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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 787 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 787

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

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            February 2, 2009

  Mr. Frank of Massachusetts introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
To make improvements in the Hope for Homeowners Program, 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. CHANGES TO HOPE FOR HOMEOWNERS PROGRAM.

    Section 257 of the National Housing Act (12 U.S.C. 1715z-23) is 
amended--
            (1) in subsection (e)--
                    (A) in paragraph (1), by striking subparagraph (B);
                    (B) in paragraph (2)(B), by striking ``90 percent'' 
                and inserting ``93 percent'';
                    (C) by striking paragraph (7); and
                    (D) by redesignating paragraphs (8), (9), (10), and 
                (11) as paragraphs (7), (8), (9), and (10), 
                respectively;
            (2) in subsection (h)(2), by striking ``, or in any case in 
        which a mortgagor fails to make the first payment on a 
        refinanced eligible mortgage'';
            (3) by striking subsection (i) and inserting the following 
        new subsection:
    ``(i) Annual Premiums.--
            ``(1) In general.--For each refinanced eligible mortgage 
        insured under this section, the Secretary shall establish and 
        collect an annual premium in an amount equal to not less than 
        0.55 percent of the amount of the remaining insured principal 
        balance of the mortgage and not more than 0.75 percent of such 
        remaining insured principal balance, as determined according to 
        a schedule established by the Board that assigns such annual 
        premiums based upon the credit risk of the mortgage.
            ``(2) Reduction or termination during mortgage term.--
        Notwithstanding paragraph (1), the Secretary may provide that 
        the annual premiums charged for refinanced eligible mortgages 
        insured under this section are reduced over the term of the 
        mortgage or that the collection of such premiums is 
        discontinued at some time during the term of the mortgage, in a 
        manner that is consistent with policies for such reduction or 
        discontinuation of annual premiums charged for mortgages in 
        accordance with section 203(c).'';
            (4) in subsection (k)--
                    (A) by striking the subsection heading and 
                inserting ``Exit Fee'';
                    (B) in paragraph (1), in the matter preceding 
                subparagraph (A), by striking ``such sale or 
                refinancing'' and inserting ``the mortgage being 
                insured under this section''; and
                    (C) by striking paragraph (2);
            (5) in subsection (s)(3)(A)(ii), by striking ``subsection 
        (e)(1)(B) and such other'' and inserting ``such'';
            (6) in subsection (v), by inserting after the period at the 
        end the following: ``The Board shall conform documents, forms, 
        and procedures for mortgages insured under this section to 
        those in place for mortgages insured under section 203(b) to 
        the maximum extent possible consistent with the requirements of 
        this section.'';
            (7) in subsection (w)(1)(C), by striking ``(e)(4)(A)'' and 
        inserting ``(e)(3)(A)''; and
            (8) by adding at the end the following new subsection:
    ``(x) Payment to Existing Loan Servicer.--The Board may establish a 
payment to the servicer of the existing senior mortgage for every loan 
insured under the HOPE for Homeowners Program.''.
                                 <all>
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