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Jun 07, 2010
6:00PM

         

                  Summary of Amendments Submitted to the Rules Committee for 

                                    H.R. 5072 - FHA Reform Act of 2010


                      (Summaries derived from information provided by sponsors)

                                            Listed in Alphabetical Order

                                             June 08, 2010 4:00 PM

Adler (NJ)

 

 

 

#12

 

 

 

Revised Would state that no funds authorized under the act may be used to pay the salary of an employee who has been convicted of violating any law regarding appropriate conduct for Federal employees.

Bean (IL) 

 

 

 

 

 

#13

 

 

 

 

 

 

Would require HUD to submit an annual report to Congress discussing proposed or actual increases in the minimum cash investment requirements (downpayment requirements) in the FHA program. It would further give HUD the authority to establish higher minimum cash investment requirements for all or class(es) of borrowers and requires HUD to take into consideration the findings of the annual report.

Cao (LA)

 

 

 

#11

 

 

 

Would include information about credit risk and financial counseling services to mortgagors in addition to the housing and loan modification information currently included in the bill.

Cardoza (CA)

#8

Would prioritize foreclosure counseling services to areas of the country that have been the hardest-hit by the housing crisis.

Clarke (NY), Cuellar (TX)

 

 

 

#5

 

 

 

Would direct the GAO to include in its FHA report an analysis on the effectiveness of HUD’s loss mitigation home retention options in assisting individuals, particularly low income borrowers, in avoiding home foreclosure for mortgages

Edwards, Chet (TX)

#7

 

 

 

2nd Revision Would require individuals to certify that they have not been convicted of a sex offense against a minor in order to get an FHA mortgage.

Edwards, Donna (MD)

#19

Would require lenders to hold on to mortgages for six months.

Flake, Jeff (AZ)

#9

Withdrawn Would prohibit several different types of federal down payment assistance.

Garrett (NJ)

#2

Would prohibit the Up-Front Premium from being financed into the loan amount.

Garrett (NJ)

#3

Would raise the FHA down payment requirement from 3.5% to 5% and prohibit closing costs from being rolled in as well.

Garrett (NJ)

 

 

 

#4

 

 

 

Would require FHA-approved private lenders to retain 5% of the risk of the loans they write by allowing FHA to insure only 95% of each loan.

Nye (VA)

 

 

 

#17

 

 

 

Revised Would instruct the Federal Housing Administration to continue the Special Forbearance program, as it relates to Chinese Drywall, until the end of FY 2011.

Price, Tom (GA)

 

 

 

 

 

#6

 

 

 

 

 

Would cap the number of mortgages the FHA can issue to 10% of total loans originated in the each year. Within 90 days of enactment, FHA must submit a plan to Congress to roll back FHA market share to 10% of loans originated each year by 2012.

Roskam (IL)

 

 

 

#14

 

 

 

Would set a compensation limit at the level of the Chairman of the Joint Chiefs of Staff of the Armed Forces for executives at Fannie Mae and Freddie Mac while either is in conservatorship or receivership.

Tierney (MA)

 

 

 

 

 

#20

 

 

 

 

 

Would 1) direct the Secretary of the Department of Housing and Urban Development to provide mortgage insurance premium refunds to eligible borrowers of FHA insured loans, which were closed prior to December 8, 2004, but which were not endorsed until December 8, 2004 or after that date, and; 2) authorize such sums as may be necessary for such refunds.

Turner (OH)

#15

Would require the Secretary to seek indemnification from the lender in cases of fraud or misrepresentation.

Turner (OH)

 

 

 

 

 

#16

 

 

 

 

 

Revised Would repeal the emergency authority that allows the FHA to insure loans up to $720,000 in certain high cost areas. The amendment would create a maximum loan limit of $500,000 for a single family unit and a percentage of the same ratio for 2, 3 or 4-family residences.

Waters (CA)

 

 

 

 

 

#18

 

 

 

 

 

Revised Would (1) provide for various technical corrections, (2) make modifications to the GAO report in section 15 of the bill, (3) provide that the Secretary may increase loan limits for micropolitan counties surrounded by higher cost areas and experiencing significant growth, and (4) address documentation standards for FHA loans.

Weiner (NY)

 

 

#1

 

 

 

 

 

Would increase loan limits for the construction or rehabilitation of multifamily housing with elevators including rentals, cooperatives, condominiums to ensure that they represent today’s construction costs. Would create an “extremely high cost area” category for FHA Multifamily Insurance for those areas, similar to those in Alaska, Guam, Hawaii, and the Virgin Islands .

Weiner (NY)

 

 

 

 

 

#10

 

 

 

 

 

Would expand the FHA maintained Occupied Conveyance program, which allows mortgagors in default to rent back their former properties from the FHA and is only eligible to sick and elderly mortgagors, so that, in the event of foreclosure, all FHA mortgage borrowers would be eligible for occupied conveyance.