Expanding American Homeownership Act of 2006

Summary

Expanding American Homeownership Act of 2006 - 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. Authorizes the Secretary of Housing and Urban Development (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. Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain blanket mortgage insured by the Secretary. Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Sets limitations upon the Secretary's authority to enter into commitments for loan guarantees. 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 1-to 4 family dwelling in which the mortgagor will occupy one of the units. Authorizes the Secretary to enter into agreements to insure temporarily certain mortgages for a single family residence located within a presidentially declared major disaster area.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 26 July 2006

  ViewDownloadOpen at official source

• Referred in Senate (PDF)

  Referred in Senate · EN · 26 July 2006

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN · 25 July 2006

  ViewDownloadOpen at official source

• Engrossed in House (PDF)

  Engrossed in House · EN · 25 July 2006

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 25 July 2006

  Open at official source

• Reported in House (text)

  Reported in House · EN · 20 July 2006

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 20 July 2006

  ViewDownloadOpen at official source

• Reported to House with amendment(s)

  summary · EN · 20 July 2006

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 6 April 2006

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 6 April 2006

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 6 April 2006

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.