Top Legislation - View All
Also tagged in: Administrative fees, Administrative procedure, Afghanistan, Aged, Agriculture, Air conditioning, Air pollution, Air travel, Alaska, Alcohol as fuel, Algae, Alternative energy sources, American investments, Animals, Apartment houses, Appropriations, Armed forces, Armed forces abroad, Armed forces reserves, Auditing, Authorization, Automobile engines, Automobile industry, Bicycles, Biological research, Biomass energy, Block grants, Bonds, Budgets, Building construction, Building laws, Burns, Business, Canals, Capital investments, Capitol (Washington, D.C.), Carbon cycle, Carbon dioxide, Cellulose, China, Climate change, Coast guard, Coastal zone, Colorado, Commercialization, Community development banking, Computer software, Condominium (Housing), Congress, Congressional investigations, Congressional reporting requirements, Conservation easements, Construction industries, Construction workers, Consumer credit, Consumer education, Consumer protection, Consumers, Counseling, 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Latest Action: 07/23/2008 - Pursuant to the provisions of H. Res. 1363, Mr. Frank called up H.R. 3221 from the Speaker's table and was recognized for a motion. Bill TextA bill to provide needed housing reform and for other purposes. 4/10/2008--Passed Senate amended. (There are 2 other summaries) Foreclosure Prevention Act of 2008 - Title I: FHA Modernization Act of 2008 - FHA Modernization Act of 2008 - Subtitle A: Building American Homeownership - Building American Homeownership Act of 2008 - (Sec. 112) Amends the National Housing Act (NHA) to revise mortgage insurance eligibility requirements. Alters the respective formulas to increase the percentages of the maximum principal loan obligations applicable to family residences located in: (1) the United States; and (2) Alaska, Guam, Hawaii, or the Virgin Islands. Prohibits the maximum principal loan obligation from exceeding 100% of the appraised value of the property. (Sec. 113) Increases from 3% to 3.5% of the appraised value of a property the mortgagor's required cash (or equivalent) investment (downpayment). Prohibits any funds for such [...] show full description
Also tagged in: Agriculture, Animals, Commemorations, Environmental protection, Grazing, Habitat conservation, Land transfers, Landscape protection, National monuments, Natural areas, Natural resources, Public lands, Recreation areas, Sports, Utah, Water resources, Water rights, Wilderness areas
Latest Action: 06/25/2008 - Subcommittee on National Parks, Forests, and Public Lands Discharged. Bill TextTo authorize the exchange of certain land in Grand, San Juan, and Uintah Counties, Utah, and for other purposes. 2/27/2007--Introduced. Utah Recreational Land Exchange Act of 2007 - Directs the Secretary of the Interior to convey specified federal land in Grand, San Juan, and Uintah Counties, Utah, to the State of Utah in exchange for specified non-federal land in such counties. Sets forth provisions regarding the administration of the non-federal land after the exchange, including mineral receipts, grazing permits, and hazardous materials.
Latest Action: 06/16/2008 - Committee on Energy and Natural Resources. Reported by Senator Bingaman with amendments. With written report No. 110-354. Bill TextA bill to provide for the sale of approximately 25 acres of public land to the Turnabout Ranch, Escalante, Utah, at fair market value. 3/9/2007--Introduced. Directs the Secretary of the Interior, if Turnabout Ranch of Escalante, Utah, submits an offer to the Secretary to acquire specified federal land for the appraised value, to convey to the Ranch all right, title, and interest to such land. Requires Turnabout Ranch to pay: (1) to the Secretary an amount equal to the appraised value of the federal land; and (2) any costs of the conveyance of such land. Modifies the boundaries of the Grand Staircase-Escalante National Monument in Utah to exclude the federal land conveyed to Turnabout Ranch when the conveyance is completed.
