Also tagged in: Aged, Apartment houses, Auditing, Budgets, Condominium (Housing), Congress, Congressional oversight, Congressional reporting requirements, 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, Home repair and improvement, 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, Real estate appraisal, 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 before the execution of the mortgage.[...] show full description
Also tagged in: Administrative procedure, Affordable housing, Aged, Apartment houses, Budgets, Children, Condominium (Housing), Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers, Cooperative housing, Counseling, Credit bureaus, Day care, Debtor and creditor, Department of Housing and Urban Development, Disaster relief, Electronic data interchange, Emergency management, Executive departments, Federal aid to housing, Federal-local relations, Federal-state relations, Federally-guaranteed loans, Finance, Fines (Penalties), Foreclosure, Government information, Government paperwork, Government trust funds, Governmental investigations, Hawaiians, Home equity conversion, Home ownership, Housing, Housing finance, Housing for the aged, Identification devices, Indian housing, Indians, Information technology, Insurance premiums, Law, Loan defaults, Low-income housing, Minorities, Mobile homes, Mortgage banks, Mortgage guaranty insurance, Mortgages, Prefabricated buildings, Real estate appraisal, Rental housing, Residential rehabilitation, Risk, Settlement costs, Single family housing, Social services, Standards, State and local government, Surety and fidelity, Technology, Telecommunication, Welfare
Latest Action: 09/19/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextTo 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). [...] show full description
Also tagged in: Aged, Apartment houses, Auditing, Budgets, Condominium (Housing), Congress, Congressional oversight, Congressional reporting requirements, 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, Home repair and improvement, 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, Real estate appraisal, Risk, Single family housing, Technology
Latest Action: 04/18/2007 - Referred to the Subcommittee on Housing and Community Opportunity. Bill TextTo 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 [...] show full description
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