To increase the flexibility of the Secretary of Housing and Urban Development with respect to the amount of premiums charged for FHA single family housing mortgage insurance, and for other purposes.

Bill: 111-hr-5981
Sponsor: Rep. Frank, Barney [D-MA-4]
Introduced: 2010-07-30 in the House
Policy area: Housing and Community Development
Subjects: Congressional oversight
Government lending and loan guarantees
Housing finance and home ownership

Summary:
action_date: 2010-07-30
text: 
Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund.
 
Authorizes the Secretary of Housing and Urban Development (HUD) to establish and collect annual premium payments of up to 1.5% of the remaining insured principal balance on such a dwelling. (Currently the Secretary is required to establish and collect annual premium payments of up to .5% of the remaining insured principal balance.)
 
Authorizes an annual premium of up to 1.55% of the remaining insured principal balance of any 30-year mortgage on such a dwelling involving an original principal obligation greater than 95% percent of such value. (Currently, an annual premium of up to 0.55% of the remaining insured principal balance on such a mortgage is required.)
 
Authorizes the Secretary to adjust the amount of any initial or annual premium through notice published in the Federal Register or mortgagee letter, which shall establish the effective date of any such adjustment.
 
Directs the Assistant Secretary of HUD who is the Federal Housing Commissioner to appear before specified congressional committees within 270 days after the enactment of this Act to discuss the finances, including premiums, of the Federal Housing Administration (FHA).

action_date: 2010-07-30
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund.
 
(Sec. 1) Authorizes the Secretary of Housing and Urban Development (HUD) to establish and collect annual premium payments of up to 1.5% of the remaining insured principal balance on such a dwelling. (Currently the Secretary is required to establish and collect annual premium payments of up to .5% of the remaining insured principal balance.)
 
Authorizes an annual premium of up to 1.55% of the remaining insured principal balance of any 30-year mortgage on such a dwelling involving an original principal obligation greater than 95% percent of such value. (Currently, an annual premium of up to 0.55% of the remaining insured principal balance on such a mortgage is required.)
 
Authorizes the Secretary to adjust the amount of any initial or annual premium through notice published in the Federal Register or mortgagee letter, which shall establish the effective date of any such adjustment.
 
(Sec. 2) Directs the Assistant Secretary of HUD who is the Federal Housing Commissioner to appear before specified congressional committees within 270 days after the enactment of this Act to discuss the finances, including premiums, of the Federal Housing Administration (FHA).

action_date: 2010-08-04
text: 

(This measure has not been amended since it was introduced. The expanded summary of the House passed version is repeated here.)

 
Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund.
 
(Sec. 1) Authorizes the Secretary of Housing and Urban Development (HUD) to establish and collect annual premium payments of up to 1.5% of the remaining insured principal balance on such a dwelling. (Currently the Secretary is required to establish and collect annual premium payments of up to .5% of the remaining insured principal balance.)
 
Authorizes an annual premium of up to 1.55% of the remaining insured principal balance of any 30-year mortgage on such a dwelling involving an original principal obligation greater than 95% percent of such value. (Currently, an annual premium of up to 0.55% of the remaining insured principal balance on such a mortgage is required.)
 
Authorizes the Secretary to adjust the amount of any initial or annual premium through notice published in the Federal Register or mortgagee letter, which shall establish the effective date of any such adjustment.
 
(Sec. 2) Directs the Assistant Secretary of HUD who is the Federal Housing Commissioner to appear before specified congressional committees within 270 days after the enactment of this Act to discuss the finances, including premiums, of the Federal Housing Administration (FHA).

action_date: 2010-08-11
text: 

(This measure has not been amended since it was introduced. The expanded summary of the House passed version is repeated here.)

 
Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund.
 
(Sec. 1) Authorizes the Secretary of Housing and Urban Development (HUD) to establish and collect annual premium payments of up to 1.5% of the remaining insured principal balance on such a dwelling. (Currently the Secretary is required to establish and collect annual premium payments of up to .5% of the remaining insured principal balance.)
 
Authorizes an annual premium of up to 1.55% of the remaining insured principal balance of any 30-year mortgage on such a dwelling involving an original principal obligation greater than 95% percent of such value. (Currently, an annual premium of up to 0.55% of the remaining insured principal balance on such a mortgage is required.)
 
Authorizes the Secretary to adjust the amount of any initial or annual premium through notice published in the Federal Register or mortgagee letter, which shall establish the effective date of any such adjustment.
 
(Sec. 2) Directs the Assistant Secretary of HUD who is the Federal Housing Commissioner to appear before specified congressional committees within 270 days after the enactment of this Act to discuss the finances, including premiums, of the Federal Housing Administration (FHA).


Legislative actions:
action_date: 2010-08-11
text: Became Public Law No: 111-229.
action_date: 2010-08-11
text: Became Public Law No: 111-229.
action_date: 2010-08-11
text: Signed by President.
action_date: 2010-08-11
text: Signed by President.
action_date: 2010-08-10
text: Presented to President.
action_date: 2010-08-10
text: Presented to President.
action_date: 2010-08-05
text: Message on Senate action sent to the House.
action_date: 2010-08-04
text: Cleared for White House.
action_date: 2010-08-04
text: Passed Senate without amendment by Unanimous Consent.
action_date: 2010-08-04
text: Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
action_date: 2010-08-04
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S6741)
action_date: 2010-08-04
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.(consideration: CR S6741)
action_date: 2010-08-02
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2010-07-30
text: Received in the Senate.
action_date: 2010-07-30
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2010-07-30
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H6468-6469)
action_date: 2010-07-30
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6468-6469)
action_date: 2010-07-30
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5981.
action_date: 2010-07-30
text: Considered under suspension of the rules. (consideration: CR H6468-6469)
action_date: 2010-07-30
text: Mr. Frank (MA) moved to suspend the rules and pass the bill.
action_date: 2010-07-30
text: Referred to the House Committee on Financial Services.
action_date: 2010-07-30
text: Introduced in House
action_date: 2010-07-30
text: Introduced in House

Enacted as: number: 111-229