Housing and Economic Recovery Act of 2008

A bill to provide needed housing reform and for other purposes.

5/8/2008--House agreed to Senate amendment with amendment. American Housing Rescue and Foreclosure Prevention Act of 2008 - Title I: FHA Housing Stabilization and Homeownership Retention - FHA Housing Stabilization and Homeownership Retention Act of 2008 - Subtitle A: Homeownership Retention -
(Sec. 112) Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages. Instructs the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence. Sets forth mortgagor eligibility criteria, including mortgagor certification that:
(1) the residence is the only residence in which the mortgagor has any present ownership interest;
(2) the mortgagor has not intentionally defaulted on the existing mortgage, nor knowingly, willfully, and with actual knowledge furnished material information known to be false for the purpose of obtaining the existing mortgage. Requires waiver or forgiveness of all:
(1) prepayment penalties; and
(2) fees and penalties related to default or delinquency on existing mortgages. Sets forth terms for required:
(1) reduction of indebtedness under an existing senior mortgage;
(2) extinguishment of debt by refinancing; and
(3) treatment of multiple mortgage liens. Requires debt service payments due under a mortgage insured under this Act to be substantially reduced from the debt service payments due under the existing mortgage or mortgages. Requires the mortgage to provide that the HUD Secretary retain a lien on the residence which shall:
(1) be subordinate to the mortgage insured under this Act, but senior to all other existing mortgages on it; and
(2) secure the repayment. Instructs the Oversight Board to prohibit borrowers from granting a new second lien on the mortgaged property during the first five years the mortgage is insured under this Act. Requires the mortgagee to document and verify mortgagor income. Requires a mortgage insured under this Act to:
(1) bear interest at a single fixed rate for the entire mortgage term; and
(2) involve a principal obligation that does not exceed the limitation that would be allowable for a mortgage insured pursuant to the Economic Stimulus Act of 2008. Requires the Oversight Board to establish specified underwriting standards for mortgages insured under this Act, including a limitation on origination fees. Sets forth criteria for appraisal independence. Subjects violations of such criteria to civil monetary penalties. Prohibits the aggregate original principal obligation of all mortgages insured under this Act from exceeding $300 billion. Directs:
(1) the Oversight Board and the HUD Secretary to monitor independent quality reviews of designated underwriters; and
(2) the Inspector General of HUD to conduct an annual compliance audit of the mortgage insurance program under this Act. Requires the HUD Secretary to ensure that securities based on and backed by a pool or trust composed of mortgages insured under this Act are available to be guaranteed by the Government National Mortgage Association (GNMA) for timely payment of principal and interest. Makes the insurance of each mortgage under this Act the obligation of the Special Risk Insurance Fund established by this Act. Sets forth a sunset date of two years after enactment of this Act for commitments to insure under it. Authorizes appropriations for FY2008-FY2009, including specified funds earmarked for:
(1) counseling for veterans recently returning from active duty in the Armed Forces; and
(2) the Neighborhood Reinvestment Corporation (NRC). Repeals the limitation on the aggregate number of home equity conversion mortgages for elderly homeowners insured under this Act.
(Sec. 113) Directs the Board of Governors of the Federal Reserve System to study and report to specified congressional committees on the need for an auction or bulk refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under the NHA.
(Sec. 114) Establishes a temporary increase in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs.
(Sec. 115) Requires the Securities and Exchange Commission (SEC) to study and report to Congress on:
(1) fair value accounting standards applicable to financial institutions with respect to residential mortgages at risk of foreclosure and mortgage-backed securities involving such mortgages;
(2) the effects of such accounting standards upon such institutions' balance sheets and capacity to provide refinancing to residential mortgagors at risk of foreclosure, including residential mortgagors during periods of market value declines and increased foreclosures; and
(3) the advisability and feasibility of modifications of such standards during periods of market fluctuation in order to maintain the institution's ability to continue to carry mortgages on residential property at risk of foreclosure and assure the availability of credit to refinance such mortgages.
(Sec. 116) Instructs the Comptroller General of the United States to study and report to Congress on the effects of tightening credit markets upon prospective first-time homebuyers in selected communities that have been most detrimentally affected by subprime mortgage foreclosure crises and predatory mortgage lending. Subtitle B: Office of Housing Counseling - Expand and Preserve Home Ownership Through Counseling Act -
(Sec. 132) Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling.
(Sec. 133) Amends the Housing and Urban Development Act of 1968 to:
(1) prescribe homeownership and rental counseling procedures and requirements;
(2) direct the Secretary to make grants to qualified organizations for homeownership or rental counseling assistance; and
(3) require such organizations to use only HUD-certified counselors.
(Sec. 136) Directs the HUD Secretary to study and report to Congress on the root causes of home loan defaults and foreclosures, including the role of escrow accounts in helping prime and nonprime borrowers avoid defaults and foreclosures.
(Sec. 138) Amends the Real Estate Settlement Procedures Act of 1974 to require a revamping of a public information booklet regarding federally related mortgage loans, with specified contents. Subtitle C: Combating Mortgage Fraud -
(Sec. 151) Authorizes appropriations for FY2008-FY2012 for federal prosecution of mortgage fraud. Title II: FHA Reform and Manufactured Housing Loan Insurance Modernization - Subtitle A: FHA Reform - Expanding American Homeownership Act of 2008 -
(Sec. 203) Amends the NHA to:
(1) increase the maximum principal loan obligation on residential homes eligible for mortgage insurance;
(2) extend the mortgage term from 30 years to 40 years;
(3) modify downpayment standards;
(4) set a maximum premium payment for a mortgage for which any amounts are gifted by a qualified homeownership assistance entity at 3% of the original insured principal obligation;
(5) direct the HUD Secretary to establish underwriting standards for mortgage insurance for higher-risk borrowers; and
(6) authorize the Secretary to establish flexible risk-based mortgage insurance premium structure involving a single premium payment.
