Housing

Cooperative Tax Deduction Preservation Act of 2007

United States · United States Congress · 30 October 2007

Cooperative Tax Deduction Preservation Act of 2007 - Amends the Internal Revenue Code to set forth alternative tests for qualifying as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Qualifies a corporation if: (1) 80% or more of the total square footage of the corporation's property is used or available for use by its tenant-stockholders for residential purposes, or (2) 90% of the corporation's expenditures are for the acquisition, construction, management, maintenance, or care of its property for the benefit of the tenant-stockholders.

Tax Increase Prevention Act of 2007

United States · United States Congress · 30 October 2007

Temporary Tax Relief Act of 2007 - Amends Internal Revenue Code provisions relating to the alternative minimum tax, the discharge of mortgage indebtedness, and tax administration and extends certain expiring tax credits, deductions, and other tax incentives. Extends through 2007: (1) offsets against the alternative minimum tax for certain nonrefundable income tax credits; and (2) increased alternative minimum tax exemptions for individual taxpayers. Extends through 2008 various expiring tax provisions primarily affecting individual taxpayers, including: (1) the tax deductions for state and local sales taxes, for qualified tuition and related expenses, for qualified conservation contributions, for certain expenses of elementary and secondary school teachers, and for the travel expenses of state legislators while away from home; (2) tax-free distributions from individual retirement accounts for charitable purposes; (3) the taxpayer election to include combat pay as earned income for purposes of the earned income tax credit; (4) special rules for qualified mortgage bonds to finance home purchases by veterans; and (5) tax-free distributions from retirement plans for individuals called to active military service. Extends through 2008 various expiring tax provisions primarily affecting businesses, including: (1) the tax credits for increasing research expenses, for hiring workers on Indian reservations, for investment in new markets, for railroad track maintenance, and for hiring workers in areas affected by Hurricane Katrina; (2) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports entertainment complexes, and for business property on Indian reservations; (3) expensing allowances for environmental remediation costs; (4) tax deductions for contributions of food and book inventories and for computer equipment for educational purposes; and (5) tax incentives for investment in the District of Columbia and American Samoa. Extends through 2008 authorities for: (1) issuing qualified zone academy bonds; (2) making disclosures of tax information to facilitate student loan repayments and for combating terrorist activities; and (3) Internal Revenue Service (IRS) undercover operations. Allows an exclusion from gross income for up to $2 million of the income attributable to discharges of home mortgage indebtedness incurred after January 1, 2007. Extends through 2014 the tax deduction for mortgage insurance premiums. Sets forth alternative criteria for qualifying a corporation as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Limits the exclusion from gross income of gain from the sale of a principal residence by denying an exclusion of the gain that is allocable to a nonqualified use of such residence (i.e., use other than as a principal residence). Repeals the authority of the IRS to enter into private debt collection contracts. Delays until 2012 the requirement for federal, state, and local agencies to withhold 3% of payments for goods and services provided to such agencies. Revises tax administration provisions and rules relating to: (1) tax returns of certain U.S. Virgin Island residents; and (2) the tax treatment of high-income individuals who relinquish U.S. citizenship or residency to avoid U.S. taxation (expatriates). Repeals the 36-month suspension of interest and penalties on tax underpayments for taxpayers not notified of a tax deficiency by the IRS. Increases tax penalties for failure to file accurate tax information returns. Amends the Tariff Act of 1930 to provide that wine of the same color shall be deemed to be commercially interchangeable for purposes of the duty drawback for unused merchandise.

Rural Housing Preservation Act of 2007

United States · United States Congress · 30 October 2007

Rural Housing Preservation Act of 2007 - Amends the Housing Act of 1949 to require the Secretary of Agriculture to carry out a preservation program to provide financial incentives and other assistance to owners of Section 515 rural multifamily housing projects through long-term use agreements entered into between the project owners and the Secretary. (A Section 515 project is one involving housing and related facilities for elderly persons and families or other persons and families of low income.) Authorizes the Secretary to give priority to applications for eligible projects located on tribal trust lands or other Indian areas, in colonias, or in other small, poor, low-income communities. Requires the Secretary to prepare and approve a long-term viability plan for each eligible project for which the owner requests to participate. Allows the Secretary, subject to certain conditions, to offer a project owner a financial restructuring plan, based on the long-term viability plan, and specified project preservation incentives. Specifies compliance requirements for rents for any eligible households residing in a dwelling unit in any preserved Section 515 project, including: (1) a disregard for certain earned income for residents; and (2) phase-in of rent increases. Establishes conditions that makes certain project owners ineligible to participate in the preservation program. Requires the Secretary to make rural preservation and rural tenant protection vouchers available to certain eligible households. Requires the Secretary to give priority, in entering into contracts involving financing for new construction of a Section 515 project, for projects located in eligible rural areas needing affordable low-income rental housing because of prepayment of Section 515 loans.

