Biggert (IL)

#9

The amendment strikes the funding language for the affordable housing fund and inserts language requiring HUD to conduct an annual study on the FHA single family housing mortgage insurance programs to determine the appropriate reserve and premium levels.  If HUD determines that premiums can be reduced, it is directed to reduce them. The amendment maintains the current provision in the bill that directs any excess reserves to be used to maintain the solvency of the FHA insurance fund, encourage counseling and modernize FHA technology.

Biggert (IL)

#10

Amendment in the Nature of a Substitute.  The substitute amendment would reform for the Federal Housing Administration’s (FHA) single-family mortgage insurance activities and would allow FHA to base each borrower’s mortgage insurance premiums on the risk that the borrower poses to the FHA Mortgage Insurance Fund, with slight variations.  Under this proposal, mortgage insurance premiums will be based on the borrower’s credit history, loan-to-value ratio, debt-to-income ratio, and on FHA’s historical experience with similar borrowers.  This amendment maintains FHA reserves within the insurance fund to preserve the future solvency of the FHA program.

Bishop, Tim (NY)

#3

The amendment would clarify requirements on reverse mortgages for seniors who own permanent foundation homes on leased land.

Frank (MA)/Miller, Gary (CA)/Cardoza (CA)

#7

(REVISED)  The amendment raises the FHA single family loan limit, by establishing such limit in each area as the lower of (a) 125% of the local median area home price or (b) 175% of the national GSE conforming loan limit.  Retains the FHA loan floor provision in the reported bill of 65% of the GSE conforming loan limit.  Also gives HUD authority to raise these resulting loan limit amounts by up to $100,000 by area and/or by unit size “if market conditions warrant.”

Hensarling (TX)

#1

The amendment strikes the allowable use of FHA savings for an affordable housing fund.

Miller, Gary (CA)

#8

The amendment will allow qualified down payment assistance providers to participate in FHA Program if certain conditions are satisfied (i.e. no obligation for mortgagor to repay and net worth requirement).  The Secretary shall consider as cash or its equivalent any amounts gifted by a family member, the mortgagor’s employer or labor union, or a qualified homeownership assistance entity, but only if there is no obligation on the part of the mortgagor to repay the gift.

Price, Tom (GA)

#4

The amendment requires that any individual or household receiving money from the affordable housing fund must present verification of legal residency by a secure identification document.

Tiberi (OH)

#5

The amendment requires the Secretary to ensure the mortgagor receives counseling at the time of application.  Under current language the Secretary may, but is not required to, provide counseling.

Tierney (MA)

#2

(REVISED)  The amendment requires the Secretary to ensure the mortgagor receives counseling at the time of application.  Under current language the Secretary may, but is not required to, provide counseling.

Waters (CA)/Frank (MA)

#6

Manager's Amendment.  The amendment includes provisions to facilitate FHA refinancing loans to respond to recent mortgage market developments, perfecting modifications to the bill’s provision establishing a surety bond requirement for mortgage broker and loan correspondent participation in FHA, modification of the loan originator fee cap for FHA reverse mortgages, a provision authorizing civil money penalties for actions which improperly influence FHA appraisals, and modifications to ensure compliance with PAYGO.