(Sec. 208) Sets forth:
(1) discretionary three-year and mandatory five-year payment incentives for higher-risk borrowers; and
(2) protections for higher-risk borrowers, including additional mandatory disclosures and counseling and a notice of the availability of foreclosure prevention counseling.
(Sec. 210) Requires the HUD Secretary to establish related underwriting standards and facilitate payment or prepayment (refinancing) of existing mortgages for borrowers:
(1) with either adverse terms or rates in such mortgages; or
(2) without access to mortgages at reasonable rates and terms because of adverse market conditions. Authorizes the HUD Secretary to insure mortgages to borrowers in default or at imminent risk of being in default, if such loans meet HUD-established underwriting standards.
(Sec. 211) Requires the HUD Secretary to collect information on default and foreclosure rates for HUD mortgage insurance, including actions taken for loss mitigation.
(Sec. 212) Increases the maximum mortgage amount limitation for a residence licensed and certificated to operate a child care facility.
(Sec. 213) Requires all funds received and disbursements with respect to rehabilitation loans to be credited or charged, as appropriate, to the Mutual Mortgage Insurance Fund (MMIF) (currently, to the General Insurance Fund).
(Sec. 215) Requires a multifamily condominium project to have an insured blanket mortgage in order for a one-family unit in the project to qualify for mortgage insurance. Increase from 35 to 40 years the term of such a mortgage. Provides for mortgage insurance for manufactured housing.
(Sec. 216) Limits the authority of the HUD Secretary to use the MMIF for mortgage loan guarantees for a particular fiscal year to the aggregate original principal loan amount specified in appropriations Acts for that fiscal year. Requires the Secretary to:
(1) provide for an annual independent actuarial study of the MMIF; and
(2) make quarterly reports to Congress..
(Sec. 217) Makes insurance of mortgages in Hawaiian home lands and Indian reservations obligations of the MMIF (currently, of the General Insurance Fund).
(Sec. 219) Revises requirements for insurance of home equity conversion mortgages for elderly homeowners. Includes among such insurable mortgages a leasehold under a lease with a term ending no earlier than the minimum number of years, as specified by the Secretary, beyond the actuarial life expectancy of the mortgagor or comortgagor, whichever is the later date. Limits the benefits of such mortgage insurance to 132% of a specified dollar amount limitation for a one-family residence. Permits insurance of such a mortgage when the primary purpose of the home equity conversion mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units. Allows insurance of subordinate mortgages or liens on cooperative dwelling units. Prohibits an applicant mortgagor from satisfying the third party adequate counseling requirement by receiving such counseling from a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals:
(1) the waiver of upfront premiums for insured mortgages whose total amount will be used only to fund long-term care insurance; and
(2) funding for counseling and consumer education and outreach. Instructs the HUD Secretary to:
(1) prescribe regulations protecting elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a condition of obtaining any home equity conversion mortgage;
(2) establish limits upon origination fees; and
(3) study and report to Congress on mortgage insurance premiums that insure home equity conversion mortgages for elderly homeowners. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to authorize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to deal in NHA-insured mortgages, notwithstanding certain limitations upon maximum original principal obligations.
(Sec. 220) Instructs the Comptroller General to study and report to Congress on the impact of financial audit and net worth requirements upon mortgage brokers and correspondent lenders, and specified related matters.
(Sec. 221) Revises the authority of the HUD Secretary to insure mortgages for disaster housing to increase the limit on the principal obligation by the amount of any initial service charges, appraisal, inspection, and other fees. Authorizes the HUD Secretary, after a presidential major disaster declaration, to enter, for up to 36 months, into agreements to insure a mortgage which involves a principal obligation of up to 100% of a specified dollar amount limitation for a single-family mortgage.
(Sec. 222) Establishes penalties for:
(1) failure by a mortgage servicer to make timely payments from escrow accounts; and
(2) submission of information to a consumer reporting agency regarding such failure that is adverse to the mortgagor's credit rating or interest. Prohibits the HUD Secretary from submitting such information to a consumer reporting agency.
(Sec. 223) Prescribes acceptable forms of identification for FHA mortgagors. Prohibits the Secretary from insuring a mortgage unless the mortgagor provides such identification.
(Sec. 224) Directs the HUD Secretary to implement a pilot program to make available to mortgagees an automated process for providing alternative credit rating information for actual and prospective mortgagors, under mortgages for one- to four-family residences to be insured, who have insufficient credit histories for determining their creditworthiness. Directs the Comptroller General to report to Congress on the number of additional mortgagors served using such automated process, and its impact upon the safety and soundness of the insurance funds under the NHA.
(Sec. 225) Expresses the sense of the Congress that:
(1) the HUD Secretary should use a portion of the funds received from premiums paid for FHA single family housing mortgage insurance that exceed the amounts paid out in claims to increase the funding for technology used in such FHA program;
(2) the goal of this investment should be to bring such technology up to or in excess of the level of technology used in the conventional mortgage lending market; and
(3) the HUD Secretary should report to Congress on progress made toward such goal and the resources needed for greater progress.
(Sec. 226) States that the Deficit Reduction Act of 2005 governing FHA asset disposition does not apply to a multifamily real property transaction for which:
(1) the HUD Secretary has received, before enactment of such Act, written expressions of interest in purchasing the property from both a city government and its housing commission;
(2) after such receipt, the Secretary acquires title to the property at a foreclosure sale; and
(3) such city government and housing commission have resolved a previous disagreement regarding disposition of the property.