AFFORDABLE HOUSING NEEDS IN THE CITY OF HOUSTON: UNIQUE CHALLENGES AND OPPORTUNITIES

United States · United States House of Representatives · 29 October 2007

California Wildfire Tax Relief Act of 2007

United States · United States Congress · 29 October 2007

California Wildfire Tax Relief Act of 2007 - Provides special tax treatment for taxpayers in areas affected by the California wildfires of October 2007 relating to: (1) nonrecognition of gain from the involuntary conversion of property; (2) limitations on charitable contributions for relief efforts; (3) the exclusion from gross income for discharges of indebtedness; (4) mortgage revenue bonds; (5) limitations on personal casualty losses; (6) additional tax exemptions for providing housing for displaced individuals; (7) earned income calculations; (8) dependency status for purposes of tax exemptions or the child tax credit; (9) premature withdrawals from retirement plans; (10) income averaging; (11) recontributions to tax-deferred home purchase plans; and (12) loans from tax-qualified employer plans.

LEAPP Act of 2007

United States · United States Congress · 25 October 2007

Lead Elimination, Abatement, and Poisoning Prevention Act of 2007 or the LEAPP Act of 2007 - Requires the Secretary of Health and Human Services to carry out demonstration projects and outreach programs for the identification and abatement of lead hazards. Requires the Secretary, in conjunction with the Administrator of the Environmental Protection Agency (EPA) and the Secretary of Housing and Urban Development, to establish the Joint Task Force on Lead-Based Hazards. Requires the President, in conjunction with the Administrator, to establish the Task Force on Children's Environmental Health and Safety. Requires the Secretary to conduct outreach and education activities about lead exposure. Requires the Secretary, in conjunction with the Administrator of the Centers for Medicare and Medicaid Services, to undertake pilot projects in states to provide lead poisoning risk assessments, blood-lead level screening, interventions to reduce exposure to lead-based hazards, and medically appropriate treatment to pregnant women enrolled in the Medicaid program under title XIX of the Social Security Act. Amends the Residential Lead-Based Paint Hazard Reduction Act of 1992 to require a seller or lessor of housing to: (1) conduct a risk assessment or inspection for the presence of lead-based paint hazards (current law permits the purchaser a 10-day period to conduct such assessment or inspection unless the parties mutually agree on a different period); (2) disclose to the purchaser or lessee the results of such inspection or assessment and hazard control measures carried out; (3) remediate any lead-based paint hazards found; and (4) include in any contract for the purchase or lease of housing documentation of any inspection, risk assessment, or hazard control measure. Includes within the meaning of the term "target housing" housing for the elderly or persons with disabilities or any zero bedroom dwelling. Redefines the term "qualified allocation plan" for purposes of the low-income housing tax credit. Directs the Department of Energy (DOE) to require the conduct of lead hazard control measures during weatherization projects. Authorizes appropriations for HUD's Lead Hazard Reduction Program.

To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the President to dispose of excess materials, supplies, and equipment acquired pursuant to that Act to assist victims of major disasters, emergencies, and incidents, and for other purposes.

United States · United States Congress · 25 October 2007

Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the President to transfer excess materials, supplies, or equipment acquired for response or recovery efforts in connection with a major disaster or emergency to a state, governmental entity, or voluntary organization to assist victims of other major disasters and emergencies or other incidents. Authorizes the use and disposal of temporary housing for disaster victims in incidents that do not result in a declaration of a major disaster or emergency. Directs the Federal Emergency Management Agency (FEMA) to review and revise the factors considered to measure the severity, magnitude, and impact of a disaster to provide more objective criteria for evaluating the need for assistance to individuals and to speed a declaration of a major disaster or emergency.

Mark-to-Market Extension and Enhancement Act of 2007

United States · United States Congress · 25 October 2007

Mark-to-Market Extension and Enhancement Act of 2007 - Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to: (1) extend the Federal Housing Administration (FHA)-insured Multifamily Housing Mortgage and Housing Assistance Restructuring (Mark-to-Market) program through FY2011; and (2) revise requirements for mortgage restructuring and rental assistance sufficiency plans for units assisted with project-based assistance in eligible multifamily housing projects. Authorizes the Secretary of Housing and Urban Development (HUD) to waive certain rent limits for disaster-damaged eligible projects. Increases the number of units eligible for such waiver from 5% to 9% of all units subject to restructured mortgages. States that certain projects may be treated as an eligible multifamily housing project if the Secretary determines that such treatment is necessary to preserve the project in the most cost-effective manner in relation to other alternative preservation options. Increases the maximum adjusted rent level for disaster-damaged eligible projects to 100% of the fair market rents for the relevant market area as they were in effect at the time of the disaster. Extends the period of eligibility for nonprofit debt relief if specified purchasers acquire a project subsequent to the date of recordation of a certain affordability agreement. Amends the United States Housing Act of 1937 to: (1) require HUD to make subsidy payments by the first business day of the month, or give a ten-day advance notice of the inability to do so; (2) entitle a project owner to obtain funds from a specified reserve if such a payment is not made within 10 days after the deadline; and (3) require HUD to pay the owner interest if a payment is not made within 30 days after the deadline.

Home Lead Safety Tax Credit Act of 2007

United States · United States Congress · 22 October 2007

Home Lead Safety Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the costs of reducing lead hazards in U.S. homes built before 1960 in which certain low-income children less than six years of age and women of child-bearing age reside. Allows a maximum credit of $3,000 for lead abatement costs and $1,000 for the cost of interim lead control measures.