Also tagged in: Boundaries, Columbia River development, Easements, Ecosystem management, Energy, Environmental education, Environmental protection, Hazardous substances, Helicopters, Hydroelectric plants, Hydroelectric power, Land transfers, Land use, Law, Metropolitan areas, National forests, Natural resources, Public lands, Public utilities, Sports, Trails, Transportation, Urban affairs, Washington State, Water resources, Watersheds, Wilderness areas
Latest Action: 06/11/2008 - Indefinitely postponed by Senate by Unanimous Consent. (consideration: CR S5530) Bill TextTo enhance ecosystem protection and the range of outdoor opportunities protected by statute in the Skykomish River valley of the State of Washington by designating certain lower-elevation Federal lands as wilderness, and for other purposes. 6/28/2007--Reported to Senate without amendment. (There are 2 other summaries) (This measure has not been amended since it was introduced. The expanded summary of the House passed version is repeated here.) Wild Sky Wilderness Act of 2007 - (Sec. 2) Designates certain lands in the Skykomish River valley, Washington, as the Wild Sky Wilderness, to be managed by the Secretary of Agriculture. (Sec. 3) Directs the Secretary to establish a trail plan. Authorizes the use of helicopter access to construct and maintain a joint Forest Service-Snohomish County telecommunications repeater site to provide improved communication for safety, health, and emergency purposes. Allows the continued use of floatplanes [...] show full description
Also tagged in: Affordable housing, Apartment houses, Budgets, Federal aid to housing, Federally-guaranteed loans, Finance, Foreclosure, Government information, Government publicity, Housing, Housing authorities, Housing subsidies, Local government, Low-income housing, Mortgage guaranty insurance, Mortgages, Politics and government, Rental housing, State and local government, State politics and government, Welfare
Latest Action: 03/16/2007 - Referred to the Subcommittee on Housing and Community Opportunity. Bill TextTo preserve affordable housing opportunities for low-income families, and for other purposes. 1/4/2007--Introduced. Stabilizing Affordable Housing for the Future Act - Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 and the Housing and Community Development Amendments of 1978 to: (1) repeal certain conditions on the authority of the Secretary of Housing and Urban Development to manage multifamily projects; and (2) authorize the Secretary to provide grants (including up-front grants) and loans from the General Insurance Fund when managing and disposing of such properties. Instructs the Secretary to maintain rental assistance payments for dwelling units in any multifamily property program administered by the Secretary. Amends the Deficit Reduction Act of 2005 to redefine loan market value and property market value with respect to physically distressed properties sold by HUD in discount [...] show full description
Also tagged in: Alaska, Compensation (Law), Easements, Electric power transmission, Energy, Indian lands, Indians, Law, Minorities, Right-of-way, Transportation
Latest Action: 05/03/2007 - Subcommittee on Public Lands and Forests. Date of scheduled hearing. SD-366. 2:30 p.m. Bill TextA bill to grant rights-of-way for electric transmission lines over certain Native allotments in the State of Alaska. 1/8/2007--Introduced. Copper Valley Native Allotment Resolution Act of 2007 - Grants rights-of-way across specified Native allotments to the Copper Valley Electric Association for an electric transmission line. Declares this Act inapplicable to land owned by Ahtna, Inc. and any prior or current right-of-way agreements that may exist between Ahtna, Inc. and the Copper Valley Electric Association or Alaska. Prescribes compensation procedures.
Also tagged in: Compensation (Law), Dredging, Eminent domain, Environmental protection, Hydrology, Law, Licenses, Solid wastes, Water pollution, Water pollution control, Water resources, Wetlands
Latest Action: 01/05/2007 - Referred to the Subcommittee on Water Resources and Environment. Bill TextTo amend the Federal Water Pollution Control Act to impose limitations on wetlands mitigation activities carried out through the condemnation of private property. 1/4/2007--Introduced. Rural America Protection Act of 2007 - Amends the Federal Water Pollution Control Act to prohibit the Secretary of the Army or a state from issuing a permit to a governmental entity for the discharge of dredged or fill material into navigable waters where Act compliance is based on a permit condition requiring mitigation of adverse impacts to wetlands through the acquisition of private property if the property is: (1) being acquired by condemnation; and (2) located outside a certain U.S. Geological Survey cataloging unit in which the wetland is located. Allows issuance of such a permit upon payment of compensation equaling or exceeding the property's fair market value or the average fair market value of a parcel the size of the property in the cataloging unit in which the wetland is located.