(Sec. 227) Directs the Secretary to consider industry standard appraisal practices when determining market value during FY2008 of a multifamily property or for any multifamily loan for noncompetitive sale to a state or local governmental entity (including repair costs:
(1) to bring the property to minimum state and local code standards; and
(2) of maintaining the affordability restrictions upon the multifamily real property or multifamily loan).
(Sec. 228) Prohibits mortgage insurance premium increases above the level in effect on October 1, 2006, unless in the absence of such an increase the appropriation of new budget authority would be required to cover the costs of such insurance.
(Sec. 229) Establishes civil money penalties for improperly influencing appraisals in connection with an insured mortgage.
(Sec. 230) Requires the HUD Secretary to provide refunds of unearned mortgage insurance premium charges paid with respect to certain insured mortgages. Authorizes appropriations. Subtitle B: FHA Manufactured Housing Loan Insurance Modernization - FHA Manufactured Housing Loan Modernization Act of 2008 -
(Sec. 253) Exempts a manufactured home or its lot from the limitation on insurance for a financial institution's loans, advances of credit, and purchases.
(Sec. 254) Makes any contract of insurance with respect to loans, advances of credit, or purchases in connection with a manufactured home or its lot conclusive evidence of the institution's eligibility for insurance.
(Sec. 255) Increases maximum loan limits for such insurance.
(Sec. 256) Prescribes requirements for insurance premiums.
(Sec. 258) Directs the Secretary to establish insurance underwriting criteria for loans and advances of credit for such homes or lots.
(Sec. 259) Requires a borrower to have a valid Social Security account number in order for any obligation to be insured.
(Sec. 260) Instructs the Comptroller General to assess and report to Congress on how the HUD Secretary utilizes the FHA manufactured housing loan insurance program to mitigate tornado risks to manufactured housing residents and communities. Title III: Reform of Government-Sponsored Entities for Housing Finance - Federal Housing Finance Reform Act of 2008 - Subtitle A: Reform of Regulation of Enterprises and Federal Home Loan Banks - Chapter 1: Improvement of Safety and Soundness -
(Sec. 311) Amends the Housing and Community Development Act of 1992 to replace the Office of Federal Housing Enterprise Oversight (OFHEO) with the Federal Housing Finance Agency (Agency). Grants the Agency supervisory and regulatory authority over Fannie Mae, Freddie Mac, and the federal home loan banks (enterprises). Requires the Agency to have Deputy Directors:
(1) of the Division of Enterprise Regulation;
(2) of the Division of Federal Home Loan Bank Regulation; and
(3) for Housing. Requires the Agency Director to establish the position of Ombudsman. Instructs the Director to establish prudential management and operations standards for the enterprises.
(Sec. 313) Establishes the Federal Housing Enterprise Board to advise the Director on overall strategies and policies.
(Sec. 315) Authorizes the Director to require the enterprises to:
(1) report fraudulent financial transactions; and
(2) disclose charitable contributions they have made.
(Sec. 316) Prescribes annual assessments to be collected from the enterprises. Requires the Comptroller General to audit annually and report to Congress on the financial transactions of the Agency.
(Sec. 318) Revises the prohibition against excessive executive compensation for officers of the enterprises. Authorizes the Director to require a regulated entity to withhold any payment, transfer, or disbursement of compensation to an executive officer, or to place such compensation in an escrow account, during the review of the compensation's reasonableness and comparability.
(Sec. 320) Requires each regulated entity to either establish an Office of Minority and Women Inclusion, or designate an office responsible for diversity in management, employment, and business activities. Requires the Agency to take affirmative steps to seek diversity at all levels in its workforce consistent with the demographic diversity of the United States.
(Sec. 321) Repeals the requirement for congressional review of regulations proposed by the Director.
(Sec. 322) Declares that submission by any person to the Agency of any information for any purpose in the course of any supervisory or regulatory process shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under federal or state law as to any person or entity other than the Agency.
(Sec. 323) Revises requirements for risk-based capital levels for the enterprises, including federal home loan banks.
(Sec. 324) Prescribes minimum and critical capital levels for federal home loan banks and the enterprises. Empowers the Director to:
(1) increase temporarily the minimum capital level for a regulated entity;
(2) establish additional capital and reserve requirements for particular programs;
(3) review core capital maintained by such entities;
(4) review assets and liabilities of the entities and monitor their portfolios; and
(5) require disposition or acquisition of assets and liabilities by the enterprises.
(Sec. 326) Sets forth corporate governance and risk-management requirements for the enterprises, including a specified code of ethics.
(Sec. 327) Requires each of them to register at least one class of its stock with the SEC.
(Sec. 328) Amends the Federal Financial Institutions Examination Council Act of 1978 to require one representative of the Agency to sit on the liaison committee of the Federal Financial Institutions Examination Council.
(Sec. 329) Requires the Director to study and report to Congress on the pricing, transparency, and reporting of the enterprises with respect to guarantee fees and analogous practices, transparency, and reporting requirements of other participants in the mortgage purchasing and securitization business (including advances pricing practices by the federal home loan banks). Chapter 2: Improvement of Mission Supervision -
(Sec. 332) Instructs the Director to require the enterprises to obtain the Director's approval before offering a product. Sets forth approval standards and procedures, including expedited review.
(Sec. 333) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase the limitations governing the maximum original obligation of conventional mortgages purchased by Fannie Mae and Freddie Mac for 2008. Prescribes a formula for calculating such limitations for mortgages originated on or after January 1, 2009. Instructs the Director to establish and maintain a method of assessing the national average one-family house price (housing price index) for use in adjusting the conforming loan limitations of the enterprises. Requires the Comptroller General to audit the Director's methodology and report the results to certain congressional committees. Expresses the sense of Congress that:
(1) securitization of mortgages by the enterprises plays an important role in providing liquidity to the U.S. housing markets; and
(2) Congress encourages them to securitize mortgages acquired under the increased conforming loan limits established by this Act.
