All Federally-assisted loans Legislation - Federal Government

To encourage energy efficiency and conservation and development of renewable energy sources for housing, commercial structures, and other buildings, and to create sustainable communities. 5/15/2008--Introduced. Green Resources for Energy Efficient Neighborhoods Act of 2008 or the GREEN Act of 2008 - Sets forth provisions concerning Housing of Urban Development (HUD) energy efficiency and conservation standards and green building standards for structures (conservation standards).Requires the Secretary of HUD to conduct a program to demonstrate the effectiveness of funding a portion of the costs of carrying out energy efficiency and conservation and green building measures for multifamily housing projects for which rental assistance is provided under a covered multifamily assistance program. Amends the Housing and Community Development Act of 1992 to provide for credits for Fannie Mae and Freddie Mac for mortgage purchases that support housing that meets conservation [...]

show full description

To make permanent the increases made by the Economic Stimulus Act of 2008 in the loan limits for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the FHA. 5/5/2008--Introduced. Homeowner Opportunity Act of 2008 - Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the National Housing Act to make permanent certain increases in the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Expresses the sense of the Congress to encourage Fannie Mae and Freddie Mac to securitize mortgages acquired under the increased conforming loan limits to the extent that such securitizations do not impose additional costs for mortgages originated, purchased, or securitized under the existing limits, or interfere with the goal of adding liquidity [...]

show full description

To amend the Real Estate Settlement Procedures Act of 1974 to require mortgagees for mortgages in default to engage in reasonable loss mitigation activities. 4/2/2008--Introduced. Foreclosure Prevention and Sound Mortgage Servicing Act of 2008 - Amends the Real Estate Settlement Procedures Act of 1974 to impose on a mortgagee a duty to engage in loss mitigation of covered federally related mortgage loans. Prohibits initiation of foreclosure on such loans if the mortgagee or servicer has at any time failed to comply with the requirements of this Act. Requires a mortgagee or servicer to pursue specified priority loss mitigation activities, with notice to the borrower or mortgagor, before considering secondary loss mitigation activities. Sets forth criteria governing the affordability of scheduled payments due from the borrower pursuant to loss mitigation activities. Requires the mortgagee or servicer to notify the mortgagor in writing within certain [...]

show full description

To provide public charter school options for those students that attend schools that are in need of improvement and have been identified for restructuring and those schools with a graduation rate of less than 60 percent, and for other purposes. 3/14/2008--Introduced. Pell Grants for Kids Act of 2008 - Directs the Secretary, subject to advance appropriations, to award competitive grants to states, public chartering agencies, local educational agencies, or tax-exempt organizations to enhance the capacity of public charter schools to serve additional students, particularly those transferring from schools identified as needing restructuring under the Elementary and Secondary Education Act of 1965 for failing to make adequate yearly progress (AYP) pursuant to state academic performance standards for five consecutive school years. Limits grant use to providing subgrants to public charter schools, covering the administrative expenses of grantees and subgrantees, and enhancing [...]

show full description

To increase temporarily the conforming loan limits of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation in certain areas, enhance mortgage market liquidity, and for other purposes. 1/29/2008--Introduced. Conforming Loan Limit Temporary Adjustment Act of 2008 - Increases the maximum original principal obligation of certain mortgages originated between July 1, 2007, and December 31, 2008, that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac). Allows a loan whose principal amount is 125% of the area median price for a residence of applicable size, up to 175% of the regular loan limitation. Expresses the sense of Congress that: (1) securitization of mortgages by Fannie Mae and Freddie Mac plays an important role in providing liquidity to the U.S. housing markets; and (2) Congress, therefore, encourages Fannie Mae and Freddie Mac [...]

show full description

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 [...]

show full description

A bill to temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes. 11/13/2007--Introduced. Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007, or the PROMISE Act - Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or otherwise lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and (2) the voluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie [...]

show full description

A bill to temporarily increase the portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the necessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, affordable loans, and for other purposes. 10/16/2007--Introduced. Promoting Refinancing Opportunities for Mortgages Impacted by the Subprime Emergency Act of 2007, or the PROMISE Act - Requires the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development to terminate, suspend, modify, or otherwise lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree (the OFHEO order dated May 23, 2006, in the matter of the Federal National Mortgage Association (Fannie Mae)); and (2) the voluntary temporary growth limitation described in the Freddie Mac Letter (dated July 31, 2006, from the Chairman and Chief Executive Officer of the Federal Home Loan Mortgage Corporation (Freddie [...]

show full description

A bill to amend the Truth in Lending Act, to provide for enhanced disclosures to consumers and enhanced regulation of mortgage brokers, and for other purposes. 9/27/2007--Introduced. American Home Ownership Preservation Act of 2007 - Amends the Truth in Lending Act to require certain mortgage originators or lenders with primary responsibility for underwriting an assessment on a home mortgage loan to include a borrower's ability to repay certain associated costs. Requires a mortgage broker to clearly disclose its relationship to the borrower. Directs the federal banking agencies to establish a nationwide registry and database system in which all mortgage brokers in the United States must register. Eliminates prepayment penalties for home mortgages. Instructs the Secretary of the Department of Housing and Urban Development (HUD) to make grants to state governments and tribal organizations to assist: (1) programs established for foreclosure mitigation;[...]

show full description

To amend the Small Business Act to improve the Microloan program, and for other purposes. 9/4/2007--Passed House amended.    (There are 2 other summaries) (This measure has not been amended since it was reported to the House on September 4, 2007. The summary of that version is repeated here.) Microloan Amendments and Modernization Act - Title I: Microloan - (Sec. 101) Amends the Small Business Act with regard to the Microloan program (a program administered by the Small Business Administration [SBA] to provide small-scale loans to startup, newly established, or growing small businesses for working capital or the acquisition of materials, supplies, or equipment) to require the SBA Administrator to establish a process under which a lender provides to the major credit reporting agencies information about the borrower that is relevant to credit reporting (such as loan payment activity). (Sec. 102) Removes the requirement that Microloan [...]

show full description

To protect home buyers from predatory lending practices. 4/26/2007--Introduced. Predatory Mortgage Lending Practices Reduction Act - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit any person, in connection with a subprime federally related mortgage loan, from providing mortgage lending services or mortgage brokerage services unless such person is certified by the Secretary of Housing and Urban Development as having been adequately trained with regard to subprime lending. Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance with such Act for high cost mortgages. Proscribes unfair or deceptive acts or practices in providing: (1) mortgage lending services for either a subprime federally related mortgage loan; (2) mortgage brokerage services for such a loan; and (3) appraisal of a property offered as security for repayment of the loan.Sets forth civil penalties [...]

show full description

To amend the Indian Financing Act of 1974 to provide for sale and assignment of loans and underlying security, and for other purposes. 2/8/2007--Introduced. Amends the Indian Financing Act of 1974 with respect to loan guaranty and insurance to: (1) authorize the Secretary of the Interior to guarantee or insure loans to both for-profit and nonprofit borrowers; and (2) allow all or any portion of a guaranteed or insured loan, including its security, to be transferred by the lender by sale or assignment to any person, and be retransferred by the transferee.Allows a fiscal transfer agent to be compensated through any of the fees assessed and any interest earned on any funds or fees the agent has collected while the funds or fees are in the agent's control and before the time at which the agent is contractually required to transfer such funds to the Secretary or to transferees or other holders. Makes loans made by an eligible Community Development Finance Institution eligible [...]

show full description