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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2034 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2034

To permit refinancing of certain loans under the Rural Housing Service 
program for guaranteed loans for rural housing, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 22, 2009

  Mr. Clay (for himself, Mr. Frank of Massachusetts, Ms. Waters, Mr. 
    Hinojosa, Mr. Gutierrez, Mr. Meeks of New York, and Mr. Hodes) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL

 
To permit refinancing of certain loans under the Rural Housing Service 
program for guaranteed loans for rural housing, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rural Homeowners Protection Act of 
2009''.

SEC. 2. SINGLE FAMILY HOUSING LOAN GUARANTEE PROGRAM.

    Subsection (h) of section 502 of the Housing Act of 1949 (42 U.S.C. 
1472(h)) is amended--
            (1) in paragraph (5)(A), by striking ``paragraph (13)'' and 
        inserting ``paragraph (15)'';
            (2) in paragraph (8), by striking ``1 percent'' and 
        inserting ``2 percent'';
            (3) in paragraph (9), by striking ``Refinancing'' and 
        inserting ``Modification of guaranteed loans'';
            (4) in paragraph (14)--
                    (A) by striking ``Guarantees for refinancing 
                loans'' and inserting ``Refinancing of loans made or 
                guaranteed by secretary''; and
                    (B) in subparagraph (E)--
                            (i) by striking ``(10)'' and inserting 
                        ``(12)''; and
                            (ii) by striking ``(13)'' and inserting 
                        ``(9) or of paragraphs (11) through (14)'';
            (5) by redesignating paragraphs (10), (11), (12), (13), and 
        (14) as paragraphs (12), (13), (14), (15), and (10), 
        respectively;
            (6) by transferring and inserting paragraph (10), as so 
        redesignated by paragraph (5) of this subsection, after 
        paragraph (9); and
            (7) by inserting after paragraph (10), as so redesignated 
        and transferred by paragraphs (5) and (6) of this subsection, 
        the following new paragraph:
            ``(11) Refinancing of loans made by private sector 
        lenders.--
                    ``(A) Authority.--The Secretary may, in accordance 
                with this paragraph, guarantee a loan made to refinance 
                a loan made by a private lender to an individual to 
                acquire or construct a single-family residence.
                    ``(B) Eligibility.--Except as provided in 
                subparagraph (C), all requirements of this subsection 
                shall apply to loans guaranteed and loan guarantees 
                made under this paragraph.
                    ``(C) Guarantee fee.--Notwithstanding paragraph 
                (8), the Secretary shall charge a guarantee fee with 
                respect to loans guaranteed under this paragraph at 
                levels necessary, but no higher than needed, to allow 
                such class of loans to be guaranteed without resulting 
                in a need for an appropriation for a credit subsidy.''.
                                 <all>
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