(Sec. 334) Requires the Director to report annually to specified congressional committees on the enterprises.
(Sec. 335) Requires the enterprises to report annually to Congress on affordable housing stock.
(Sec. 336) Requires the Director to establish and enforce standards that:
(1) prohibit the enterprises from the purchase, service, holding, selling, lending on the security of, or otherwise dealing with any mortgage on a one- to four-family residence that will be used as the principal residence of a mortgagor that does not have a Social Security number (mortgagor identification requirements); and
(2) prohibit the federal home loan banks from providing any advances to a member for use in financing, and from accepting as collateral for any advance to a member, any mortgage on a one- to four-family residence that will be used as the principal residence of the mortgagor that does not have such a number.
(Sec. 337) Instructs the Director to establish and report annually to Congress on annual single family and multifamily special affordable housing goals with respect to mortgage purchases by the enterprises. Authorizes an enterprise to petition the Director during a year to reduce the level of any goal for that year. Prescribes standards for such a goal reduction.
(Sec. 338) Amends the Housing and Community Development Act of 1992 to impose a duty upon the enterprises to serve underserved markets (rural markets and very low-, low-, and moderate-income families). Prescribes requirements for enterprise development of loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes.
(Sec. 339) Requires the Director to assign additional credit toward achievement of the housing goals for enterprise mortgage purchase activities that comply with such goals and support:
(1) environmental housing standards; and
(2) housing that includes a licensed childcare center. Sets forth penalties for noncompliance with housing goals.
(Sec. 340) Instructs the Director to establish an affordable housing fund with amounts allocated by the enterprises to:
(1) increase homeownership for extremely low-and very low-income families;
(2) increase investment in housing in low-income areas, including those designated as qualified census tracts or an area of chronic economic distress;
(3) increase and preserve the supply of rental and owner-occupied housing for extremely low- and very low-income families;
(4) invest in public infrastructure development; and
(5) leverage investments from other sources to affordable housing and its attendant public infrastructure development. Sunsets the affordable housing fund program after five years. Prohibits the enterprises from redirecting (passing through) costs to the originators of mortgages they purchased or securitized. Prescribes formulas for affordable housing needs allocations for Louisiana and Mississippi. Requires each grantee to establish an allocation plan. Cites Social Security, photo, REAL ID, passport, and USCIS photo identification requirements for recipients of affordable housing grants. Instructs the Comptroller General to study and report to Congress on the effects the affordable housing fund will have upon credit for homebuyers, including:
(1) the requirement that Fannie Mae and Freddie Mac make allocations to such fund based on the average total mortgage portfolios; and
(2) the extent to which the mandatory allocation costs will either be borne by such entities or will be passed on to homebuyers.
(Sec. 342) Specifies additional grounds for the issuance of cease-and-desist orders by the Director upon an enterprise. Chapter 3: Prompt Corrective Action -
(Sec. 345) Requires the Director to establish specified capital classification criteria for the federal home loan banks. Authorizes the Director to reclassify an enterprise in circumstances of rapidly depleting of core or total capital or engagement in unsafe or unsound practices.
(Sec. 346) Specifies regulatory actions for enterprises which are undercapitalized, including:
(1) mandatory monitoring;
(2) restricted asset growth; and
(3) prior approval of acquisitions, including new products and new activities.
(Sec. 347) Specifies management improvement actions, including dismissal of directors or executive officers and ordering the election of a new board, the Director must take with respect to a significantly undercapitalized enterprise. Prohibits any significantly undercapitalized enterprise, without the Director's prior approval, from paying an executive officer of the enterprise:
(1) any bonus; or
(2) any compensation exceeding the officer's average rate (excluding bonuses, stock options, and profit sharing) for the previous 12 months.
(Sec. 348) Changes from mandatory to discretionary the authority of the Director to appoint a conservator or receiver of a critically undercapitalized enterprise. Requires the Director to appoint the Agency as such conservator or receiver. Specifies circumstances and grounds for exercise of such authority, including grounds for mandatory receivership. Authorizes an enterprise to seek judicial review of the Agency's appointment as conservator or receiver. Revises procedures for a conservatorship or receivership. Specifies the Agency's powers as conservator or receiver. Chapter 4: Enforcement Actions -
(Sec. 351) Revises the Director's authority to issue charges and/or a temporary cease-and-desist order upon an enterprise or affiliated party for unsafe or unsound practices or violations of law. Authorizes the Director to deem an entity to be engaging in an unsafe or unsound practice if it receives a less-than-satisfactory rating in its most recent examination.
(Sec. 353) Authorizes a court, upon the application of the Director or the Attorney General, to issue a restraining order:
(1) prohibiting any person from disposing of any funds or other property of an enterprise (prejudgment attachment); and
(2) appointing a person temporarily to administer the order.
(Sec. 354) Authorizes the Director to apply for enforcement of a notice or order directly (currently, only through the Attorney General) to the U.S. District Court for the District of Columbia, or the U.S. district court within the jurisdiction of which the enterprise's headquarters are located.
(Sec. 355) Revises the three tiers of violations subject to civil money penalties. Increases such penalties.
(Sec. 356) Grants the Director removal, prohibition, and subpoena authority over an enterprise or affiliated party in violation of any law or order.
(Sec. 357) Subjects to criminal liability any person, subject to a removal order, who without the Director's prior written approval knowingly participates, directly or indirectly, in any manner in the affairs of any enterprise.
