Top Law and Government Legislation regarding 'Mortgage banks' in Federal Government

A 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 [...]

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To restore the financial solvency of the national flood insurance program and to provide for such program to make available multiperil coverage for damage resulting from windstorms and floods, and for other purposes. 9/27/2007--Passed House amended.    (There are 2 other summaries) Flood Insurance Reform and Modernization Act of 2007 - (Sec. 3) Directs the Comptroller General to study and report to Congress on: (1) the flood insurance coverage status of pre-FIRM properties; and (2) assess the impact, effectiveness, and feasibility of amending the Flood Disaster Protection Act of 1973 regarding properties subject to the mandatory flood insurance purchase requirement for a natural 100-year floodplain, and possible extension of such requirement to properties securing nonfederally related loans. (A pre-FIRM structure is one that was not constructed or substantially improved after the later of: (1) December 31, 1974; or (2) the effective date of the [...]

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Supporting 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 [...]

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To amend the Internal Revenue Code of 1986 to expand the incentives for the rehabilitation of older buildings, including owner-occupied residences. 1/22/2007--Introduced. Preserve Historic America Act of 2007 - Amends the Internal Revenue Code to modify the tax credit for rehabilitation of older and historic buildings by: (1) increasing from 20 to 25% the tax credit rate for certified historic structure rehabilitation expenditures; (2) permitting a building at least 50 years old to qualify for the rehabilitation tax credit (currently, a building must have been placed in service before 1936); (3) permitting qualified rehabilitated buildings to be used for lodging purposes; (4) limiting to 50% the basis reduction for buildings qualifying for the low-income housing and rehabilitation tax credits; (5) allowing an increased rehabilitation tax credit for certain buildings in difficult development areas or which qualify as small rehabilitation projects; (6) exempting tax credits [...]

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To enhance the availability of capital and credit for all citizens and communities, to ensure that community reinvestment keeps pace as banks, securities firms, and other financial service providers become affiliates as a result of the enactment of the Gramm-Leach-Bliley Act, and for other purposes. 3/1/2007--Introduced. Community Reinvestment Modernization Act of 2007 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision. Reinstates banking agency regulations in effect before the publication of such revisions. Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that engage in lending or offering banking products or services. Amends the CRA to require a rating reduction [...]

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A bill to amend the Housing and Urban Development Act of 1968, to provide better assistance to low- and moderate-income families, and for other purposes. 5/14/2007--Introduced. Homeownership Protection and Enhancement Act of 2007 - Amends the Housing and Urban Development Act of 1968 to reauthorize and revise requirements for assistance with respect to housing for low- and moderate-income families. Specifies additional circumstances making a homeowner eligible for homeownership counseling from an organization that has received a grant from the Department of Housing and Urban Development (HUD) to provide it. Requires a proposed mortgagee to notify any eligible mortgage applicant of the availability of pre-purchase homeownership counseling, homeownership counseling, and homeownership protection center services. Requires a proposed mortgagee, also, to notify a homeowner at closing of the availability of counseling upon delinquency and of the services of [...]

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A bill to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 5/16/2007--Introduced. Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal [...]

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To reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes. 5/22/2007--Passed House amended.    (There are 2 other summaries) Federal Housing Finance Reform Act of 2007 - Title I: Reform of Regulation of Enterprises and Federal Home Loan Banks - Subtitle A: Improvement of Safety and Soundness - (Sec. 101) Amends the Housing and Community Development Act of 1992 (Act) to establish, in place of the present Office of Federal Housing Enterprise Oversight, a Federal Housing Finance Agency (FHFA), headed by a Director (Director) possessing general supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the federal home loan banks ("the regulated entities"). (Sec. 102) Requires the Director to establish standards for each regulated entity, especially standards relating to: (1) [...]

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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. 3/29/2007--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 before the execution of the mortgage. Sets [...]

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A bill to modernize the manufactured housing loan insurance program under title I of the National Housing Act. 6/28/2007--Introduced. FHA Manufactured Housing Loan Modernization Act of 2007 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes). Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases. Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.) Increases loan limits, requiring annual indexing. Sets forth borrower premium charges, including an up-front premium of up to 2.25% and an annual premium of up [...]

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To 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 [...]

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To remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans, and for other purposes. 5/1/2008--Reported to House amended.    (There is 1 other summary) Emergency Mortgage Loan Modification Act of 2008 - Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans, in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of all such investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other [...]

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A bill to create a national licensing system for residential mortgage loan originators, to develop minimum standards of conduct to be enforced by State regulators, and for other purposes. 2/6/2008--Introduced. Secure and Fair Enforcement for Mortgage Licensing Act of 2008, or S.A.F.E. Mortgage Licensing Act of 2008 - Encourages the states to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. Sets forth procedures, requirements (including education and testing), and standards for mandatory registration and state licensing of mortgage loan originators. Requires the federal banking agencies jointly, through the Federal Financial Institutions Examination Council, to develop and maintain a system for registering depository institiution employees as registered loan originators with the Registry. Directs [...]

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A bill to provide for affordable housing relief, and for other purposes. 11/16/2007--Introduced. Government Sponsored Enterprise Mission Improvement Act, or the GSE Mission Improvement Act - Amends the Housing and Community Development Act of 1992 to modify requirements for annual reports to specified congressional committees by the Secretary of Housing and Urban Development on the activities of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises). Requires the contents of such reports to: (1) identify the extent to which the enterprises are involved in mortgage purchases and secondary market activities involving subprime loans; and (2) compare the characteristics of subprime loans purchased and securitized by the enterprises to their other loans. Revises requirements for the establishment by the Secretary of housing goals to emphasize single-family housing goals and a multifamily [...]

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A 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 before the execution of the mortgage.[...]

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