H.R.5409 - Residential Construction Lending Act

To establish the Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects. view all titles (2)

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All Bill Titles

  • Official: To establish the Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects. as introduced.
  • Short: Residential Construction Lending Act as introduced.

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  • Past Seven Days: 12
  • All-Time: 1,684
 
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05/25/10
 
 
 
 
 
 
 

Official Bill Text Comment on about 7 Pages

Official Summary

5/26/2010--Introduced.Residential Construction Lending Act - Establishes within the Department of the Treasury a three-year Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects. Directs the Secretary of the
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Official Summary

5/26/2010--Introduced.Residential Construction Lending Act - Establishes within the Department of the Treasury a three-year Residential Construction Loan Guarantee Program to guarantee loans made to eligible home building companies for viable building projects. Directs the Secretary of the Treasury to:
(1) approve any insured depository institution submitting a full and complete application for participation in the Program;
(2) guarantee the loans on a first-come-first-served basis; and
(3) review yearly all loans made by each insured depository institution that are guaranteed under the Program. Authorizes the Secretary to suspend or terminate any insured depository institution's future participation in the Program if that institution has engaged in fraud or abuse with respect to it, or has consistently made loans guaranteed under the Program that are not repaid by the borrower in accordance with the loan terms. Sets forth loan eligibility criteria that include restricting loans to the acquisition, development, and construction of residential developments that have locally approved development plans and that create immediate job opportunities. Permits multiple loan guarantees, with a federal guarantee at 80% of each loan. Requires one-third of guarantees to be made in areas with the greatest unmet need for residential construction financing.

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Recent Blog Coverage

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10/29/10
Rep. Brad Miller (NC-13) - Keep Doing That Chicken with HR 5409...

HR 5409, the Residential Construction Lending Act, would create a new residential construction loan guarantee program within the Department of Treasury to provide loans to builders with viable construction projects. ...

Source: Polifrog Blog
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10/29/10
Rep. Brad Miller (NC-13) – Keep Doing That Chicken with H.R. 5409 ...

H.R. 5409, the Residential Construction Lending Act, would create a new residential construction loan guarantee program within the Department of Treasury to provide loans to builders with viable construction projects. ...

Source: polifrog.com
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10/28/10
Brad Miller (D-NC) — Political Preening With HR 5409… | polifrog.com

It is your money folks; it is your debt; it is the debt of your progeny that Brad Miller wants to spend on his appearance in HR 5409. According to Brad Miller,. We can?t tell 16% of the [Gross Domestic Product] to just hang around and ...

Source: polifrog.com
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