To make improvements in the Hope for Homeowners Program, and for other purposes.

Summary

Amends the National Housing Act to revise requirements governing the HOPE for Homeowners Program. Repeals the requirement that the current borrower have, or is likely to have, a mortgage debt-to-income ratio greater than 31% (or any higher amount the Federal Home Loan Bank Board determines appropriate). Increases from 90% to 93% of a property's appraised value the cap on the principal obligation amount of a refinanced eligible insured mortgage. Repeals the prohibitions on: (1) second liens; and (2) payment of insurance benefits to a mortgagee in any case in which a mortgagor fails to make the first payment on a refinanced eligible mortgage. Reduces the annual premium for a refinanced eligible insured mortgage, and allows its further reduction or termination during the mortgage term. Repeals the entitlement of the Secretary of Housing and Urban Development and the mortgagor of an eligible insured mortgage, upon any sale or disposition of the subject property, to 50% of any appreciation in the property's appraised value since the date that the mortgage was insured. Authorizes the Federal Home Loan Bank Board to establish a payment to the servicer of the existing senior mortgage for every loan insured under the HOPE for Homeowners Program.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 10 February 2009

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• Reported in House (PDF)

  Reported in House · EN · 10 February 2009

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• Reported to House with amendment(s)

  summary · EN · 10 February 2009

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• Introduced in House (text)

  Introduced in House · EN · 2 February 2009

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• Introduced in House (PDF)

  Introduced in House · EN · 2 February 2009

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• Introduced in House

  summary · EN · 2 February 2009

  Open at official source

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