IIB 
111TH CONGRESS 
1ST SESSION H. R. 2034 
IN THE SENATE OF THE UNITED STATES 
JULY 30, 2009 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To permit refinancing of certain loans under the Rural Hous-
ing Service program for guaranteed loans for rural hous-
ing, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Rural Homeowners 
Protection Act of 2009’’. 
SEC. 2. SINGLE FAMILY HOUSING LOAN GUARANTEE PRO-
GRAM. 
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 ‘‘REFI-
NANCING’’ and inserting ‘‘MODIFICATION OF GUAR-
ANTEED LOANS’’; 
(4) in paragraph (14)— 
(A) by striking ‘‘GUARANTEES FOR REFI-
NANCING LOANS’’ and inserting ‘‘REFINANCING 
OF
LOANS
MADE
OR
GUARANTEED
BY
SEC-
RETARY’’; 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)’’; 
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(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 re-
designated and transferred by paragraphs (5) and 
(6) of this subsection, the following new paragraph: 
‘‘(11) REFINANCING OF LOANS MADE BY PRI-
VATE SECTOR LENDERS.— 
‘‘(A) AUTHORITY.—The Secretary may, in 
accordance with this paragraph, guarantee a 
loan made to refinance a loan made by a pri-
vate lender to an individual to acquire or con-
struct a single-family residence. 
‘‘(B) ELIGIBILITY.—Except as provided in 
subparagraph (C), all requirements of this sub-
section 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 
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to be guaranteed without resulting in a need for 
an appropriation for a credit subsidy.’’. 
Passed the House of Representatives July 29, 2009. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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