Mortgage Reform and Anti-Predatory Lending Act of 2007

United States · United States Congress · 22 October 2007

Mortgage Reform and Anti-Predatory Lending Act of 2007 -- Amends the Truth in Lending Act to set forth a duty of care standard for residential mortgage loan originations. Prohibits steering incentives to mortgage originators, including incentive compensation and any yield spread premium based on, or varying with, the terms of a residential mortgage loan. Directs the Secretary of Housing and Urban Development and other specified federal banking regulatory agencies to prescribe jointly regulations to prohibit mortgage originators from steering any consumer to a residential mortgage loan that is not in the consumer's interest (loans with predatory characteristics). Sets forth licensing and registration requirements for mortgage originators. Sets forth minimum repayment standards for residential mortgage loans. Requires creditors to determine, based on verified and documented information, that a consumer has a reasonable ability to repay the loan, according to its terms, and all applicable taxes, insurance, and assessments. Prohibits creditors from extending credit for residential mortgage loans that involve refinancing of a prior residential mortgage loan unless the creditor determines that refinancing provides a net tangible benefit to the consumer. Subjects assignees and securitizers to liability for certain violations in connection with residential mortgage loans. Sets forth defenses to foreclosure. Proscribes certain practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory use of arbitration; and (4) negative amortization mortgages. Redefines high-cost mortgages. Prohibits balloon payments for such mortgages. Revises requirements governing prepayment penalties. Prohibits lending without due regard to repayment ability. Prohibits certain creditor practices with respect to high-cost mortgages, including: (1) recommending default on an existing loan or other debt before and in connection with closing of a high-cost mortgage that refinances all or any portion of such existing loan or debt; (2) imposing late fees except according to specified requirements; (3) exercising sole discretion to accelerate indebtedness; (4) financing points and fees; (4) structuring certain transactions and reciprocal arrangements to evade the requirements and prohibitions of this Act; and (5) charging certain modification or deferral fees, and fees for notification of payoff information. Requires pre-loan counseling.

Trade and Globalization Assistance Act of 2007

United States · United States Congress · 22 October 2007

Trade and Globalization Act of 2007 - Amends the Trade Act of 1974 to allow the filing of a petition with the Secretary of Labor for certification of eligibility to apply for trade adjustment assistance (TAA) by adversely affected workers in a service sector firm, a public agency, or subdivision. Revises group eligibility requirements for TAA to cover: (1) a shift, by such workers' firm or subdivision to a foreign country, of production of articles or in provision of services, like or directly competitive with articles which are produced, or services that are provided by the workers' firm or subdivision; or (2) instances where the workers' firm or subdivision obtains or is likely to obtain such articles or services from a foreign country. Provides for the certification for TAA of: (1) adversely affected workers in a public agency, its subdivision, or in a domestic industry; and (2) adversely affected secondary workers in a service sector firm or its subdivision. Prohibits TAA program benefits from being provided to an alien worker unless such worker is a lawful permanent resident living in the United States. Revises certain qualifying requirements for TAA for adversely affected workers. Increases: (1) the amount of payments for training of adversely affected workers; and (2) the maximum allowance to cover costs of such workers for job search expenses and relocation expenses. Amends the Internal Revenue Code to increase the credit for health insurance costs of certain TAA and Pension Benefit Guaranty Corporation (PBGC) pension recipients. Sets forth requirements to prevent a lapse of health care coverage for TAA workers and their families. Establishes eligibility requirements for reemployment TAA for adversely affected older workers. Establishes the Office of Trade Adjustment Assistance. Extends through FY2012 the TAA program for workers and farmers. Allows the filing of a petition with the Secretary of Commerce for certification of eligibility to apply for TAA by a service sector firm. Extends the TAA program for firms through FY2012. Unemployment Insurance Modernization Act - Amends the Social Security Act to require the Secretary of Labor to make unemployment compensation modernization incentive payments in FY2008-FY2012 by certain transfers from the federal unemployment account to the accounts of the states in the Unemployment Trust Fund. Provides for the issuance of manufacturing redevelopment bonds (qualified tax credit bonds) and tax-exempt facility bonds and require the proceeds to be used for environmental remediation and public infrastructure improvements in manufacturing redevelopment zones. Increases the state low-income housing credit for buildings located in such zones. Allows a credit to holders of such qualified tax credit bonds.

Allan I. Mendelowitz, of Connecticut, to be a Director of the Federal Housing Finance Board for a term expiring February 27, 2014. (Reappointment)

United States · United States Senate · 18 October 2007

Negative Amortization Mortgage Loan Transparency Act

United States · United States Congress · 18 October 2007

Negative Amortization Mortgage Loan Transparency Act - Amends the Truth in Lending Act to require a lender to make specified prior disclosures to a first-time borrower in connection with a consumer credit transaction secured by residential real property with a dwelling, other than a reverse mortgage, where the payment plan may result in negative amortization over the term of the loan. Requires the consumer debtor to provide the creditor with documentation that the consumer received home ownership counseling from organizations or counselors certified by the Secretary of Housing and Urban Development.

