478 
(b) WAIVER.—The Secretary of Housing and Urban 
Development may waive the 30-day notice requirement 
under subsection (a)(2), if the Secretary determines that 
waiting 30-days before increasing premiums would cause 
substantial damage to the solvency of multifamily housing 
programs under the National Housing Act. 
SEC. 2131. SAVINGS PROVISION. 
Any mortgage insured under title II of the National 
Housing Act before the date of enactment of this subtitle 
shall continue to be governed by the laws, regulations, or-
ders, and terms and conditions to which it was subject on 
the day before the date of the enactment of this subtitle. 
SEC. 2132. IMPLEMENTATION. 
The Secretary of Housing and Urban Development 
shall by notice establish any additional requirements that 
may be necessary to immediately carry out the provisions 
of this subtitle. The notice shall take effect upon issuance. 
SEC. 2133. MORATORIUM ON IMPLEMENTATION OF RISK- 
BASED PREMIUMS. 
(a) IN GENERAL.—During the 12-month period begin-
ning on the date of enactment of this Act, the Secretary 
of Housing and Urban Development shall not enact, exe-
cute, or take any action to make effective the planned imple-
mentation of risk-based premiums, which are designed for 
mortgage lenders to offer borrowers an FHA-insured prod-
479 
uct that provides a range of mortgage insurance premium 
pricing, based on the risk that the insurance contract rep-
resents, as such planned implementation was set forth in 
the Notice published in the Federal Register on May 13, 
2008 (Vol. 73, No. 93, Pages 27703 through 27711)(effective 
July 14, 2008). 
(b) INSURANCE
OF MORTGAGES UNDER
THE NA-
TIONAL HOUSING ACT.—During the 12-month period be-
ginning on the date of enactment of this Act, the Secretary 
of Housing and Urban Development shall not enact, exe-
cute, or take any action to make effective the implementa-
tion of any other new risk-based premium product related 
to the insurance of any mortgage on a single family resi-
dence under title II of the National Housing Act, where the 
premium price for such new product is based in whole or 
in part on a borrower’s Decision Credit Score, as that term 
is defined in the Notice described under subsection (a), or 
any successor thereto. 
Subtitle B—Manufactured Housing 
Loan Modernization 
SEC. 2141. SHORT TITLE. 
This subtitle may be cited as the ‘‘FHA Manufactured 
Housing Loan Modernization Act of 2008’’. 
SEC. 2142. PURPOSES. 
The purposes of this subtitle are—
480 
(1) to provide adequate funding for FHA-insured 
manufactured housing loans for low- and moderate- 
income homebuyers during all economic cycles in the 
manufactured housing industry; 
(2) to modernize the FHA title I insurance pro-
gram for manufactured housing loans to enhance par-
ticipation by Ginnie Mae and the private lending 
markets; and 
(3) to adjust the low loan limits for title I man-
ufactured home loan insurance to reflect the increase 
in costs since such limits were last increased in 1992 
and to index the limits to inflation. 
SEC. 2143. EXCEPTION TO LIMITATION ON FINANCIAL IN-
STITUTION PORTFOLIO. 
The second sentence of section 2(a) of the National 
Housing Act (12 U.S.C. 1703(a)) is amended— 
(1) by striking ‘‘In no case’’ and inserting 
‘‘Other than in connection with a manufactured home 
or a lot on which to place such a home (or both), in 
no case’’; and 
(2) by striking ‘‘: Provided, That with’’ and in-
serting ‘‘. With’’.