Housing Financial Literacy Act of 2014

Bill: 113-hr-4462
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2014-04-10
Policy area: Housing and Community Development
Subjects: Financial literacy

Housing finance and home ownership

Life, casualty, property insurance
Latest action: action_date: 2014-04-10
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-04-10
action_desc: Introduced in House
text: <p>Housing Financial Literacy Act of 2014 - Amends the National Housing Act to revise the single insurance premium payment for a mortgage (secured by a one- to four-family dwelling that is an obligation of the Mutual Mortgage Insurance Fund) of a first-time homebuyer who completes a program of counseling on the responsibilities and financial management involved in homeownership that is approved by the Secretary of Housing and Urban Development (HUD).</p> <p>Repeals the current maximum premium payment of 2.75% of the amount of the mortgage's original insured principal obligation.</p> <p>Sets the single mortgage insurance premium payment at 25 basis points lower than the premium payment amount otherwise established.<BR> </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4462 IN THE HOUSE OF REPRESENTATIVES April 10, 2014 Mrs. Beatty (for herself, Mr. Stivers , Mr. Hinojosa , Ms. Waters , Mrs. Carolyn B. Maloney of New York , Mr. Clay , Mr. Meeks , Mr. Rangel , Ms. Fudge , Mr. Gutiérrez , Ms. Linda T. Sánchez of California , Mr. Cárdenas , Ms. Sewell of Alabama , Mr. Connolly , Mr. Heck of Washington , Mr. Swalwell of California , Ms. Lee of California , Ms. Jackson Lee , Ms. Eddie Bernice Johnson of Texas , Ms. Edwards , Mr. Ryan of Ohio , and Mr. Johnson of Georgia ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.

1. Short title This Act may be cited as the Housing Financial Literacy Act of 2014 . 2. Discount on mortgage insurance premium payments for first-time homebuyers who complete financial literacy housing counseling programs The second sentence of subparagraph (A) of section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended by striking not exceed 2.75 percent of the amount of the original insured principal obligation of the mortgage and inserting be 25 basis points lower than the premium payment amount established by the Secretary under the first sentence of this subparagraph .