SAFE Act

Bill: 110-s-2734
Sponsor: Sen. Bond, Christopher S. [R-MO]
Introduced: 2008-03-07 in the Senate
Policy area: Housing and Community Development
Subjects: Administrative procedure
Afghanistan
Apartment houses
Armed Forces and National Security
Bonds
Commerce
Condominium (Housing)
Congress
Congressional investigations
Congressional reporting requirements
Consumer credit
Cooperative housing
Counseling
Damages
Department of the Treasury
Economics and Public Finance
Energy
Energy efficiency
Federal aid to housing
Federally-guaranteed loans
Fees
Finance and Financial Sector
Foreclosure
Fraud
Government Operations and Politics
Government trust funds
Hawaiians
Home equity conversion
Home ownership
Income tax
Indexing (Economic policy)
Indian housing
Insurance premiums
Iraq
Iraq compilation
Law
Leases
Liability (Law)
Loan defaults
Losses
Middle East and North Africa
Military operations
Minimum tax
Minorities
Mobile homes
Mortgage guaranty insurance
Mortgage interest rates
Mortgages
Performance measurement
Rental housing
Residential rehabilitation
Single family housing
Social Welfare
South Asia
Tax credits
Tax deductions
Taxation
Trusts and trustees

Summary:
action_date: 2008-03-07
text: 
Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans.
 
Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling.
 
Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit.
 
Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act.
 
Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain adjustments to the alternative (minimum) tax net operating loss deduction.
 
Amends the Servicemembers Civil Relief Act of 1940 to expand the period of moratorium on foreclosure sales after a servicemember's service.
 
Requires the Secretary of Defense to develop a program for mortgage foreclosure prevention counseling for members of the Armed Forces returning from service abroad.
 
FHA Modernization Act of 2008 - Amends the National Housing Act (NHA) to: (1) revise requirements for the maximum principal loan obligation eligible for mortgage insurance, as well as the cash investment requirement; and (2) prohibit seller-funded downpayment assistance.
 
Replaces the General Insurance Fund (GIF) with the Mutual Mortgage Insurance (MMI) Fund as the depository of all funds involved in rehabilitation loans for one- to four-family structures.
 
Eliminates the limitation on the aggregate number of home equity conversion mortgages (HECMs) for elderly homeowners insured under the Act. Authorizes the Secretary of Housing and Urban Development (HUD) to insure HECMs. Establishes a single national loan limit for HECMs.
 
Amends the Energy Policy Act of 1992 to raise the cap on the price of cost-effective energy efficiency improvements under the energy efficiency mortgages program.
 
Amends the NHA to require the Secretary to establish a pilot program for an automated process to provide alternative credit rating information on mortgagors and prospective mortgagors.
 
Amends the Housing and Urban Development Act of 1968 to revise post-purchase housing counseling eligibility requirements.
 
Directs the Secretary to establish a pre-purchase homeownership counseling demonstration program.
 
Places limitations on mortgage insurance premium increases.
 
Imposes a one-year moratorium on implementation by the Secretary of certain risk-based premiums.
 
FHA Manufactured Housing Loan Modernization Act of 2008 - Amends the National Housing Act regarding FHA housing loan insurance for manufactured homes (or lots for such homes).
 
Increases manufactured home loan limits, requiring annual indexing.
 
Sets forth borrower premium charges.
 
Amends the NHA to apply the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured home financed with an FHA-insured loan or extension of credit and related services.
 
Prescribes certain lease requirements as prerequisites for HUD insurance of any loan, advance of credit, or purchase of such a loan or credit to finance a manufactured home intended to be located in a manufactured home community under a lease.


Legislative actions:
action_date: 2008-03-11
text: Star Print ordered on the bill.
action_date: 2008-03-10
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 613.
action_date: 2008-03-07
text: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2008-03-07
text: Sponsor introductory remarks on measure. (CR S1743-1744)
action_date: 2008-03-07
text: Introduced in Senate