THE IMPACT OF LATE HOUSING ASSISTANCE PAYMENTS ON TENANTS AND OWNERS IN THE PROJECT-BASED RENTAL ASSISTANCE PROGRAM

United States · United States House of Representatives · 17 October 2007

Section 515 Rural Housing Property Transfer Improvement Act of 2007

United States · United States Congress · 17 October 2007

Section 515 Rural Housing Property Transfer Improvement Act of 2007 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture to: (1) implement administrative and procedural changes to expedite the application approval process for transferring ownership of Section 515 rural multifamily housing projects for which a loan is either made or insured for a project's preservation, continued use restriction, and rehabilitation; and (2) actively facilitate such transfers. Grants final regulatory authority over such property transfers to the Office of Rental Housing Preservation of the Rural Housing Service of the Department of Agriculture. Sets forth deadlines for the processing of transfer applications.

PROMISE Act

United States · United States Congress · 16 October 2007

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 Mac) to the OFHEO Director). Requires: (1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and (2) the use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.

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.

United States · United States Congress · 16 October 2007

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 Mac) to the OFHEO Director). Requires: (1) the Director to increase the mortgage portfolio limitations of both enterprises by at least 10%; and (2) to use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure.

Escrow, Appraisal, and Mortgage Servicing Improvements Act

United States · United States Congress · 16 October 2007

Escrow, Appraisal, and Mortgage Servicing Improvements Act - Amends the Truth in Lending Act to require a creditor, in a consumer credit transaction secured by the consumer's principal dwelling, to establish an escrow or impound account to pay taxes and hazard insurance, and, if applicable, flood insurance, mortgage insurance, ground rents, and any other required periodic payments or premiums. Requires written disclosures by the creditor to the consumer regarding: (1) such escrow or impound account; and (2) consumers who opt out of escrow services. Amends the Real Estate Settlement Procedures Act of 1974 to proscribe specified practices by the servicer of a federally related mortgage, including obtaining force-placed hazard insurance coverage to protect the mortgagee's interest in the property. Prohibits practices related to default, late fees, or foreclosure. Requires prompt: (1) crediting of payments; (2) responses to payoff balances; and (3) refund of escrow accounts upon payoff. Directs the Secretary of Housing and Urban Development to study and report to specified congressional committees on mortgage servicing fraud. Amends the Truth in Lending Act to: (1) require repayment analyses to include escrow payments; (2) include a written property appraisal as a prerequisite to granting a mortgage; (3) prohibit unfair and deceptive practices and acts relating to consumer credit transactions secured by the principal dwelling, especially in property appraisals; and (4) require a mortgage originator to make available to the credit applicant all appraisal valuation reports no later than three days prior to the transaction closing date. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to: (1) include among the functions of the Appraisal Subcommittee protection of the consumer from improper appraisal practices and the predations of unlicensed appraisers; and (2) expand state agency reporting requirements to include transmittal to the Appraisal Subcommittee of reports on claims, disciplinary actions, license and certification revocations, and suspensions. Prohibits certain interested parties in a real estate transaction involving an appraisal from engaging in specified practices to improperly influence a real estate appraisal in connection with a mortgage loan. Requires the Comptroller General to study and report to specified congressional committees on possible improvements in the appraisal process and in state compliance programs.

Mortgage Kickback Prevention Act of 2007

United States · United States Congress · 10 October 2007

Mortgage Kickback Prevention Act of 2007 - Amends the Truth in Lending Act to prohibit a mortgage originator from receiving payment of incentive compensation, including yield spread premium, that is based upon, or varies with, the terms of a residential mortgage loan (steering incentive).

HOMES Act

United States · United States Congress · 9 October 2007

Home Owners Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a (mortgage) claim secured by an interest in real property initiated before September 26, 2007, that is the debtor's principal residence. Allows the principal amount of such a mortgage loan to be lowered to the fair market value, if less than such amount, of the real property securing the loan at the time of the submission of the debtor's plan for the payment of debts. Permits waiver of otherwise applicable early repayment or prepayment penalties. Permits, also, prohibition of, delay in, or voiding of any adjustments to the rate of interest in the case of an adjustable rate mortgage. Permits the bankruptcy court, in the case of a chapter 13 debtor (individual with regular income), to consider certain interest, late fees, or other fees to be a voidable transfer if the court finds there was a substantial failure to disclose material terms regarding such interest or fees related to a mortgage claim. Authorizes delay of the prerequisite that debtor obtain counseling from an approved credit counseling agency before filing the petition in bankruptcy, if the debtor submits to the court a certification that the holder of a claim secured by the debtor's principal residence has initiated foreclosure on that residence. Directs the Comptroller General to study and report to Congress on the impact of allowing bankruptcy judges to restructure principal residence mortgages on the secondary market for mortgages.

