserting `$92,904';CommentsClose CommentsPermalink





(4) in subparagraph (E) by striking `$16,200' and inserting `$23,226'; andCommentsClose CommentsPermalink





(5) by realigning subparagraphs (C), (D), and (E) 2 ems to the left so that the left margins of such subparagraphs are aligned with the margins of subparagraphs (A) and (B).CommentsClose CommentsPermalink





(b) Annual Indexing- Subsection (b) of section 2 of the National Housing Act (12 U.S.C. 1703(b)), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





`(9) ANNUAL INDEXING OF MANUFACTURED HOUSING LOANS- The Secretary shall develop a method of indexing in order to annually adjust the loan limits established in subparagraphs (A)(ii), (C), (D), and (E) of this subsection. Such index shall be based on the manufactured housing price data collected by the United States Census Bureau. The Secretary shall establish such index no later than 1 year after the date of the enactment of the FHA Manufactured Housing Loan Modernization Act of 2007.'CommentsClose CommentsPermalink





(c) Technical and Conforming Changes- Paragraph (1) of section 2(b) of the National Housing Act (12 U.S.C. 1703(b)(1)) is amended--CommentsClose CommentsPermalink





(1) by striking `No' and inserting `Except as provided in the last sentence of this paragraph, no'; andCommentsClose CommentsPermalink





(2) by adding after and below subparagraph (G) the following:CommentsClose CommentsPermalink





`The Secretary shall, by regulation, annually increase the dollar amount limitations in subparagraphs (A)(ii), (C), (D), and (E) (as such limitations may have been previously adjusted under this sentence) in accordance with the index established pursuant to paragraph (9).'.CommentsClose CommentsPermalink

SEC. 206. INSURANCE PREMIUMS.

Subsection (f) of section 2 of the National Housing Act (12 U.S.C. 1703(f)) is amended--CommentsClose CommentsPermalink





(1) by inserting `(1) PREMIUM CHARGES- ' after `(f)'; andCommentsClose CommentsPermalink





(2) by adding at the end the following new paragraph:CommentsClose CommentsPermalink





`(2) Manufactured Home Loans- Notwithstanding paragraph (1), in the case of a loan, advance of credit, or purchase in connection with a manufactured home or a lot on which to place such a home (or both), the premium charge for the insurance granted under this section shall be paid by the borrower under the loan or advance of credit, as follows:CommentsClose CommentsPermalink





`(A) At the time of the making of the loan, advance of credit, or purchase, a single premium payment in an amount not to exceed 2.25 percent of the amount of the original insured principal obligation.CommentsClose CommentsPermalink





`(B) In addition to the premium under subparagraph (A), annual premium payments during the term of the loan, advance, or obligation purchased in an amount not exceeding 1.0 percent of the remaining insured principal balance (excluding the portion of the remaining balance attributable to the premium collected under subparagraph (A) and without taking into account delinquent payments or prepayments).CommentsClose CommentsPermalink





`(C) Premium charges under this paragraph shall be established in amounts that are sufficient, but do not exceed the minimum amounts necessary, to maintain a negative credit subsidy for the program under this section for insurance of loans, advances of credit, or purchases in connection with a manufactured home or a lot on which to place such a home (or both), as determined based upon risk to the Federal Government under existing underwriting requirements.CommentsClose CommentsPermalink





`(D) The Secretary may increase the limitations on premium payments to percentages above those set forth in subparagraphs (A) and (B), but only if necessary, and not in excess of the minimum increase necessary, to maintain a negative credit subsidy as described in subparagraph (C).'.CommentsClose CommentsPermalink

SEC. 207. TECHNICAL CORRECTIONS.

(a) Dates- Subsection (a) of section 2 of the National Housing Act (12 U.S.C. 1703(a)) is amended--CommentsClose CommentsPermalink





(1) by striking `on and after July 1, 1939,' each place such term appears; andCommentsClose CommentsPermalink





(2) by striking `made after the effective date of the Housing Act of 1954'.CommentsClose CommentsPermalink





(b) Authority of Secretary- Subsection (c) of section 2 of the National Housing Act (12 U.S.C. 1703(c)) is amended to read as follows:CommentsClose CommentsPermalink





`(c) Handling and Disposal of Property-CommentsClose CommentsPermalink





`(1) AUTHORITY OF SECRETARY- Notwithstanding any other provision of law, the Secretary may--CommentsClose CommentsPermalink





`(A) deal with, complete, rent, renovate, modernize, insure, or assign or sell at public or private sale, or otherwise dispose of, for cash or credit in the Secretary's discretion, and upon such terms and conditions and for such consideration as the Secretary shall determine to be reasonable, any real or personal property conveyed to or otherwise acquired by the Secretary, in connection with the payment of insurance heretofore or hereafter granted under this title, including any evidence of debt, contract, claim, personal property, or security assigned to or held by him in connection with the payment of insurance heretofore or hereafter granted under this section; andCommentsClose CommentsPermalink





`(B) pursue to final collection, by way of compromise or otherwise, all claims assigned to or held by the Secretary and all legal or equitable rights accruing to the Secretary in connection with the payment of such insurance, including unpaid insurance premiums owed in connection with insurance made available by this title.CommentsClose CommentsPermalink





