Expanding American Homeownership Act of 2007

Summary

Expanding American Homeownership Act of 2007 - Amends the National Housing Act to: (1) modify requirements governing the maximum principal loan obligation; (2) extend the mortgage term; and (3) revise requirements for cash downpayment by the mortgagor in the eligibility criteria for mortgage insurance, including mortgage insurance premiums for zero- and lower-downpayment borrowers who obtain a mortgage secured by a one- to four-family dwelling. Distinguishes standard risk mortgages secured by a one- to four-family dwelling from higher-risk mortgages. Authorizes the Secretary of Housing and Urban Development (HUD) to: (1) establish underwriting standards for higher-risk mortgages for mortgagors with a credit score equivalent to a FICO score of less than 560; (2) provide for flexible premium rate variations according to the credit risk associated with the type of mortgage product being insured; and (2) create certain payment incentives, both discretionary and mandatory. Makes certain borrower protections, including mortgagee disclosures and mortgagor counseling, mandatory for higher risk mortgages. Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain HUD-insured blanket mortgage. Revises requirements for the Mutual Mortgage Insurance (MMI) Fund, specifying operating goals among other things. Makes insurance of a Native Hawaiian or Indian reservation mortgage the obligation of the MMI Fund (instead of the General Insurance Fund). Eliminates the limitation placed upon the aggregate number of home equity conversion mortgages insured under the Act. Authorizes the Secretary to insure a home equity conversion mortgage when its primary purpose is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy one of the units. Authorizes the Secretary to enter into agreements, for a certain period, to insure up to 100% of certain mortgages for a single family residence located in a major disaster area. Revises multifamily housing mortgage limits in high cost areas. Requires the Secretary to consider industry standard appraisal practices in determining the market value of any multifamily real property or multifamily loan for any noncompetitive sale to a state or local government entity.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 29 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

2. 29 March 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

3. 29 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

4. 18 April 2007

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

5. 19 April 2007

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 24 April 2007

   Introduced

   Sponsor introductory remarks on measure. (CR H4032)

   Source: IntroReferral

7. 2 May 2007

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

8. 3 May 2007

   Vote

   Ordered to be Reported (Amended) by the Yeas and Nays: 45 - 19.

   Source: Committee

9. 28 June 2007

   Calendars

   Placed on the Union Calendar, Calendar No. 133.

   Source: Calendars

10. 28 June 2007

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 110-217.

    Source: Committee

11. 28 June 2007

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 110-217.

    Source: Committee

12. 17 September 2007

    Reported

    Rules Committee Resolution H. Res. 650 Reported to House. Rule provides for consideration of H.R. 1852 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. A specified amendment is in order.

    Source: Floor

13. 17 September 2007

    Committee

    Supplemental report filed by the Committee on Financial Services, H. Rept. 110-217, Part II. (consideration: CR H10406)

    Source: Committee

14. 17 September 2007

    Committee

    Supplemental report filed by the Committee on Financial Services, H. Rept. 110-217, Part II.(consideration: CR H10406)

    Source: Committee

15. 17 September 2007

    Passed

    PERMISSION TO FILE SUPPLEMENTAL REPORT - Mr. Al Green (TX) asked unanimous consent that the Committee on Financial Services may have permission to file a supplemental report on H.R. 1852. Agreed to without objection.

    Source: Floor

16. 18 September 2007

    Passed

    Rule H. Res. 650 passed House.

    Source: Floor

17. 18 September 2007

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1852.

    Source: Floor

18. 18 September 2007

    Floor

    The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 1852.

    Source: Floor

19. 18 September 2007

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

20. 18 September 2007

    Vote

    On passage Passed by recorded vote: 348 - 72 (Roll no. 876).

    Source: Floor

21. 18 September 2007

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 348 - 72 (Roll no. 876).

    Source: Floor

22. 18 September 2007

    Vote

    On motion to recommit with instructions Failed by the Yeas and Nays: 209 - 216 (Roll no. 875).

    Source: Floor

23. 18 September 2007

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H10479)

    Source: Floor

24. 18 September 2007

    Floor

    Mr. Price (GA) moved to recommit with instructions to Financial Services. (consideration: CR H10478-10480; text: CR H10478)

    Source: Floor

25. 18 September 2007

    Passed

    The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

26. 18 September 2007

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H10478)

    Source: Floor

27. 18 September 2007

    Floor

    The Speaker designated the Honorable Stephanie Tubbs Jones to act as Chairwoman of the Committee.