Also tagged in: Agriculture, Commemorations, Environmental protection, Grazing, Land transfers, Landscape protection, National monuments, Natural areas, Natural resources, Public lands, Recreation areas, Sports, Utah, Water resources, Water rights
Latest Action: 05/03/2007 - Committee on Energy and Natural Resources Senate Subcommittee on Public Lands and Forests. Hearings held. With printed Hearing: S.Hrg. 110-91. Bill TextA bill to direct the exchange of certain land in Grand, San Juan, and Uintah Counties, Utah, and for other purposes. 1/25/2007--Introduced. Utah Recreational Land Exchange Act of 2007 - Directs the Secretary of the Interior to convey specified federal land to the State of Utah in exchange for specified non-federal land in Grand, San Juan, and Uintah Counties, Utah. Sets forth provisions regarding the administration of the land after the exchange, including mineral leasing and occupancy, grazing permits, and hazardous materials.
Also tagged in: Boundaries, Columbia River development, Easements, Ecosystem management, Energy, Environmental education, Environmental protection, Hazardous substances, Helicopters, Hydroelectric plants, Hydroelectric power, Land transfers, Land use, Law, Metropolitan areas, National forests, Natural resources, Public lands, Public utilities, Sports, Trails, Transportation, Urban affairs, Washington State, Water resources, Watersheds, Wilderness areas
Latest Action: 02/07/2007 - Sponsor introductory remarks on measure. (CR S1715-1716) Bill TextA bill to enhance ecosystem protection and the range of outdoor opportunities protected by statute in the Skykomish River valley of the State of Washington by designating certain lower-elevation Federal lands as wilderness, and for other purposes. 2/7/2007--Introduced. Wild Sky Wilderness Act of 2007 - Designates certain lands in the Skykomish River valley, Washington, as the Wild Sky Wilderness, to be managed by the Secretary of Agriculture. Directs the Secretary to establish a trail plan. Authorizes the use of helicopter access to construct and maintain a joint Forest Service-Snohomish County telecommunications repeater site to provide improved communication for safety, health, and emergency purposes. Authorizes the Secretary to acquire lands in the Wild Sky Wilderness by purchase, donation, or exchange, with priority to be given to specified Priority Acquisition Lands. Requires the boundaries of the Mt. Baker-Snoqualmie National Forest and the Wild Sky Wilderness [...] show full description
Also tagged in: Administrative procedure, Business, Congress, Consumer education, Consumer protection, Consumers, Counseling, Debtor and creditor, Executive departments, Fees, Finance, Fines (Penalties), Foreclosure, Fraud, Government regulation, Housing, Law, Legislation, Mortgage banks, Mortgages, Social services, Standards, Usury
Latest Action: 07/11/2007 - Considered as unfinished business. (consideration: CR H7505) Bill TextSupporting home ownership and responsible lending. 7/11/2007--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)Declares the sense of the House that specified government action should be taken that protects buyers from unscrupulous mortgage brokers and lenders. Declares that such action should: (1) enforce rules to eliminate unfair and deceptive practices in sub-prime mortgage lending; (2) encourage lenders to evaluate a borrower's ability to reasonably repay any mortgage loan; (3) establish clear minimum standards for mortgage originators; (4) require that disclosures clearly and effectively communicate necessary information about any mortgage loan to the potential borrower; (5) reduce or eliminate abuses in prepayment penalties; (6) address appraisal and other mortgage fraud; (7) raise public [...] show full description
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Latest Legislation - View All
Also tagged in: Accounting, Administrative procedure, Auctions, Bankruptcy, Budgets, Collection of accounts, Communications, Computer software, Conflict of interests, Congress, Congressional investigations, Congressional reporting requirements, Consumer education, Consumer protection, Consumers, Counseling, Criminal justice, Criminal justice information, Debt, Debtor and creditor, Department of Housing and Urban Development, Electronic data interchange, Eviction, Executive departments, Executive reorganization, Federal advisory bodies, Federal aid to housing, Federally-guaranteed loans, Fees, Finance, Financial services, Fines (Penalties), Foreclosure, Fraud, Government information, Government publications, Government publicity, Government trust funds, Home ownership, Housing, Housing finance, Identification of criminals, Income tax, Inspectors general, Insurance premiums, Law, Legal aid, Liens, Loan defaults, Mortgage banks, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, Politics and government, Prosecution, Public prosecutors, Public service advertising, Recruiting of employees, Rental housing, Risk, Secondary mortgage market, Securities, Settlement costs, Social services, Tax returns, Taxation, Technology, Telecommunication, Veterans, Veterans' benefits, Warranties