Protecting Access to Safe Mortgages Act

United States · United States Congress · 9 October 2007

Protecting Access to Safe Mortgages Act - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase mortgage portfolio limitations placed upon: (1) the Federal National Mortgage Association (Fannie Mae); and (2) the Federal Home Loan Mortgage Corporation (Freddie Mac), respectively. Instructs the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development (HUD) to lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Order; and (2) the voluntary temporary growth limitation described in a certain Freddie Mac Letter.

Providing for consideration of the bill (H.R. 2895) to establish the National Affordable Housing Trust Fund in the Treasury of the United States to provide for the construction, rehabilitation, and preservation of decent, safe, and affordable housing for low-income families.

United States · United States Congress · 9 October 2007

Sets forth the rule for consideration of the bill (H.R. 2895) to establish the National Affordable Housing Trust Fund in the Treasury of the United States to provide for the construction, rehabilitation, and preservation of decent, safe, and affordable housing for low-income families.

Nationwide Gun Buyback Act of 2007

United States · United States Congress · 4 October 2007

Nationwide Gun Buyback Act of 2007 - Authorizes the Secretary of Housing and Urban Development to make grants to local governments to conduct gun buyback programs. Defines "gun buyback program" as a local law enforcement program for purchasing, or accepting donations of, firearms (as defined by the federal criminal code) from individuals or groups desiring to dispose of firearms.

Helping Families Save Their Homes in Bankruptcy Act of 2008

United States · United States Congress · 3 October 2007

Helping Families Save Their Homes in Bankruptcy Act of 2007 - Amends federal bankruptcy law to permit a bankruptcy plan to: (1) modify a loan secured by the principal residence (mortgage) of a chapter 13 debtor (individual with regular income); and (2) provide for payment of such loan at a fixed annual percentage rate of interest, over a 30-year period. Exempts a chapter 13 debtor from the requirement for credit counseling if the court receives certification that debtor's principal residence has been scheduled for a foreclosure sale. Conditions any fees, costs, or charges that may be added to the mortgage debt during pendency of the bankruptcy case upon notice to the court within a specified deadline. Requires the court to waive such additional fees, costs, or charges if the court has not been notified on time. Permits a bankruptcy plan to provide for waiver of any prepayment penalty contained on a claim secured by debtor's principal residence. Authorizes the trustee in bankruptcy to request joinder or substitution for the debtor as the real party in interest in any action in state or federal court with respect to a claim or defense asserted by an individual debtor that was not scheduled in the debtor's petition. Permits the debtor to proceed as the real party in interest if the trustee does not make such a request. Amends the judicial code to authorize the court in any core proceeding under bankruptcy law to hear and determine a proceeding in lieu of referral to arbitration if the case involves an individual debtor whose debts are primarily consumer debts. Exempts from the estate in bankruptcy up to $75,000 of the debtor's aggregate interest in real property used as debtor's principal residence if the debtor is age 55 or older. Prohibits the court from allowing a claim that is subject to any remedy for damages or rescission due to failure to comply with the Truth in Lending Act or any other state or federal consumer protection law.

HOMES Act

United States · United States Congress · 3 October 2007

Home Owners' Mortgage and Equity Savings Act, or the HOMES Act - Amends federal bankruptcy law governing mortgage loans to authorize modification of a mortgage agreed to in writing by a debtor meeting specified requirements and the holder of a claim secured by an interest in real property initiated before September 26, 2007, that is the debtor's principal residence. Allows the principal amount of such a mortgage loan to be lowered to the fair market value, if less than such amount, of the real property securing the loan at the time of the submission of the debtor's plan for the payment of debts. Permits waiver of otherwise applicable early repayment or prepayment penalties. Permits, also, prohibition of, delay in, or voiding of any adjustments to the rate of interest in the case of an adjustable rate mortgage. Permits the bankruptcy court, in the case of a chapter 13 debtor (individual with regular income), to consider certain interest, late fees, or other fees to be a voidable transfer if the court finds there was a substantial failure to disclose material terms regarding such interest or fees related to a mortgage claim. Authorizes delay of the prerequisite that debtor obtain counseling from an approved credit counseling agency before filing the petition in bankruptcy, if the debtor submits to the court a certification that the holder of a claim secured by the debtor's principal residence has initiated foreclosure on that residence. Directs the Comptroller General to study and report to Congress on the impact of allowing bankruptcy judges to restructure principal residence mortgages on the secondary market for mortgages.

Mortgage Disclosure Simplification Act of 2007

United States · United States Congress · 2 October 2007

Mortgage Disclosure Simplification Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to instruct the Secretary of Housing and Urban Development to develop and prescribe standard written forms stating the essential terms of a federally related mortgage loan, which lenders or mortgage brokers shall provide to prospective mortgagors. Requires such disclosures to include: (1) a statement of terms regarding a federally related mortgage loan; and (2) a statement of basic easy-to-understand definitions or explanations of such terms.

American Home Ownership Preservation Act of 2007

United States · United States Congress · 27 September 2007

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; and (2) housing trust funds supporting low- and moderate-income housing. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the HUD Secretary to establish an annual goal for each government-sponsored enterprise to identify and assist homeowners at risk of default or foreclosure on their mortgage, but who would be able to stabilize the situation with fixed rate 30- or 40-year mortgages. Authorizes appropriations for mortgage fraud enforcement and prosecution.

