Homeowners' Defense Act of 2007

Summary

Homeowners' Defense Act of 2007 - Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: (1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds, and state residual insurance market entities; (2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; and (3) act as a centralized repository of state risk information accessible by certain private-market participants. Instructs the Secretary of the Treasury to implement a national homeowners' insurance stabilization program to make liquidity loans and catastrophic loans to qualified reinsurance programs to: (1) ensure their solvency; (2) improve the availability and affordability of homeowners' insurance; (3) provide incentive for risk transfer to the private capital and reinsurance markets; and (4) spread the risk of catastrophic financial loss resulting from natural disasters and catastrophic events. Authorizes the Secretary to establish and collect, from qualified and precertified reinsurance programs, a reasonable fee to offset expenses of the program. Instructs the Secretary to require full repayment of all loans made under this Act.

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

Timeline

1. 6 November 2007

   Introduced

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

   Source: IntroReferral

2. 6 November 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 6 November 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 November 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 November 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 November 2007

  Open at official source

Sponsors

• Sen. Clinton, Hillary Rodham [D-NY] · D · Sponsor
• Rep. Nelson, Bill [D-FL-11] · D · Sponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Cosponsor
• Sen. Martinez, Mel [R-FL] · R · Cosponsor
• Sen. Obama, Barack [D-IL] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Homeowners' Defense Act of 2007