Bill Text
111th Congress (2009-2010)
H.R.2034.RFS

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H.R.2034 -- Rural Homeowners Protection Act of 2009 (Referred in Senate - RFS)

HR 2034 RFS

111th CONGRESS

1st Session

H. R. 2034

IN THE SENATE OF THE UNITED STATES

July 30, 2009

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To permit refinancing of certain loans under the Rural Housing Service program for guaranteed loans for rural housing, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Rural Homeowners Protection Act of 2009'.

SEC. 2. SINGLE FAMILY HOUSING LOAN GUARANTEE PROGRAM.

    Subsection (h) of section 502 of the Housing Act of 1949 (42 U.S.C. 1472(h)) is amended--

      (1) in paragraph (5)(A), by striking `paragraph (13)' and inserting `paragraph (15)';

      (2) in paragraph (8), by striking `1 percent' and inserting `2 percent';

      (3) in paragraph (9), by striking `REFINANCING' and inserting `MODIFICATION OF GUARANTEED LOANS';

      (4) in paragraph (14)--

        (A) by striking `GUARANTEES FOR REFINANCING LOANS' and inserting `REFINANCING OF LOANS MADE OR GUARANTEED BY SECRETARY'; and

        (B) in subparagraph (E)--

          (i) by striking `(10)' and inserting `(12)'; and

          (ii) by striking `(13)' and inserting `(9) or of paragraphs (11) through (14)';

      (5) by redesignating paragraphs (10), (11), (12), (13), and (14) as paragraphs (12), (13), (14), (15), and (10), respectively;

      (6) by transferring and inserting paragraph (10), as so redesignated by paragraph (5) of this subsection, after paragraph (9); and

      (7) by inserting after paragraph (10), as so redesignated and transferred by paragraphs (5) and (6) of this subsection, the following new paragraph:

      `(11) REFINANCING OF LOANS MADE BY PRIVATE SECTOR LENDERS-

        `(A) AUTHORITY- The Secretary may, in accordance with this paragraph, guarantee a loan made to refinance a loan made by a private lender to an individual to acquire or construct a single-family residence.

        `(B) ELIGIBILITY- Except as provided in subparagraph (C), all requirements of this subsection shall apply to loans guaranteed and loan guarantees made under this paragraph.

        `(C) GUARANTEE FEE- Notwithstanding paragraph (8), the Secretary shall charge a guarantee fee with respect to loans guaranteed under this paragraph at levels necessary, but no higher than needed, to allow such class of loans to be guaranteed without resulting in a need for an appropriation for a credit subsidy.'.

Passed the House of Representatives July 29, 2009.

Attest:

LORRAINE C. MILLER,

Clerk. 

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