Fair Disclosure for Homeowners Act of 2007

United States · United States Congress · 27 September 2007

Fair Disclosure for Homeowners Act of 2007 - Amends the Truth in Lending Act to require the creditor or servicer of a loan to disclose specified financial information in writing to a consumer concerning the interest rate in effect during the introductory period of a hybrid adjustable rate mortgage which adjusts or resets to a variable interest rate. Requires such disclosure to include: (1) any index or formula used in making adjustments to or resetting the interest rate and a source of information about the index or formula; (2) an explanation of how the new interest rate and payment would be determined; (3) the best estimate of the creditor or servicer of the amount of the monthly payment that will apply after the date of the adjustment or reset, and the assumptions on which this estimate is based; and (4) a list of alternatives consumers may pursue before the date of adjustment or reset, and descriptions of the actions consumers must take to pursue these alternatives. Requires periodic statements provided to a consumer by a creditor or servicer, regarding a hybrid adjustable rate mortgage, to include clearly and conspicuously the date on which such mortgage adjusts or resets from a fixed interest rate during the introductory period to a variable rate.

TWO YEARS AFTER THE STORM: HOUSING NEEDS IN THE GULF COAST

United States · United States Senate · 25 September 2007

Mortgage Forgiveness Debt Relief Act of 2007

United States · United States Congress · 25 September 2007

Amends the Internal Revenue Code to: (1) exclude from gross income amounts attributable to a discharge of mortgage indebtedness on a principal residence; (2) extend through 2014 the tax deduction for mortgage insurance premiums; (3) expand the definition of cooperative housing corporation for purposes of the tax deduction for payments to such corporations; and (4) limit the exclusion from gross income of gain from the sale of a principal residence by denying an exclusion of the gain allocated to a nonqualified use of such residence. Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase (from 114.75% to 116.50%) in the third quarter of 2012 the estimated tax rate for corporations with assets of not less than $1 billion.

Foreclosure Prevention and Homeownership Protection Act

United States · United States Congress · 25 September 2007

Foreclosure Prevention and Homeownership Protection Act - Establishes the Commission to Preserve the American Dream (Commission) to study and report to Congress and the President on: (1) the adequacy of the existing legal and regulatory framework to address the current foreclosure and mortgage lending crisis and to prevent similar crises from happening in the future; (2) the role of the states versus the role of the federal government in ensuring homeowners are protected against unscrupulous lending practices; and (3) the effects of this crisis on the domestic and world economies. Requires the Commission to make recommendations regarding: (1) ways to assist homeowners currently in danger of losing their homes; (2) ways to encourage lenders and borrowers to work together to prevent foreclosure; and (3) legislative and regulatory changes to protect homeowners against unscrupulous lending practices and strengthen accountability for those involved in the mortgage lending market.

To amend subtitle IV of title 40, United States Code, regarding county additions to the Appalachian region.

United States · United States Congress · 20 September 2007

Adds the Tennessee counties of Hickman, Perry, and Wayne to the definition of "Appalachian region" for purposes of Appalachian regional development efforts.

Homeowners' Emergency Mortgage Assistance Act

United States · United States Congress · 19 September 2007

Homeowners' Emergency Mortgage Assistance Act - Directs the Secretary of Housing and Urban Development to establish a mortgage emergency assistance program for qualifying homeowners with National Housing Act-insured mortgages who are temporarily unable to meet their obligations due to financial hardship beyond their control. Requires: (1) homeowner repayment of such assistance and interest; and (2) certain conditions to be met before legal action may be taken against a qualifying homeowner, including providing the homeowner with program notice.

Native American Housing Assistance and Self-Determination Reauthorization Act of 2007

United States · United States Congress · 18 September 2007

Native American Housing Assistance and Self-Determination Reauthorization Act of 2007 - Amends the Native American Housing Assistance and Self-Determination Act of 1996 to: (1) revise requirements for the housing assistance block grant program under such Act; (2) expand the authority of Indian tribes to conduct affordable housing activities; (3) revise compliance, auditing, and reporting requirements; (4) authorize the Secretary of Housing and Urban Development (HUD) to guarantee loans to finance housing assistance programs on Indian reservations and in other Indian areas for the benefit of low-income families; and (5) extend through FY2012 the authorization of appropriations for block grants, loan guarantees, and training and technical assistance under such Act.

Neighborhood Reclamation and Revitalization Program Act of 2007

United States · United States Congress · 17 September 2007

Neighborhood Reclamation and Revitalization Program Act of 2007 - Authorizes the Secretary of Housing and Urban Development (HUD) to make grants to a local government to fund the demolition of vacant housing, or such demolition in combination with a study of neighborhood revitalization.

Providing for consideration of the bill (H.R. 1852) 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.

United States · United States Congress · 17 September 2007

Sets forth the rule for consideration of the bill (H.R. 1852) 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.