    Source: Floor

28. 18 September 2007

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 650 and Rule XVIII.

    Source: Floor

29. 18 September 2007

    Floor

    Rule provides for consideration of H.R. 1852 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. A specified amendment is in order.

    Source: Floor

30. 18 September 2007

    Reported

    Considered under the provisions of rule H. Res. 650. (consideration: CR H10447-10481; text of measure as reported in House: CR H10456-10463)

    Source: Floor

31. 19 September 2007

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Referred in Senate · 19 September 2007 · Download file
• Engrossed in House · 18 September 2007 · Download file
• Reported in House · 28 June 2007 · Download file
• Introduced in House · 29 March 2007 · Download file

Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 19 September 2007

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• Referred in Senate (PDF)

  Referred in Senate · EN · 19 September 2007

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• Engrossed in House (text)

  Engrossed in House · EN · 18 September 2007

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• Engrossed in House (PDF)

  Engrossed in House · EN · 18 September 2007

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• Passed House amended

  summary · EN · 18 September 2007

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• Reported in House (text)

  Reported in House · EN · 28 June 2007

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• Reported in House (PDF)

  Reported in House · EN · 28 June 2007

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• Reported to House with amendment(s)

  summary · EN · 28 June 2007

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• Introduced in House (text)

  Introduced in House · EN · 29 March 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 29 March 2007

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  Vertaal document

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• Introduced in House

  summary · EN · 29 March 2007

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Sponsors

• Rep. Waters, Maxine [D-CA-43] · D · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• Rep. Sires, Albio [D-NJ-13] · D · Cosponsor
• Sen. Schiff, Adam B. [D-CA] · D · Cosponsor
• Rep. Jefferson, William J. [D-LA-2] · D · Cosponsor
• Rep. Rush, Bobby L. [D-IL-1] · D · Cosponsor
• Del. Christensen, Donna M. [D-VI-At Large] · D · Cosponsor
• Rep. Cummings, Elijah E. [D-MD-7] · D · Cosponsor
• Sen. Welch, Peter [D-VT] · D · Cosponsor
• Rep. Eshoo, Anna G. [D-CA-18] · D · Cosponsor
• Sen. Markey, Edward J. [D-MA] · D · Cosponsor
• Rep. Moran, James P. [D-VA-8] · D · Cosponsor
• Rep. Etheridge, Bob [D-NC-2] · D · Cosponsor
• Rep. Wynn, Albert Russell [D-MD-4] · D · Cosponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to → 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.
• related to ← Expanding American Homeownership Act of 2007
• related to ← FHA Modernization Act of 2007
• amends ← An amendment in the nature of a substitute numbered 7 printed in House Report 110-330 to reform the Federal Housing Administration's (FHA) single-family mortgage insurance activities and would allow FHA to base each borrower's mortgage insurance premiums on the risk that the borrower poses to the FHA Mortgage Insurance Fund, with slight variations. Under this proposal, mortgage insurance premiums will be based on the borrower's credit history, loan-to-value ratio, debt-to-income ratio, and on FHA's historical experience with similar borrowers. This amendment maintains FHA reserves within the insurance fund to preserve the future solvency of the FHA program.
• amends ← An amendment numbered 4 printed in House Report 110-330 to clarify requirements on reverse mortgages for seniors who own permanent foundation homes on leased land.
• amends ← An amendment numbered 3 printed in House Report 110-330 to allow qualified down payment assistance providers to participate in the FHA Program if certain conditions are satisfied (i.e. no obligation for mortgagor to repay and net worth requirement). The Secretary shall consider as cash or its equivalent any amounts gifted by a family member, the mortgagor's employer or labor union, or a qualified homeownership assistance entity, but only if there is no obligation on the part of the mortgagor to repay the gift.
• amends ← An amendment numbered 2 printed in House Report 110-330 to raise the FHA single family loan limit, by establishing such limit in each area as the lower of (a) 125% of the local median area home price or (b) 175% of the national GSE conforming loan limit; retain the FHA loan floor provision in the reported bill of 65% of the GSE conforming loan limit; and also gives HUD authority to raise these resulting loan limit amounts by up to $100,000 by area and/or by unit size `if market conditions warrant.'.
• amends ← An amendment numbered 5 printed in House Report 110-330 to strike the allowable use of FHA savings for an affordable housing fund.
• amends ← An amendment numbered 6 printed in House Report 110-330 to require the Secretary to ensure that the mortgagor receives counseling at the time of application.

Showing 9 of 10 related records.