FHA Manufactured Housing Loan Modernization Act of 2006

Bill: 109-hr-4804
Sponsor: Rep. Tiberi, Patrick J. [R-OH-12]
Introduced: 2006-02-16 in the House
Policy area: Housing and Community Development
Subjects: Administrative procedure
Commerce
Department of Housing and Urban Development
Economics and Public Finance
Evidence (Law)
Federally-guaranteed loans
Finance and Financial Sector
Government Operations and Politics
Indexing (Economic policy)
Insurance premiums
Law
Mobile homes
Mortgage banks
Mortgage guaranty insurance
Mortgages
Prefabricated buildings
Standards

Summary:
action_date: 2006-02-16
text: 
FHA Manufactured Housing Loan Modernization Act of 2006 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes) to: (1) exempt such loans from certain financial institution portfolio limits; (2) establish loan-to-value ratio and downpayment requirements; (3) provide that any such contract shall be conclusive evidence of an institution's insurance eligibility; (4) increase loan limits; (5) set forth borrower premium charges; and (6) direct the Secretary of Housing and Urban Development to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.

action_date: 2006-07-19
text: 
FHA Manufactured Housing Loan Modernization Act of 2006 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes).
 
Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases.
 
Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.)
 
Increases loan limits, requiring annual indexing.
 
Sets forth borrower premium charges, including an up-front premium of up to 2.25% and an annual premium of up to 1%.
 
Revises requirements for the handling and disposal of any real or personal conveyed to or acquired by the Secretary of Housing and Urban Development (HUD), and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees.
 
Directs the Secretary of HUD to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.

action_date: 2006-07-25
text: 

(This measure has not been amended since it was reported to the House on July 19, 2006. The summary of that version is repeated here.)

 
 FHA Manufactured Housing Loan Modernization Act of 2006 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes).
 
Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases.
 
Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.)
 
Increases loan limits, requiring annual indexing.
 
Sets forth borrower premium charges, including an up-front premium of up to 2.25% and an annual premium of up to 1%.
 
Revises requirements for the handling and disposal of any real or personal conveyed to or acquired by the Secretary of Housing and Urban Development (HUD), and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees.
 
Directs the Secretary of HUD to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.


Legislative actions:
action_date: 2006-07-26
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2006-07-25
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2006-07-25
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 398). (text: CR H5731-5732)
action_date: 2006-07-25
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 398).(text: CR H5731-5732)
action_date: 2006-07-25
text: Considered as unfinished business. (consideration: CR H5743)
action_date: 2006-07-25
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2006-07-25
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4804.
action_date: 2006-07-25
text: Considered under suspension of the rules. (consideration: CR H5731-5734)
action_date: 2006-07-25
text: Mr. Gillmor moved to suspend the rules and pass the bill, as amended.
action_date: 2006-07-19
text: Placed on the Union Calendar, Calendar No. 332.
action_date: 2006-07-19
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 109-580.
action_date: 2006-07-19
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 109-580.
action_date: 2006-06-14
text: Committee Consideration and Mark-up Session Held.
action_date: 2006-06-08
text: Subcommittee Consideration and Mark-up Session Held.
action_date: 2006-03-21
text: Referred to the Subcommittee on Housing and Community Opportunity.
action_date: 2006-02-16
text: Referred to the House Committee on Financial Services.
action_date: 2006-02-16
text: Introduced in House
action_date: 2006-02-16
text: Introduced in House