Home equity conversion Legislation - Federal Government

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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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. 9/18/2007--Passed House amended.    (There are 2 other summaries) Expanding American Homeownership Act of 2007 - (Sec. 3) Amends the National Housing Act (Act) to: (1) modify requirements governing the maximum principal loan obligation, changing it to 125% of the median one-family house price in the area; and (2) extend the mortgage term from 35 to 40 years. (Sec. 5) Revises eligibility criteria for cash down payment for mortgage insurance. Alters the formula for determining the principal obligation to set the loan-to-value (LTV) for a Federal Housing Administration (FHA) single family home at 97.75 % of the appraised value of the property (plus the amount of the mortgage insurance premium paid at the time the mortgage is insured, as under current law). [...]

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An original bill to modernize and update the National Housing Act and enable the Federal Housing Administration to more effectively reach underserved borrowers, and for other purposes. 12/14/2007--Passed Senate amended.    (There are 2 other summaries) FHA Modernization Act of 2007 - Title I: Building American Homeownership - Building American Homeownership Act of 2007 - (Sec. 102) Amends the National Housing Act to: (1) modify requirements for the maximum principal loan obligation, changing one element in the formula from 95% to 100% of the median one-family house price in the area; and (2) limit the principal loan obligation to 100% of the appraised value of the property. (Sec. 103) Amends the National Housing Act to revise eligibility criteria for cash down payment for Federal Housing Administration (FHA) mortgage insurance. Reduces such payment from the current 3% to 1.5% of the appraised value of the property. Repeals the authority [...]

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To amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to guarantee home equity conversion mortgages for elderly veteran homeowners. 5/24/2007--Introduced. Veteran Home Equity Conversation [sic] Mortgage Act of 2007 - Authorizes the Secretary of Veterans Affairs to guarantee any home equity conversion mortgage (mortgage) made to an elderly (62 or older) veteran homeowner, as long as the Secretary determines that the mortgage: (1) is likely to improve the financial situation or otherwise meet the special needs of the homeowner; (2) will include safeguards to offset special risks associated with such a mortgage; and (3) has appropriate terms to ensure its acceptance in the secondary mortgage market. Allows such mortgage to be guaranteed only if it is secured by a dwelling, farm residence, or manufactured home permanently affixed to a lot that is owned and occupied by the elderly veteran homeowner. Authorizes the Secretary to: [...]

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Making appropriations for the Departments of Transportation, and Housing and Urban Development, and related agencies for the fiscal year ending September 30, 2008, and for other purposes. 9/12/2007--Passed Senate amended.    (There are 2 other summaries) Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2008 - Title I: Department of Transportation - Department of Transportation Appropriations Act, 2008 - Makes appropriations for FY2008 to the Department of Transportation, including: (1) the Office of the Secretary; (2) the Federal Aviation Administration (FAA); (3) the Federal Highway Administration; (4) the Federal Motor Carrier Safety Administration; (5) the National Highway Traffic Safety Administration (NHTSA); (6) the Federal Railroad Administration; (7) the Federal Transit Administration (FTA); (8) the Saint Lawrence Seaway Development Corporation; (9) the Maritime Administration; (10) the Pipeline and [...]

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A bill to provide needed housing reform and for other purposes. 5/8/2008--House agreed to Senate amendment with amendment.    (There are 3 other summaries) American Housing Rescue and Foreclosure Prevention Act of 2008 - Title I: FHA Housing Stabilization and Homeownership Retention - FHA Housing Stabilization and Homeownership Retention Act of 2008 - Subtitle A: Homeownership Retention - (Sec. 112) Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages. 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. Sets forth mortgagor eligibility criteria, including mortgagor certification that: (1) the residence is the only residence [...]

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A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis. 3/7/2008--Introduced. Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans. Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling. Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit. Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act. Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain [...]

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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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A bill to improve access of senior homeowners to capital. 8/3/2007--Introduced. Capital Access for Senior Homeowners Act of 2007 - Amends the National Housing Act with respect to insurance of home equity conversion mortgages for elderly homeowners. Repeals the 275,000 cap on the aggregate number of such mortgages insured under the Act. Authorizes the Secretary of Housing and Urban Development to insure a home equity conversion mortgage when the primary purpose of such mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units. Extends the meaning of mortgage which may be insured to: (1) a first or subordinate mortgage or lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation; or (2) a first mortgage or first lien on a leasehold under certain related leases. Directs the Comptroller General to study and report to Congress [...]

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To prohibit authorized lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage, and to provide other consumer protections to reverse mortgage borrowers, and for other purposes. 4/10/2008--Introduced. Reverse Mortgage Proceeds Protection Act - Amends the National Housing Act of 1937 to modify the eligibility criteria for insurance of home equity conversion mortgages (reverse mortgages) of elderly home owners. Excludes from the third party adequate counseling requirement counseling by a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals the waiver of upfront insurance premiums for mortgages to fund long-term care insurance. Authorizes the Secretary of Housing and Urban Development (HUD) to use a portion of reverse mortgage insurance premiums [...]

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A bill to aid families and neighborhoods facing home foreclosure and address the subprime mortgage crisis. 3/7/2008--Introduced. Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans. Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling. Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit. Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act. Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain [...]

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A bill to prohibit authorized lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage, and to provide other consumer protections to reverse mortgage borrowers. 12/14/2007--Introduced. Reverse Mortgage Proceeds Protection Act - Amends the National Housing Act of 1937 to modify the eligibility criteria for insurance of home equity conversion mortgages (reverse mortgages) of elderly home owners. Excludes from the third party adequate counseling requirement counseling by a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals the waiver of up-front insurance premiums for mortgages to fund long-term care insurance. Authorizes the Secretary of Housing and Urban Development (HUD) to use a portion of reverse mortgage insurance premiums to fund mandatory [...]

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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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An original bill to modernize and update the National Housing Act and enable the Federal Housing Administration to more effectively reach underserved borrowers, and for other purposes. 12/14/2007--Passed Senate amended.    (There are 2 other summaries) FHA Modernization Act of 2007 - Title I: Building American Homeownership - Building American Homeownership Act of 2007 - (Sec. 102) Amends the National Housing Act to: (1) modify requirements for the maximum principal loan obligation, changing one element in the formula from 95% to 100% of the median one-family house price in the area; and (2) limit the principal loan obligation to 100% of the appraised value of the property. (Sec. 103) Amends the National Housing Act to revise eligibility criteria for cash down payment for Federal Housing Administration (FHA) mortgage insurance. Reduces such payment from the current 3% to 1.5% of the appraised value of the property. Repeals the authority [...]

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A bill to improve access of senior homeowners to capital. 8/3/2007--Introduced. Capital Access for Senior Homeowners Act of 2007 - Amends the National Housing Act with respect to insurance of home equity conversion mortgages for elderly homeowners. Repeals the 275,000 cap on the aggregate number of such mortgages insured under the Act. Authorizes the Secretary of Housing and Urban Development to insure a home equity conversion mortgage when the primary purpose of such mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units. Extends the meaning of mortgage which may be insured to: (1) a first or subordinate mortgage or lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation; or (2) a first mortgage or first lien on a leasehold under certain related leases. Directs the Comptroller General to study and report to Congress [...]

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