Housing Financial Literacy Act of 2015

Bill: 114-hr-1908
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2015-04-21
Policy area: Housing and Community Development
Subjects: Financial literacy

Housing finance and home ownership

Life, casualty, property insurance
Latest action: action_date: 2015-04-22
text: Sponsor introductory remarks on measure. (CR E559)

Summaries:
action_date: 2015-04-21
action_desc: Introduced in House
text: <p><b>Housing Financial Literacy Act of 2015 </b></p> <p> 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.</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.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1908 IN THE HOUSE OF REPRESENTATIVES April 21, 2015 Mrs. Beatty (for herself, Mr. Stivers , Mr. Hinojosa , Ms. Sewell of Alabama , Mrs. Carolyn B. Maloney of New York , Ms. Moore , Ms. Edwards , Mr. Conyers , Ms. Kelly of Illinois , Mr. Heck of Washington , Mr. Cárdenas , Mrs. Watson Coleman , Mr. Al Green of Texas , Mr. Rangel , Ms. Hahn , Ms. Norton , Mr. Cummings , Mr. Fattah , Mr. David Scott of Georgia , Mr. Clay , Ms. Fudge , Ms. Kaptur , and Mr. Carson of Indiana ) 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 2015 . 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 .