Latest Action: 05/05/2008 - Reported (Amended) by the Committee on Financial Services. H. Rept. 110-619. Bill TextTo create a voluntary FHA program that provides mortgage refinancing assistance to allow families to stay in their homes, protect neighborhoods, and help stabilize the housing market. 4/17/2008--Introduced. FHA Housing Stabilization and Homeownership Retention Act of 2008 - Amends the National Housing Act to create the Refinance Program Oversight Board, charged with establishing program and oversight requirements for the programs established under this Act. Instructs the Secretary of Housing and Urban Development (HUD) to insure any (homeownership retention) mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence. Declares that all penalties for prepayment of the existing mortgage, and all fees and penalties related to default or delinquency on all existing mortgages, shall be waived or forgiven. Sets forth terms for: (1) reduction of indebtedness under an existing senior [...] show full description
Also tagged in: Administrative procedure, Business, Consumer credit, Consumer education, Consumers, Executive departments, Federal reserve system, Federal Trade Commission, Finance, Fines (Penalties), Housing, Independent regulatory commissions, Law, Mortgages, Restrictive trade practices
Latest Action: 04/15/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to diminish predatory lending by enhancing appraisal quality and standards, to improve appraisal oversight, to ensure mortgage appraiser independence, to provide for enhanced remedies and enforcement, and for other purposes. 4/15/2008--Introduced. Fair Value and Independent Appraisal Act - Amends the Truth in Lending Act to prohibit a creditor from extending a mortgage to any consumer without first obtaining a written appraisal of the property to be mortgaged, prepared in accordance with specified requirements. Requires a creditor to provide a copy of each such appraisal to the consumer without charge, at least three days prior to the transaction closing date. Declares unfair or deceptive specified property appraisal practices in the provision of: (1) mortgage lending services for a consumer credit transaction secured by the consumer's principal dwelling; or (2) any mortgage brokerage services for such a transaction. Establishes civil monetary penalties [...] show full description
Also tagged in: Admission of nonimmigrants, Agricultural labor, Agriculture, Air pollution, Alaska, Alien labor, Aluminum, American Revolution, Animals, Anniversaries, Archaeology, Arizona, Arkansas, Armed forces, Art, Astronautical accidents, Authorization, Authors and authorship, Boundaries, Budgets, Business, California, Canals, Civil rights, Civil rights workers, Civil war, Climate change, Coal, Coal mines and mining, Colorado, Columbia River development, Commemorations, Congress, Congressional elections, Congressional investigations, Congressional reporting requirements, Congressional tributes, Connecticut, Construction costs, Copyright, Dams, Defense policy, Disabled, District of Columbia, Easements, East Asia, Ecosystem management, Eisenhower Administration, Elections, Energy, Energy conservation, Environmental education, Environmental protection, Environmental technology, Europe, Ex-Members of Congress, Federal advisory bodies, Federal aid to transportation, Federal aid to water resources development, Fishery management, Foreign policy, Geology, Government liability, Government trust funds, Governmental investigations, Greenhouse gases, Groundwater, Guam, Habitat conservation, Hazardous substances, Helicopters, Highway maintenance, Hispanic Americans, Historic sites, History, House of Representatives, Humanities, Hydroelectric plants, Hydroelectric power, Hydrology, Illinois, Immigration, Indiana, Infrastructure, Intellectual property, International affairs, Iron and steel industry, Irrigation, Irrigation districts, Kansas, Kentucky, Labor, Lakes, Land transfers, Land use, Law, Libraries, Lighthouses and lightships, Lincoln Administration, Lithuania, Maryland, Massachusetts, Metropolitan areas, Military bases, Military history, Military parks, Minesweeping, Minorities, Missouri, Missouri River development, Monuments and memorials, Museums, Music, Names, National forests, National Guard, National monuments, National