Expanding American Homeownership Act of 2007

Bill: 110-hr-1752
Sponsor: Rep. Biggert, Judy [R-IL-13]
Introduced: 2007-03-29 in the House
Policy area: Housing and Community Development
Subjects: Apartment houses
Auditing
Condominium (Housing)
Congress
Congressional oversight
Congressional reporting requirements
Correspondent banks
Disaster relief
Disasters
Economics and Public Finance
Emergency Management
Federally-guaranteed loans
Finance and Financial Sector
Government Operations and Politics
Government paperwork
Government trust funds
Hawaii
Hawaiians
Home equity conversion
Home ownership
Home repair and improvement
Housing finance
Housing for the aged
Indian housing
Insurance premiums
Loan defaults
Management information systems
Minorities
Mortgage banks
Mortgage guaranty insurance
Mortgages
Native Americans
Prices
Real estate agents
Real estate appraisal
Risk
Science, Technology, Communications
Single family housing
Social Welfare

Summary:
action_date: 2007-03-29
text: 
Expanding American Homeownership Act of 2007 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal loan obligation; (2) extend the mortgage term; and (3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance.
 
Directs the Secretary of Housing and Urban Development (HUD) to reinstate the current downpayment requirement in the event of increased defaults.
 
Authorizes the Secretary to establish a mortgage insurance premium structure involving a single premium payment collected prior to the insurance of the mortgage that may vary during the mortgage term as long as the basis for determining the variable rate is established before the execution of the mortgage. Sets forth maximum up-front premium amounts.
 
Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain HUD-insured blanket mortgage.
 
Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Limits the authority of the Secretary to enter into commitments for loan guarantees.
 
Makes insurance of a Native Hawaiian or Indian reservation mortgage the obligation of the MMI Fund (instead of the General Insurance Fund).
 
Eliminates the limitation placed upon the aggregate number of home equity conversion mortgages insured under the Act.
 
Authorizes the Secretary to insure a home equity conversion mortgage when its primary purpose is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy one of the units.
 
Authorizes the Secretary to enter into agreements to insure temporarily certain mortgages for a single family residence located within a presidentially declared major disaster area.
 
Redefines mortgagee to allow participation in the federal mortgage insurance program by state-licensed mortgage brokers and correspondent lenders who make, underwrite, or service mortgage loans.


Legislative actions:
action_date: 2007-04-18
text: Referred to the Subcommittee on Housing and Community Opportunity.
action_date: 2007-03-29
text: Referred to the House Committee on Financial Services.
action_date: 2007-03-29
text: Introduced in House
action_date: 2007-03-29
text: Introduced in House