Homebuyer's Protection Act of 2007

United States · United States Congress · 14 September 2007

Homebuyer's Protection Act of 2007 - Amends the Truth in Lending Act to require a creditor to establish, in an insured depository institution, an escrow or impound account for payment of taxes and hazard insurance at the time of the consummation of a subprime mortgage transaction. Requires such account to remain in existence for as long as the subprime mortgage is outstanding. Requires creditors, before consummating a consumer credit transaction involving an impound, trust, or escrow account, to provide the following written disclosures: (1) that an escrow or impound account will be established; (2) the amount required to fund such account; (3) the amount in the initial year of estimated taxes and hazard insurance premiums; and (4) the estimated monthly amount payable for taxes and hazard insurance. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to extend its appraisal requirements to all real estate related financial transactions, not only those that are federally related.

HOPE VI Improvement and Reauthorization Act of 2007

United States · United States Congress · 11 September 2007

HOPE VI Improvement and Reauthorization Act of 2007 - Amends the United States Housing Act of 1937 to make promoting housing choice among low- and very low-income families one of the purposes of the HOPE VI grant program for revitalization of severely distressed public housing. Authorizes the Secretary of Housing and Urban Development to waive the matching contribution requirement in cases of extreme distress or emergency. Prohibits the award of demolition-only grants. Repeals authority for grants for assisting affordable housing developed through main street projects in smaller communities. Makes eligible for the use of HOPE VI grants: (1) necessary costs of ensuring the effective temporary and permanent relocation of residents displaced as a result of project revitalization; and (2) certain activities undertaken to comply with requirements for green developments and replacement housing for hard-to-house families. Revises criteria for selection of proposals for grants, divided into mandatory core components and mandatory graded components. Specifies requirements for mandatory core components of revitalization plans, including among others: (1) involvement of public housing residents in planning and implementation; (2) a program for temporary and permanent relocation, including comprehensive relocation assistance; (3) a right for resident households to expanded housing opportunities; (4) one-for-one replacement of demolished dwelling units, including on-site mixed-income housing; (5) monitoring of displaced households; and (6) green developments. Extends the HOPE VI program through FY2015. Directs the Comptroller General to review and make recommendations to Congress regarding activities, actions, and methods used in revitalization plans assisted under the Act to determine which may be transferable to other federally-assisted housing programs.

Protecting Access to Safe Mortgages Act

United States · United States Congress · 10 September 2007

Protecting Access to Safe Mortgages Act - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase mortgage portfolio limitations placed upon: (1) the Federal National Mortgage Association (Fannie Mae); and (2) the Federal Home Loan Mortgage Corporation (Freddie Mac), respectively. Instructs the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development (HUD) to lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree; and (2) the voluntary temporary growth limitation described in a certain Freddie Mac Letter. Requires 50% of such portfolio increase to be used on loans which have had or will have interest rate resets between June 2005 and December 2009.

Public Housing Asset Management Improvement Act of 2007

United States · United States Congress · 10 September 2007

Public Housing Asset Management Improvement Act of 2007 - Prohibits the Secretary of Housing and Urban Development from imposing restrictions or limitations on the amount of management and related fees for a public housing project which the public housing agency (PHA) determines reasonable, unless such restriction or limitation: (1) is determined pursuant to a negotiated rulemaking convened by the Secretary no earlier than April 1, 2009, with representatives from interested parties; and (2) is effective only on or after January 1, 2011. Allows any PHA that owns or operates fewer than 500 public housing units under the United States Housing Act of 1937 to elect to be exempt from asset management requirements imposed by the Secretary. Exempts from such requirements a PHA which is seeking a discontinuance of a reduction in the amount of its operating fund allocation, or which has succeeded in obtaining such a discontinuance. Prohibits the Secretary from imposing any requirement, regulation, or guideline relating to asset management that restricts or limits in any way the use by PHAs of amounts for Capital Fund assistance for costs of any PHA central office. Requires the Secretary to ensure that PHAs encourage the reasonable efforts of resident tenant organizations to represent their members and of tenants to organize. Requires guidance issued by the Secretary to encourage participation by residents in the implementation of asset management and the development of local policies for such purposes.

Neighborhood Reclamation and Revitalization Program Act of 2007

United States · United States Congress · 7 September 2007

Neighborhood Reclamation and Revitalization Program Act of 2007 - Authorizes the Secretary of Housing and Urban Development (HUD) to make grants to a local government to fund the demolition of vacant housing, or such demolition in combination with a study of neighborhood revitalization.

Kids in Disasters Well-being, Safety, and Health Act of 2007

United States · United States Congress · 7 September 2007

Kids in Disasters Well-being, Safety, and Health Act of 2007 - Establishes in the legislative branch the National Commission on Children and Disasters, which shall: (1) assess facts and causes relating to the needs of children before, during, and after all hazards, disasters, and emergencies, including child health and welfare, affordable housing, and juvenile justice needs and emergency mitigation, preparedness, response, and recovery activities; (2) evaluate existing law relevant to such needs; (3) evaluate lessons learned from Hurricanes Katrina and Rita, the September 11, 2001 terrorist attacks, and any other relevant disaster of the past 10 years regarding policies of federal, state, and local governments and nongovernmental entities relative to addressing such needs; and (4) report to the President and Congress. Directs the Secretary of Health and Human Services to establish a National Resource Center on Children and Disasters, which shall: (1) establish a clearinghouse for information and resources on issues relating to such needs; and (2) develop and maintain a website and related systems for disseminating information on such issues. Directs the Secretary to: (1) collaborate with any executive department and specified parties responsible for policies and regulations relevant to such needs; and (2) enter into a memorandum of understanding with the Secretaries of Homeland Security, Education, Housing and Urban Development, and Transportation and the Attorney General to collaborate on the functions of the Center.