`(2) ADVERTISEMENTS FOR PROPOSALS- Section 3709 of the Revised Statutes shall not be construed to apply to any contract of hazard insurance or to any purchase or contract for services or supplies on account of such property if the amount thereof does not exceed $25,000.CommentsClose CommentsPermalink





`(3) DELEGATION OF AUTHORITY- The power to convey and to execute in the name of the Secretary, deeds of conveyance, deeds of release, assignments and satisfactions of mortgages, and any other written instrument relating to real or personal property or any interest therein heretofore or hereafter acquired by the Secretary pursuant to the provisions of this title may be exercised by an officer appointed by the Secretary without the execution of any express delegation of power or power of attorney. Nothing in this subsection shall be construed to prevent the Secretary from delegating such power by order or by power of attorney, in the Secretary's discretion, to any officer or agent the Secretary may appoint.'.CommentsClose CommentsPermalink

SEC. 208. REVISION OF UNDERWRITING CRITERIA.

(a) In General- Subsection (b) of section 2 of the National Housing Act (12 U.S.C. 1703(b)), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





`(10) FINANCIAL SOUNDNESS OF MANUFACTURED HOUSING PROGRAM- The Secretary shall establish such underwriting criteria for loans and advances of credit in connection with a manufactured home or a lot on which to place a manufactured home (or both), including such loans and advances represented by obligations purchased by financial institutions, as may be necessary to ensure that the program under this title for insurance for financial institutions against losses from such loans, advances of credit, and purchases is financially sound.'.CommentsClose CommentsPermalink





(b) Timing- Not later than the expiration of the 6-month period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall revise the existing underwriting criteria for the program referred to in paragraph (10) of section 2(b) of the National Housing Act (as added by subsection (a) of this section) in accordance with the requirements of such paragraph.CommentsClose CommentsPermalink

SEC. 209. PROHIBITION AGAINST KICKBACKS AND UNEARNED FEES.

Title I of the National Housing Act is amended by adding at the end of section 9 the following new section:CommentsClose CommentsPermalink

`SEC. 10. PROHIBITION AGAINST KICKBACKS AND UNEARNED FEES.

`(a) In General- Except as provided in subsection (b), the provisions of sections 3, 8, 16, 17, 18, and 19 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) shall apply to each sale of a manufactured home financed with an FHA-insured loan or extension of credit, as well as to services rendered in connection with such transactions.CommentsClose CommentsPermalink





`(b) Authority of the Secretary- The Secretary is authorized to determine the manner and extent to which the provisions of sections 3, 8, 16, 17, 18, and 19 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) may reasonably be applied to the transactions described in subsection (a), and to grant such exemptions as may be necessary to achieve the purposes of this section.CommentsClose CommentsPermalink





`(c) Definitions- For purposes of this section--CommentsClose CommentsPermalink





`(1) the term `federally related mortgage loan' as used in sections 3, 8, 16, 17, 18, and 19 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) shall include an FHA-insured loan or extension of credit made to a borrower for the purpose of purchasing a manufactured home that the borrower intends to occupy as a personal residence; andCommentsClose CommentsPermalink





`(2) the term `real estate settlement service' as used in sections 3, 8, 16, 17, 18, and 19 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) shall include any service rendered in connection with a loan or extension of credit insured by the Federal Housing Administration for the purchase of a manufactured home.CommentsClose CommentsPermalink





`(d) Unfair and Deceptive Practices- In connection with the purchase of a manufactured home financed with a loan or extension of credit insured by the Federal Housing Administration under this title, the Secretary shall prohibit acts or practices in connection with loans or extensions of credit that the Secretary finds to be unfair, deceptive, or otherwise not in the interests of the borrower.'.CommentsClose CommentsPermalink

SEC. 210. LEASEHOLD REQUIREMENTS.

Subsection (b) of section 2 of the National Housing Act (12 U.S.C. 1703(b)), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





`(11) LEASEHOLD REQUIREMENTS- No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it, made for the purposes of financing a manufactured home which is intended to be situated in a manufactured home community pursuant to a lease, unless such lease--CommentsClose CommentsPermalink





`(A) expires not less than 3 years after the origination date of the obligation;CommentsClose CommentsPermalink





`(B) is renewable upon the expiration of the original 3 year term by successive 1 year terms; andCommentsClose CommentsPermalink





`(C) requires the lessor to provide the lessee written notice of termination of the lease not less than 180 days prior to the expiration of the current lease term in the event the lessee is required to move due to the closing of the manufactured home community, and further provides that failure to provide such notice to the mortgagor in a timely manner will cause the lease term, at its expiration, to automatically renew for an additional 1 year term.'.CommentsClose CommentsPermalink

Calendar No. 481 Passed the Senate December 14, 2007. CommentsClose CommentsPermalink

110th CONGRESS 1st Session S. 2338

[Report No. 110-227] A BILL

AN ACT

To modernize and update the National Housing Act and enable the Federal Housing Administration to more effectively reach underserved borrowers, and for other purposes.

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November 13, 2007Read twice and placed on the calendarCommentsClose CommentsPermalink