SAFE Act

A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis.

3/7/2008--Introduced.
Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans. Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling. Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit. Amends the Truth in Lending Act to:
(1) revise creditor mortgage loan disclosure requirements; and
(2) increase civil damages for noncompliance with such Act. Amends the Code to:
(1) allow a five-year carryback of net operating losses for certain taxable years; and
(2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain adjustments to the alternative (minimum) tax net operating loss deduction. Amends the Servicemembers Civil Relief Act of 1940 to expand the period of moratorium on foreclosure sales after a servicemember's service. Requires the Secretary of Defense to develop a program for mortgage foreclosure prevention counseling for members of the Armed Forces returning from service abroad. FHA Modernization Act of 2008 - Amends the National Housing Act (NHA) to:
(1) revise requirements for the maximum principal loan obligation eligible for mortgage insurance, as well as the cash investment requirement; and
(2) prohibit seller-funded downpayment assistance. Replaces the General Insurance Fund (GIF) with the Mutual Mortgage Insurance (MMI) Fund as the depository of all funds involved in rehabilitation loans for one- to four-family structures. Eliminates the limitation on the aggregate number of home equity conversion mortgages (HECMs) for elderly homeowners insured under the Act. Authorizes the Secretary of Housing and Urban Development (HUD) to insure HECMs. Establishes a single national loan limit for HECMs. Amends the Energy Policy Act of 1992 to raise the cap on the price of cost-effective energy efficiency improvements under the energy efficiency mortgages program. Amends the NHA to require the Secretary to establish a pilot program for an automated process to provide alternative credit rating information on mortgagors and prospective mortgagors. Amends the Housing and Urban Development Act of 1968 to revise post-purchase housing counseling eligibility requirements. Directs the Secretary to establish a pre-purchase homeownership counseling demonstration program. Places limitations on mortgage insurance premium increases. Imposes a one-year moratorium on implementation by the Secretary of certain risk-based premiums. FHA Manufactured Housing Loan Modernization Act of 2008 - Amends the National Housing Act regarding FHA housing loan insurance for manufactured homes (or lots for such homes). Increases manufactured home loan limits, requiring annual indexing. Sets forth borrower premium charges. Amends the NHA to apply the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured home financed with an FHA-insured loan or extension of credit and related services. Prescribes certain lease requirements as prerequisites for HUD insurance of any loan, advance of credit, or purchase of such a loan or credit to finance a manufactured home intended to be located in a manufactured home community under a lease.


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Sponsor

• Sen. Christopher Bond [R, MO]
• and 15 Co-Sponsors
  • Sen. Lamar Alexander [R, TN]
  • Wayne Allard
  • Sen. Saxby Chambliss [R, GA]
  • Norm Coleman
  • Sen. John Cornyn [R, TX]
  • Larry Craig
  • Elizabeth Dole
  • Sen. John Ensign [R, NV]
  • Sen. Orrin Hatch [R, UT]
  • Sen. Kay Hutchison [R, TX]
  • Sen. James Inhofe [R, OK]
  • Sen. John Isakson [R, GA]
  • Sen. Mitch McConnell [R, KY]
  • Sen. Lisa Murkowski [R, AK]
  • Ted Stevens
  close

Amendments

This bill has no amendments.

Amendments to S.2734

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
March 07, 2008

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All Bill Actions

• Mar 11, 2008: Star Print ordered on the bill.
• Added to calendar on Mar 10, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 613..
• Introduced on Mar 07, 2008.
• Mar 07, 2008: Sponsor introductory remarks on measure. (CR S1743-1744)
• Mar 07, 2008: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

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Related Bills:

• S.2338

Related Issue Areas:

• Housing
• Administrative procedure
• Afghanistan
• Apartment houses
• 58 more
• Armed forces
• Bonds
• Budgets
• Condominium (Housing)
• Congress
• Congressional investigations
• Congressional reporting requirements
• Consumer credit
• Consumers
• Cooperative housing
• Counseling
• Damages
• Defense policy
• Department of the Treasury
• Economic policy
• Energy
• Energy efficiency
• Executive departments
• Federal aid to housing
• Federally-guaranteed loans
• Fees
• Finance
• Foreclosure
• Fraud
• Government trust funds
• Hawaiians
• Home equity conversion
• Home ownership
• Income tax
• Indexing (Economic policy)
• Indian housing
• Insurance premiums
• Iraq
• Iraq compilation
• Law
• Leases
• Liability (Law)
• Loan defaults
• Losses
• Middle East and North Africa
• Military operations
• Minimum tax
• Minorities
• Mobile homes
• Mortgage guaranty insurance
• Mortgage interest rates
• Mortgages
• Performance measurement
• Rental housing
• Residential rehabilitation
• Single family housing
• Social services
• South Asia
• Tax credits
• Tax deductions
• Taxation
• Trusts and trustees
• Veterans

Data from the Congressional Research Service

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Blog Coverage

June 11, 2008 The Federal Government should assist mortgage defaulters. (Loans)

Cosponsored S.2734.

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Source: Kit Bond - whereistand.com

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March 13, 2008 Norm Coleman co-sponsors SAFE Act

Sen. Norm Coleman (R-MN) has signed on as a co-sponsor to Kit Bond's (R-MO) Security Against Foreclosure and Education (SAFE) Act (S.2734). Since this is the Republicans version of helping

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Source: mnblue

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March 10, 2008 Senate by Cboldt: Federal Budget for FY 2009 - S.Con.Res.70

14:17: S.2734 - A [Republican] bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis, either moved a step closer to, or was placed on the calendar. Debate on the budget is limited to 50 ...

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Source: Senate by Cboldt

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