parks, Natural areas, Natural resources, Nebraska, Nevada, New Jersey, New Mexico, New York City, New York State, Non-native species, North Carolina, Northern Mariana Islands, Ohio, Oregon, Palau Islands, Pipelines, Presidents, Public contracts, Public lands, Public utilities, Railroads, Restoration ecology, Rivers, Saline waters, Security measures, Slavery, South Carolina, Space activities, Space shuttles, Sports, State and local government, State laws, Steel, Subcontractors, Taiwan, Tax exemption, Taxation, Technological innovations, Technology, Technology transfer, Tennessee, Texas, Trails, Transportation, Treaties, Turkey, Urban affairs, Utah, Vermont, Veterans, Virginia, Visas, Warships, Washington State, Water conservation, Water resources, Water resources development, Water reuse, Water rights, Water supply, Water treatment plants, Watersheds, Weapons systems, West (U.S.), West Virginia, Wetlands, Wild rivers, Wilderness areas, Wildlife, Wildlife conservation, Wyoming
Latest Action: 05/08/2008 - Signed by President. Bill TextA bill to authorize certain programs and activities in the Department of the Interior, the Forest Service, and the Department of Energy, to implement further the Act approving the Covenant to Establish a Commonwealth of the Northern Mariana Islands in Political Union with the United States of America, to amend the Compact of Free Association Amendments Act of 2003, and for other purposes. 5/8/2008--Public Law. (There are 2 other summaries) (This measure has not been amended since it was introduced. The expanded summary of the Senate passed version is repeated here.)Consolidated Natural Resources Act of 2008 - Title I: Forest Service Authorizations - (Sec. 101) Designates certain lands in the Skykomish River Valley, Washington, as the Wild Sky Wilderness, to be managed by the Secretary of Agriculture. Directs the Secretary to establish a trail plan. Authorizes the use of helicopter access to construct and maintain a joint [...] show full description
Also tagged in: Administrative procedure, Affordable housing, Bonds, Budgets, Department of the Treasury, Disaster relief, Displaced homemakers, Emergency management, Executive departments, Families, Federal aid to housing, Finance, Housing, Income tax, Law, Low-income housing, Minimum tax, Mortgages, Rental housing, Residential rehabilitation, Rural affairs, Rural housing, Single-parent families, Tax credits, Tax exemption, Taxation, Veterans, Veterans' loans, Welfare
Latest Action: 02/25/2008 - Sponsor introductory remarks on measure. (CR S1139-1140) Bill TextA bill to amend the Internal Revenue Code of 1986 to encourage investment in affordable housing, and for other purposes. 2/25/2008--Introduced. Affordable Housing Investment Act of 2008 - Amends the Internal Revenue Code to revise and enhance tax incentives for investment in affordable housing, including by: (1) renaming the low-income housing tax credit as the affordable housing credit; (2) revising the applicable percentage rates for such credit; (3) increasing the amount of such credit for low-income buildings that are part of state-designated projects; (4) revising rules for the treatment of scattered site and rural residential rental housing projects; (5) permitting affordable housing credits for federally-assisted moderate rehabilitation developments; (6) allowing an offset against alternative minimum tax liability for affordable housing tax credit amounts; (7) exempting interest on certain exempt private activity bonds, qualified mortgage revenue bonds, qualified veterans' [...] show full description
Also tagged in: Affordable housing, Appropriations, Bankruptcy, Bonds, Budgets, Community development, Community development banking, Consumer credit, Consumer education, Consumer protection, Consumers, Counseling, Damages, Debtor and creditor, Federal aid to housing, Fees, Finance, Foreclosure, Housing, Income tax, Infrastructure, Land banking, Law, Liability (Law), Loan defaults, Losses, Low-income housing, Minimum tax, Moderate income housing, Mortgage interest rates, Mortgages, Natural resources, Neighborhood Reinvestment Corporation, Public lands, Residential rehabilitation, Social services, Tax deductions, Taxation, Welfare