(Sec. 358) Authorizes the Director to apply directly for enforcement of any subpoena or subpoena duces tecum (currently, only through the Attorney General) to the appropriate U.S. District court. Chapter 5: General Provisions -
(Sec. 361) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to revise requirements governing the boards of the enterprises. Changes the number of board members for Fannie Mae and Freddie Mac from 18, of whom five must be appointed by the President, to 13, or any other number the Director determines appropriate. Eliminates presidential appointments. Requires all board members to be elected by the common stockholders.
(Sec. 362) Instructs the Director to report to Congress on portfolio operations, safety and soundness, and mission of the enterprises, including an analysis of potential systemic risk implications, the housing and capital markets, and the financial system of portfolio holdings.
(Sec. 364) Requires the Director to study and report to Congress on the effects upon financial and housing finance markets of alternatives to the current secondary market system for housing finance. Subtitle B: Federal Home Loan Banks -
(Sec. 372) Amends the Federal Home Loan Bank Act to:
(1) bring the federal home loan banks under Agency regulation;
(2) revise requirements governing membership, terms, and compensation of the board of directors;
(3) permit joint activities by the banks; and
(4) permit information sharing and voluntary mergers between such banks.
(Sec. 377) Exempts home loan banks from specified requirements of the Securities Exchange Act of 1934, the Securities Act of 1933, and related SEC regulations regarding:
(1) transactions in capital stock of such banks;
(2) bonds, debentures and other obligations of such banks;
(3) periodic reporting requirements; and
(4) tender offers in connection with transactions in capital stock of the banks.
(Sec. 378) Increases from $500 million to $1 billion the total asset requirement for a community financial institution member. Adds community development activities to the limited uses of a secured long-term advance from a federal home loan bank.
(Sec. 380) Instructs the Comptroller General to study and report to Congress and the Director on:
(1) the use of the affordable housing programs of the banks to determine the extent to which such programs are used to assist long-term care facilities for low- and moderate-income individuals; and
(2) the effectiveness and adequacy of such assistance in meeting the needs of affected communities. Subtitle C: Transfer of Functions, Personnel, and Property of Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board, and Department of Housing and Urban Development - Chapter 1: Office of Federal Housing Enterprise Oversight -
(Sec. 385) Abolishes the Office of Federal Housing Enterprise Oversight of HUD (OFHEO).
(Sec. 387) Transfers each OFHEO employee to the Agency. Chapter 2: Federal Housing Finance Board -
(Sec. 391) Abolishes the Federal Housing Finance Board.
(Sec. 393) Transfers each Board employee to the Agency. Chapter 3: Department of Housing and Urban Development -
(Sec. 395) Transfers specified enterprise-related functions, employees, and property from HUD and OFHEO to the Agency Director. Title IV: Emergency Mortgage Loan Modification - Emergency Mortgage Loan Modification Act of 2008 -
(Sec. 402) Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other mitigation actions will maximize the net present value to be realized over that which would be realized through foreclosure. Shields a servicer, acting in a manner consistent with such duty, from liability to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes (including any person obligated to make specified payments pursuant to a derivatives instrument). Defines "qualified loan modification or workout plan" as one that:
(1) is scheduled to remain in place until the borrower sells or refinances the property, or for at least five years from the date of adoption of the plan, whichever is sooner;
(2) does not provide for a repayment schedule that results in negative amortization; and
(3) does not require the borrower to pay additional points and fees. Defines "securitization vehicle" as a trust, corporation, partnership, limited liability entity, special purpose entity, or other structure that:
(1) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by an asset pool that includes residential mortgage loans; and
(2) holds such loans. Title V: Other Housing Provisions -
(Sec. 501) Amends the Home Owners' Loan Act to authorize investments by a federal savings and loan association to promote the public welfare through the provision of housing, services, and jobs that target low- and moderate-income communities or families. Prohibits such investment, however, if it would subject a federal savings association to unlimited liability to any person. Sets limitations upon such investments in the aggregate.
(Sec. 502) Permits the conversion of two specified HUD contracts to a contract for project-based rental assistance for low-income families upon request of the owner of the multifamily housing project subject to such contracts.
(Sec. 503) Declares eligible for low-income housing and enhanced housing voucher assistance the Heritage Apartments in Malden, Massachusetts.
(Sec. 504) Directs the HUD Secretary to transfer, upon owner request, certain rental assistance contracts on housing owned or managed by:
(1) Community Properties of Ohio Management Services LLC, or an affiliate of Ohio Capital Corporation for Housing, located in Franklin County, Ohio, to other properties located in such county; and
(2) The Model Group, Inc., located in Hamilton County, Ohio, to other properties located in such county.
(Sec. 505) Amends federal bankruptcy law to prohibit a governmental unit that operates a mortgage loan program from denying program benefits (including a loan guarantee or subsidy) to a disabled veteran who has been declared a debtor in bankruptcy, has been insolvent before commencement of a bankruptcy case, or meets related criteria. Title VI: Revenue and Other Provisions - Subtitle A: Housing Tax Incentives - Part 1: Multi-Family Housing - Subpart A: Low-Income Housing Tax Credit - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects.
(Sec. 601) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state.
(Sec. 602) Modifies rules for the low-income housing tax credit to:
(1) eliminate the distinction between new and existing buildings for purposes of such credit;
(2) establish a minimum credit rate for nonfederally subsidized buildings;
(3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating such credit; and
(4) revise basis rules for certain state buildings and community service facilities.
