FHA Single Family Housing Reform Act of 1996

Summary

TABLE OF CONTENTS: Title I: Product Flexibility and Insurance Title II: Claims and Property Disposition Reform Initiatives Title III: Streamlining Proposals FHA Single Family Housing Reform Act of 1996 - Title I: Product Flexibility and Insurance - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to establish: (1) alternative mortgage insurance premium structures; and (2) demonstrations of underwriting, premiums, and insurance products to expand home ownership opportunities. Extends Federal Housing Administration mortgage insurance authority. Title II: Claims and Property Disposition Reform Initiatives - Revises single family claims procedures. Title III: Streamlining Proposals - Revises eligibility and warranty provisions. Authorizes: (1) delegation of insuring authority to direct endorsement mortgagees; and (2) use of amounts borrowed from family for downpayments. Revises home equity conversion program provisions with respect to: (1) insurance limitations; and (2) consumer education requirements. Provides 100 percent condominium mortgage insurance for disasters. Repeals authority for Housing Insurance Fund expenditures to correct or compensate for substantial defects in mortgaged homes.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 June 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 27 June 1996

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• Introduced in House

  summary · EN · 27 June 1996

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