Latest Action: 02/14/2008 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 577. Bill TextA bill to provide needed housing reform. 2/13/2008--Introduced. Foreclosure Prevention Act of 2008 - Amends the Internal Revenue Code to: (1) authorize use of the proceeds of a qualified mortgage bond issue to refinance a mortgage on a residence originally financed through a qualified subprime loan; (2) raise the ceiling and volume cap imposed upon certain state housing bonds; and (3) exclude from the meaning of tax preference item private activity bonds, for purposes of the alternative minimum tax, qualified mortgage bonds or veterans' mortgage bonds issued after enactment of this Act and before January 1, 2011. Makes FY2008 appropriations for: (1) emergency needs of states and local governmental units to redevelop certain abandoned and foreclosed homes; and (2) the Neighborhood Reinvestment Corporation for foreclosure mitigation activities, including grants for housing counseling. Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy [...] show full description
Also tagged in: Administrative procedure, Business, Commercial arbitration, Consumer credit, Consumer protection, Consumers, Credit unions, Criminal justice, Damages, Department of Justice, Executive departments, Executive reorganization, Federal Bureau of Investigation (FBI), Federal Deposit Insurance Corporation, Federal law enforcement officers, Federal reserve system, Fees, Finance, Foreclosure, Fraud, Government corporations, Government employees, Housing, Insurance premiums, Law, Liability (Law), Loan defaults, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, National Credit Union Administration, Property insurance, Property tax, Prosecution, Public prosecutors, Restrictive trade practices, Settlement costs, Taxation
Latest Action: 12/12/2007 - Sponsor introductory remarks on measure. (CR S15235-15236) Bill TextA bill to amend the Truth in Lending Act to provide protection to consumers with respect to certain high-cost loans, and for other purposes. 12/12/2007--Introduced. Home Ownership Preservation and Protection Act of 2007 - Amends the Truth in Lending Act to redefine high-cost mortgages and attendant lending practices. Sets forth a new formula for points and fees for open-end loans, and provides for bona fide discount points. Prohibits: (1) prepayment penalties; (2) balloon payments; (3) yield spread premiums; (4) acceleration or debt; (5) evasions, structuring of transactions, and reciprocal arrangements; and (6) modification and deferral fees. Prohibits creditors from financing, in connection with a high-cost mortgage, any prepayment fee or penalty, or any points or fees. Prohibits an originator from making or arranging a high-cost mortgage loan that involves a refinancing of a prior existing home mortgage loan unless the new loan will provide a net tangible [...] show full description
Latest Action: 11/20/2007 - Referred to the Subcommittee on National Parks, Forests, and Public Lands. Bill TextTo direct the Secretary of Agriculture to exchange certain lands in the Arapaho-Roosevelt National Forests in Colorado and to adjust the boundary of such National Forests. 11/15/2007--Introduced. Arapaho-Roosevelt National Forests Land Exchange Act of 2007 - Directs the Secretary of Agriculture, upon completion of an appraisal of the values of certain non-federal land owned by Grand Creek, LLC, and certain National Forest System land that adjoins land owned by Grand Creek in Clear Creek County, Colorado, and upon receipt of acceptable title to the non-federal land, to simultaneously convey such federal land to Grand Creek. Provides for Grand Creek, LLC, to enter into an enforceable agreement with the Secretary to allow public use of land owned by Grand Creek as is necessary to provide unimpeded access to St. Mary's Glacier.
Also tagged in: Aged, Apartment houses, Auditing, Budgets, Condominium (Housing), Congress, Congressional oversight, Congressional reporting requirements, Correspondent banks, Disaster relief, Disasters, Emergency management, Federally-guaranteed loans, Finance, Government information, Government paperwork, Government trust funds, Hawaii, Hawaiians, Home equity conversion, Home improvement loans, Home ownership, Housing, Housing finance, Housing for the aged, Indian housing, Indians, Insurance premiums, Loan defaults, Management information systems, Minorities, Mortgage banks, Mortgage guaranty insurance, Mortgages, Prices, Real estate agents, Risk, Single family housing, Technology
Latest Action: 11/08/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. 11/8/2007--Introduced. Expanding American Homeownership Act of 2007 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal loan obligation; (2) extend the mortgage term; and (3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance. Directs the Secretary of Housing and Urban Development (HUD) to reinstate the current downpayment requirement in the event of increased defaults. Authorizes the Secretary to establish a mortgage insurance premium structure involving a single premium payment collected prior to the insurance of the mortgage that may vary during the mortgage term as long as the basis for determining the variable rate is established befor |