(Sec. 604) Repeals:
(1) the prohibition against providing low-income housing tax credits to properties receiving moderate rehabilitation assistance under the Housing Act of 1937; and
(2) bond posting requirements relating to the disposition of buildings for which a low-income housing tax credit was claimed. Requires states to consider the energy efficiency of a low-income housing project and its historical nature in allocating credit amounts among such projects. Extends eligibility for the low-income housing tax credit to students who receive foster care assistance under title IV (Grants to States for Aid and Services to Needy Families with Children and for Child-Welfare Services) of the Social Security Act. Subpart B: Modifications to Tax-Exempt Housing Bond Rules -
(Sec. 606) Modifies rules pertaining to tax-exempt housing bonds to:
(1) permit treatment of certain residential rental project bonds as refunding bonds regardless of any change in the obligors of such bonds; and
(2) allow continued eligibility for low-income housing tax benefits with respect to new tenants, students, and single-room occupancies. Subpart C: Reforms Related to the Low-Income Housing Credit and Tax-exempt Housing Bonds -
(Sec. 609) Requires that median gross income levels established for calendar years after 2008 for determining eligibility for low-income housing tax benefits remain at the same level as preceding calendar years.
(Sec. 610) Waives annual income recertification requirements for residents of low-income rental projects whose incomes do not exceed applicable limits. Part 2: Single Family Housing -
(Sec. 612) Allows first-time homebuyers a tax credit for 10% of the purchase price of a principal residence. Limits the dollar amount of such credit to $7,500.
(Sec. 613) Allows individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes. Part 3: General Provisions -
(Sec. 615) Authorizes in 2008 an additional $10 billion in the volume cap for issuing tax-qualified bonds for certain residential rental projects. Allows, until December 31, 2010, the use of mortgage bond proceeds to refinance certain subprime residential mortgage loans made between 2002 and 2008.
(Sec. 616) Exempts from the alternative minimum tax (AMT) tax-exempt interest on certain housing bonds. Allows low-income housing and rehabilitation tax credit amounts to offset AMT liability.
(Sec. 617) Allows certain municipal bonds that are guaranteed by federal home loan banks to qualify as tax-exempt bonds.
(Sec. 618) Sets forth an alternative procedure for furnishing a nonforeign affidavit in connection with the sale of a U.S. real property interest (USRPI) and the exemption from withholding of tax requirements. Allow a transferor of a USRPI to furnish a nonforeign affidavit to a qualified substitute (i.e., a person responsible for closing the transaction involving a USRPI or the transferee's agent). Denies an exemption from withholding of tax requirements if the qualified substitute or a transferee has actual knowledge that the nonforeign affidavit is false.
(Sec. 619) Increases from 35 to 50 the percentage of property that may be leased to a tax-exempt entity without affecting such property's allowable rehabilitation tax credit. Subtitle B: Reforms Related to Real Estate Investment Trusts - Part 1: Foreign Currency And Other Qualified Activities -
(Sec. 621) Amends the Internal Revenue Code relating to real estate investment trusts (REITs) to treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income. Revises income and asset tests for such REITs for purposes of determining REIT qualifying income. Part 2: Taxable REIT Subsidiaries -
(Sec. 625) Increase from 20 to 25% the the maximum value of a REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries. Part 3: Dealer Sales -
(Sec. 627) Reduces from four to two years the holding period for certain assets exempted from prohibited transaction rules for REITs.
(Sec. 628) Revises criteria for imposing an excise tax penalty for prohibited transactions for sales by REITs. Part 4: Health Care REITS -
(Sec. 630) Allows the treatment of rental payments by a health care facility to a taxable REIT subsidiary to be treated as qualifying REIT rental income. Part 5: Effective Dates -
(Sec. 632) Sets forth the effective dates for provisions of this Subtitle. Subtitle C: Revenue Provisions -
(Sec. 641) Requires brokers who are required to report gross proceeds from the sale of any publicly-traded security to report the holder's adjusted basis in such security and whether any gain or loss with respect to such security is long or short term.
(Sec. 642) Delays until 2010 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit.
(Sec. 643) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to:
(1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and
(2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 13%. Subtitle D: Coordination of Federal Housing Programs and Tax Incentives for Housing - Housing Tax Credit Coordination Act of 2008 -
(Sec. 652) Instructs the HUD Secretary to implement administrative and procedural changes to expedite approval of multifamily housing projects under HUD jurisdiction that meet HUD requirements, including:
(1) projects for which assistance is provided by HUD in conjunction with low-income housing tax credits or tax-exempt housing bonds; and
(2) existing public and assisted housing projects for which HUD approval is necessary for transactions involving project preservation or rehabilitation.
(Sec. 653) Amends the Housing Act of 1949 to direct the HUD Secretary to facilitate, for rehabilitation or preservation purposes, timely approval of requests to transfer ownership or control of certain multifamily farm housing projects assisted by the Secretary of Agriculture in conjunction with low-income housing tax credits, or tax-exempt housing bonds.
(Sec. 654) Amends the Department of Housing and Urban Development Reform Act of 1989 to exclude mortgage insurance from certain limits on HUD assistance to housing projects. Amends the National Housing Act to exempt from builders' costs certification requirements certain housing projects assisted with low-income housing tax credits. Prescribes procedures governing the treatment of mortgages executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity is provided through any low-income housing tax credit.
(Sec. 655) Amends specified housing law with respect to:
(1) an increase in contract term from 10 to 15 years for PHA project-based housing assistance payment contracts;
(2) housing assistance contracts for dwelling units in cooperative housing and high-rise elevator buildings;
(3) waiver of subsidy layering and environmental reviews for housing assistance payments contracts for existing structures;
(4) treatment of tax credit projects under voucher program rent reasonableness requirements;
(5) delegation to state or local housing agencies of processing authority for capital advances in connection with housing for the elderly;
(6) contract renewals in connection with a shelter for the homeless; and
(7) collection of information on tenants in tax credit projects. Authorizes FY2009-FY2013 appropriations for collection of such information. Subtitle E: Limitation on Sale, Foreclosure, or Seizure of Property Owned by Servicemembers -
(Sec. 661) Amends the Servicemembers Civil Relief Act to extend from 90 days to one year after the period of a servicemember's military service the period of protection against mortgage foreclosure.
