PoliticalRepoPoliticalRepo

United States · Bill · HR

H.R. 5830 (110th)

FHA Housing Stabilization and Homeownership Retention Act of 2008

openUnited States· United States Congress· EN

Introduced

17 April 2008

Last action

—

Status

Placed on the Union Calendar, Calendar No. 386.

Sponsors

—

Subjects

Discovery layer

Source updated

7 April 2025

Official sourceDownload fileView documentsShare

Summary

FHA Housing Stabilization and Homeownership Retention Act of 2008 - Amends the National Housing Act to create the Refinance Program Oversight Board, charged with establishing program and oversight requirements for the programs established under this Act. Instructs the Secretary of Housing and Urban Development (HUD) to insure any (homeownership retention) mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence. Declares that all penalties for prepayment of the existing mortgage, and all fees and penalties related to default or delinquency on all existing mortgages, shall be waived or forgiven. Sets forth terms for: (1) reduction of indebtedness under an existing senior mortgage; and (2) extinguishment of debt by refinancing. Requires any debt service payments due under a mortgage insured under this Act to be substantially reduced from the debt service payments due under the existing mortgage or mortgages. Requires the mortgage to provide that the HUD Secretary shall retain a lien on the residence which shall: (1) be subordinate to the mortgage insured under this Act but senior to all other existing mortgages on the residence; and (2) secure the repayment. Authorizes the Oversight Board to prohibit borrowers from granting a new second lien on the mortgaged property during the first five years of the term of the mortgage insured under this Act. Requires the mortgagee to document and verify the income of the mortgagor. Requires a mortgage insured under this Act to: (1) bear interest at a single fixed rate for the entire mortgage term; and (2) involve a principal obligation that does not exceed the limitation on the amount that would be allowable for a mortgage insured pursuant to the Economic Stimulus Act of 2008. Requires the Oversight Board to establish specified underwriting standards for mortgages insured under this Act, including a limitation on origination fees. Prohibits the aggregate original principal obligation of all mortgages insured under this Act from exceeding $300 billion. Directs: (1) the Oversight Board and the HUD Secretary to monitor independent quality reviews of designated underwriters and risk; and (2) the Inspector General of HUD to conduct an annual compliance audit of the mortgage insurance program under this Act. Requires the HUD Secretary to ensure that securities based on and backed by a pool or trust composed of mortgages insured under this Act are available to be guaranteed by the Government National Mortgage Association (GNMA) for timely payment of principal and interest. Makes the insurance of each mortgage under this Act the obligation of the Special Risk Insurance Fund. Directs the Board of Governors of the Federal Reserve System to study and report to specified congressional committees on the need for and efficacy of an auction or bulk refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under the National Housing Act.

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

6 official files

Reported in House (text)

View fileDownload file

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.