(6) in subsection (v), by inserting after the pe-
riod at the end the following: ‘‘The Board shall con-
form documents, forms, and procedures for mort-
gages insured under this section to those in place for 
mortgages insured under section 203(b) to the max-
imum extent possible consistent with the require-
ments 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 sub-
section: 
‘‘(x) PAYMENT TO EXISTING LOAN SERVICER.—The 
Board may establish a payment to the servicer of the exist-
ing senior mortgage for every loan insured under the 
HOPE for Homeowners Program.’’. 
SECTION 1. CHANGES TO HOPE FOR HOMEOWNERS PRO-
GRAM. 
Section 257 of the National Housing Act, as added by 
section 1402(a) of Public Law 110–289, (12 U.S.C. 1715z– 
23) is amended— 
(1) in subsection (e)— 
(A) by striking paragraph (1) and inserting 
the following: 
‘‘(1) BORROWER CERTIFICATION.— 
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‘‘(A) NO INTENTIONAL DEFAULT OR FALSE 
INFORMATION.—The mortgagor shall provide a 
certification to the Secretary that the mortgagor 
has not intentionally defaulted on the existing 
mortgage or mortgages and has not knowingly, 
or willfully and with actual knowledge, furnished 
material information known to be false for the 
purpose of obtaining any eligible mortgage. 
‘‘(B) LIABILITY
FOR
REPAYMENT.—The 
mortgagor shall agree in writing that the mort-
gagor shall be liable to repay to the Secretary 
any direct financial benefit achieved from the re-
duction of indebtedness on the existing mortgage 
or mortgages on the residence refinanced under 
this section derived from misrepresentations 
made by the mortgagor in the certifications and 
documentation required under this paragraph, 
subject to the discretion of the Oversight Board.’’. 
(B) in paragraph (2)(B), by striking ‘‘90 
percent’’ and inserting ‘‘93 percent’’; 
(C) by striking paragraph (7); 
(D) in paragraph (9)— 
(i) by striking ‘‘by procuring (A) an 
income tax return transcript of the income 
tax returns of the mortgagor, or(B)’’ and 
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inserting ‘‘in accordance with procedures 
and standards that the Board shall estab-
lish, which may include requiring the mort-
gagee to procure’’; and 
(ii) by striking ‘‘and by any other 
method, in accordance with procedures and 
standards that the Board shall establish’’; 
(E) by redesignating paragraphs (8), (9), 
(10), and (11) as paragraphs (7), (8), (9), and 
(10), respectively; and 
(F) by adding after paragraph (10) (as so 
redesignated by subparagraph (E) of this para-
graph) the following new paragraph: 
‘‘(11) BAN
ON
MILLIONAIRES.—The mortgagor 
shall not have a net worth, as of the date the mort-
gagor first applies for a mortgage to be insured under 
the Program under this section, that exceeds 
$1,000,000.’’; 
(2) in subsection (h)(2), by striking ‘‘, or in any 
case in which a mortgagor fails to make the first pay-
ment on a refinanced eligible mortgage’’; 
(3) by striking subsection (i) and inserting the 
following new subsection: 
‘‘(i) ANNUAL PREMIUMS.— 
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‘‘(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 pre-
miums charged for mortgages in accordance with sec-
tion 203(c).’’; 
(4) in subsection (k)— 
(A) by striking the subsection heading and 
inserting ‘‘EXIT FEE’’ ; 
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(B) in paragraph (1), in the matter pre-
ceding 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 ‘‘sub-
section (e)(1)(B) and such other’’ and inserting 
‘‘such’’; 
(6) in subsection (v), by inserting after the pe-
riod at the end the following: ‘‘The Board shall con-
form documents, forms, and procedures for mortgages 
insured under this section to those in place for mort-
gages 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 sub-
section: 
‘‘(x) PAYMENT TO EXISTING LOAN SERVICER.—The 
Board may establish a payment to the servicer of the exist-
ing senior mortgage for every loan insured under the HOPE 
for Homeowners Program in an amount, for each such loan, 
that does not exceed $1,000.’’. 
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VerDate Nov 24 2008 
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Union Calendar No. 4 
111TH CONGRESS 
1ST SESSION 
H. R. 787 
[Report No. 111–12] 
A BILL 
To make improvements in the Hope for 
Homeowners Program, and for other purposes. 
FEBRUARY 10, 2009 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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