H.R. 2930, THE SECTION 202 SUPPORTIVE HOUSING FOR THE ELDERLY ACT OF 2007

United States · United States House of Representatives · 6 September 2007

Louisiana Road Home Act

United States · United States Congress · 6 September 2007

Louisiana Road Home Act - Authorizes appropriations for the state of Louisiana to carry out the Road Home Program, provided that as of June 1, 2007, the state has provided at least $1 billion for the Program.

A bill to allow the Department of Housing and Urban Development to better serve persons with limited proficiency in the English language by providing technical assistance to recipients of Federal funds.

United States · United States Congress · 5 September 2007

Directs the Secretary of Housing and Urban Development to take specified actions to allow the Department of Housing and Urban Development (HUD) to better serve persons with limited English proficiency by providing technical assistance to recipients of federal funds. Requires the Secretary to convene a task force to identify vital documents for translation to improve the access of such individuals to federally conducted and federally assisted programs and activities. Requires the Secretary to: (1) produce such translations and make them available on the HUD website; (2) develop and carry out a plan for providing HUD resources to assist federal funds recipients to improve the access of such individuals to programs and activities; and (3) develop a housing information resource center, with a 24-hour toll-free interpretation service telephone line, which may provide vital documents from competent translation services for housing services providers. Requires the center to: (1) operate a document clearinghouse; (2) evaluate best-practices models; and (3) provide information relating to culturally and linguistically competent housing services for populations with limited English proficiency.

Providing for consideration of the bill (H.R. 2786) to reauthorize the programs for housing assistance for Native Americans.

United States · United States Congress · 5 September 2007

Sets forth the rule for consideration of the bill (H.R. 2786) to reauthorize the programs for housing assistance for Native Americans.

Providing for the correction of the events of August 2, 2007.

United States · United States Congress · 4 August 2007

Directs the Clerk of the House of Representatives to request the Senate to return H.R. 3161 (making FY2008 appropriations for agriculture, rural development, the Food and Drug Administration, and related agencies programs) and modify the engrossment of the bill to prohibit fund use: (1) to employ an alien who is not authorized to be employed in the United States; and (2) for rental housing assistance to an alien not authorized to receive such assistance.

HOME Act

United States · United States Congress · 3 August 2007

Home Ownership Made Easier Act or the HOME Act - Amends the Housing Act of 1949 to revise eligibility, qualifying population limit, guarantee fee, and refinancing requirements of the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program. Replaces the current 115% of area median income eligibility limit for families with three income tiers, including households of up to four members, of up to eight members, and of over eight members. Repeals the requirement that the loan applicant qualify for other specified federal housing loans as well. Requires the single-family residence acquired or constructed with such a loan to be located in a rural area (as under current law), but allows the area population to range up to 40,000. Increases from 1% to 2% of the principal obligation of a guaranteed loan the guarantee fee which the Secretary may collect from the lender. Permits the refinancing of a guaranteed loan to: (1) pay off any other loan (including a first or second purchase mortgage) not made or guaranteed under such Act; (2) repair mechanical or structural deficiencies to the borrower's residence; (3) pay for authorized closing costs, including a discount of up to 200 basis points and an origination fee of up to 100 basis points; (4) allow the borrower to consolidate debts of up to the greater of $10,000 or 10% percent of the loan amount; and (5) carry out other authorized purposes. Prohibits denial of a loan or loan guarantee to an eligible borrower solely because the borrower is not eligible (or is eligible and has not applied for) assistance under any other federal loan, housing, housing assistance, or other housing related program. Makes $2,400 the mandatory exclusion amount in the adjusted income of minors, students, and persons with disabilities under the farm housing financial assistance program.

Secondhand Smoke Education and Outreach Act of 2007

United States · United States Congress · 3 August 2007

Secondhand Smoke Education and Outreach Act of 2007 - Amends the Public Health Service Act to require the Secretary of Health and Human Services, acting through the Administrator of the Substance Abuse and Mental Health Services Administration, to award grants for: (1) educational campaigns on the health consequences of secondhand smoke in multiunit housing; and (2) projects to demonstrate ways of educating the public about the health consequences of secondhand smoking in public spaces, including public parks, playgrounds, and national parks. Directs the Secretary to award grants for regional or local education programs to provide health care providers and workers with minimum tobacco cessation training as part of their ongoing education. Allows the Secretary to contract, where appropriate, with public health organizations for evaluations of tobacco dependence treatment and educational programs under this Act.

Capital Access for Senior Homeowners Act of 2007

United States · United States Congress · 3 August 2007

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 on the costs and availability of credit under the home equity conversion mortgages for elderly homeowners program.