(Sec. 662) Requires the mortgagor or loan servicer, in the case of a servicemember who defaults on a mortgage obligation for two consecutive months, to furnish the servicemember with a written financial disclosure describing the servicemember's liability for the period during which a sale, foreclosure, or seizure of the property is not valid. States that neither this Act, the National Bank Act, nor the Home Owners' Loan Act preempts state law regulating foreclosure of residential real property or the treatment of foreclosed property.


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Sponsor

• Rep. Nancy Pelosi [D, CA-8]
• and 18 Co-Sponsors
  • Rep. Xavier Becerra [D, CA-31]
  • Rep. James Clyburn [D, SC-6]
  • Rep. Rosa DeLauro [D, CT-3]
  • Rep. John Dingell [D, MI-15]
  • Rep. Rahm Emanuel [D, IL-5]
  • Rep. Barton Gordon [D, TN-6]
  • Rep. Steny Hoyer [D, MD-5]
  • Tom Lantos
  • Rep. John Larson [D, CT-1]
  • Rep. Edward Markey [D, MA-7]
  • Rep. George Miller [D, CA-7]
  • Rep. James Oberstar [D, MN-8]
  • Rep. Collin Peterson [D, MN-7]
  • Rep. Nick Rahall [D, WV-3]
  • Rep. Charles Rangel [D, NY-15]
  • Rep. Christopher Van Hollen [D, MD-8]
  • Rep. Nydia Velázquez [D, NY-12]
  • Rep. Henry Waxman [D, CA-30]
  close

Committees

• House Transportation and Infrastructure
• 11 more
  • House Agriculture
  • House Small Business
  • House Energy and Commerce
  • House Armed Services
  • House Foreign Affairs
  • House Oversight and Government Reform
  • House Education and Labor
  • House Natural Resources
  • House Science and Technology
  • House Education and Labor
  • House Education and Labor
  close

Amendments

This bill has 237 amendments. See All AmendmentsHide All Amendments

Amendments to H.R.3221

Number	Status	Purpose
H.Amdt743	Pass	An amendment numbered 1 printed in part B of House Report 110-300 to title IX would encourage natural gas utilities to plan for and prioritize energy efficiency. It requires state regulators to consider crafting rate policies that align utility revenue recovery measures with incentives for energy conservation.
H.Amdt744	Pass	An amendment numbered 2 printed in part B of House Report 110-300 to double the current level of funding for 2007 and 2008 for the weatherization assistance program in section 9034(a).
H.Amdt745	Pass	An amendment numbered 3 printed in part B of House Report 110-300 to title IX authorizes the Administrator of the EPA to enter into an arrangement with the Secretary of Education & the Secretary of Energy to conduct a study of how sustainable building features such as energy efficiency affect multiple perceived indoor environmental quality stressors on students in K-12 schools. The authorization for carrying out this section $200,000 for each of the fiscal years 2008 through 2012.
H.Amdt746	Pass	An amendment numbered 4 printed in Part B of House Report 110-300 to except boilers that operate without the need for electricity supply from the energy efficiency requirements in section 9003(4) of the bill, regarding appliance efficiency.
H.Amdt747	Pass	An amendment numbered 5 printed in Part B of House Report 110-300 to add a section to accelerate the adoption of geothermal heat pumps by the Federal government.
H.Amdt748	Pass	An amendment numbered 6 printed in Part B of House Report 110-300 to require electric suppliers, other than governmental entities and rural electric cooperatives, to provide 15 percent of their electricity using renewable energy resources by the year 2020. Allows 4 percent of the requirement to be satisfied with electricity efficiency measures.
H.Amdt749	Pass	An amendment numbered 7 printed in Part B of House Report 110-300 to add a sixth policy option to H.R. 3221's existing "State Must Consider" language asking state regulatory authorities and nonregulated utilities to consider "offering home energy audits, publicizing the financial and environmental benefits associated with home energy efficiency improvements and educating homeowners about all existing federal and state incentives, including the availability of low-cost loans.
H.Amdt750	Pass	An amendment numbered 8 printed in Part B of House Report 110-300 to require all federal government agencies to change their acquisitions rules for planning meetings and conferences to consider the environmentally preferable features and practices of a vendor, similar to the acquisition rules of the Environmental Protection Agency.
H.Amdt751	Fail	An amendment numbered 9 printed in Part B of House Report 110-300 to repeal the availability of Federal eminent domain authority for use by companies permitted by FERC to construct or modify transmission lines within National Interest Electric Transmission Corridors. In place of this, the amendment would amend section 216(e) of the Federal Power Act to require permitted companies to proceed in accordance with state law.
H.Amdt752	Pass	An amendment numbered 10 printed in part B of House Report 110-300 to order the Secretary of Energy to conduct a study of the renewable energy system rebate program for homes and small businesses, described in section 206-c of the Energy Policy Act of 2005. The study would require a plan for the program if it were funded, and determine the minimum amount the program would need to be viable.
H.Amdt753	Pass	An amendment numbered 11 printed in Part B of House Report 110-300.
H.Amdt754	Withdrawn	An amendment numbered 12 printed in Part B of House Report 110-300 to require the FERC to hold one public meeting before issuing a permit, license, or authorization that will affect land use when a public meeting is requested by at least five individuals or an organization representing 30 or more people. If a request for reconsideration is granted and the request was filed before enactment of this section and a hearing had not been held before the permit or authorization concerned was issued, the Commission must hold a hearing.
H.Amdt755	Pass	An amendment numbered 13 printed in Part B of House Report 110-300 to provide a sense of the Congress to recognize and support large and small scale conventional hydropower.
H.Amdt756	Pass	An amendment numbered 14 printed in House Report 110-300 to establish a grant program for Colleges and Universities to invest in sustainable and efficient energy projects, up to $1 million for efficiency and $500,000 for sustainability.
H.Amdt757	Pass	An amendment numbered 15 printed in House Report 110-300 to require the Minerals Management Service to submit a report to Congress on the status of regulations required to be issued with respect to offshore wind energy production.
H.Amdt758	Pass	An amendment numbered 16 printed in House Report 110-300 to require the Secretary of Energy to establish a grant program for universities to research and develop renewable energy technologies. Priority is given to universities in low income and rural communities with proximity to trees dying of disease or insect infestation. The amendment also authorizes $25 million for the total program.
H.Amdt759	Pass	An amendment numbered 17 printed in House Report 110-300 to create a Solar Energy Industries Research and Promotion Board to increase consumer awareness nationwide of solar energy options and appropriate certifications. The solar program would be funded entirely by a small portion of industry revenues and no appropriations are authorized.
H.Amdt760	Pass	An amendment numbered 18 printed in Part B of House Report 110-300 to create a pilot program in urbanized and other than urbanized areas to increase the use of vanpooling and the number of vanpools in service.
H.Amdt761	Pass	An amendment numbered 19 printed in Part B of House Report 110-300 to require the Center for Climate Change Environment and the Environmental Protection Agency to examine the potential fuel savings from intelligent transportation systems that would help businesses and consumers to plan their travel and avoid delays, including web-based realtime transit information systems, congestion information systems, carpool information systems, parking information systems, freight route management, and traffic management systems.
H.Amdt762	Pass	An amendment numbered 20 printed in Part B of House Report 110-300 to make findings regarding fuel supplies and expresses the Sense of Congress that the U.S. should further global energy security and promote democratic development in resource rich foreign countries by encouraging further participation in the Extractive Industries Transparency Initiative and other international initiatives.
H.Amdt763	Pass	An amendment numbered 21 printed in Part B of House Report 110-300 to require an assessment of current and anticipated needs of developing countries in adapting to climate change, which includes a strategy to address these needs and an identification of funding sources for such purposes.
H.Amdt764	Pass	An amendment numbered 22 printed in Part B of House Report 110-300 to prohibit any Federal agency, including any office of the legislative branch, from acquiring a light duty motor vehicle or medium duty motor vehicle that is not a low greenhouse gas emitting vehicle.
H.Amdt765	Pass	An amendment numbered 23 printed in Part B of House Report 110-300 to require.
S.Amdt.4381	Offered	Amendment information not available.
S.Amdt.4382	Withdrawn	To provide an incentive to employers to offer group legal plans that provide a benefit for real estate and foreclosure review.
S.Amdt.4384	Withdrawn	To provide an increase in specially adapted housing benefits for disabled veterans.
S.Amdt.4385	Offered	Amendment information not available.
S.Amdt.4386	Offered	Amendment information not available.
S.Amdt.4387	Pass	In the nature of a substitute.
S.Amdt.4388	Fail	To address the treatment of primary mortgages in bankruptcy, and for other purposes.
S.Amdt.4389	Pass	To amend the Internal Revenue Code of 1986 to allow use of amended income tax returns to take into account receipt of certain hurricane-related casualty loss grants by disallowing previously taken casualty loss deductions and to waive the deadline on the construction of GO Zone property which is eligible for bonus depreciation.
S.Amdt.4390	Pass	Amendment information not available.
S.Amdt.4391	Offered	Amendment information not available.
S.Amdt.4392	Offered	Amendment information not available.
S.Amdt.4393	Offered	Amendment information not available.
S.Amdt.4394	Offered	Amendment information not available.
S.Amdt.4395	Offered	Amendment information not available.
S.Amdt.4396	Offered	Amendment information not available.
S.Amdt.4397	Offered	To increase funding for housing counseling resources.
S.Amdt.4398	Pass	To address the availability of foreclosure prevention hotlines, and for other purposes.
S.Amdt.4399	Offered	Amendment information not available.
S.Amdt.4400	Offered	Amendment information not available.
S.Amdt.4401	Withdrawn	To establish a maximum rate of interest for loans insured under title II of the National Housing Act, and for other purposes.
S.Amdt.4402	Offered	Amendment information not available.
S.Amdt.4403	Offered	Amendment information not available.
S.Amdt.4404	Withdrawn	To amend the provisions relating to qualified mortgage bonds to include relief for persons in areas affected by Hurricanes Katrina, Rita, and Wilma.
S.Amdt.4405	Offered	Amendment information not available.
S.Amdt.4406	Pass	To protect families most vulnerable to foreclosure due to a sudden loss of income by extending the depreciation incentive to loss companies that have accumulated alternative minimum tax and research and development tax credits.
S.Amdt.4407	Offered	To amend the Internal Revenue Code of 1986 to adjust for inflation the dollar limitation for the principal residence gain exclusion.
S.Amdt.4408	Offered	Amendment information not available.
S.Amdt.4409	Offered	Amendment information not available.
S.Amdt.4410	Offered	Amendment information not available.
S.Amdt.4411	Offered	Amendment information not available.
S.Amdt.4412	Offered	Amendment information not available.
S.Amdt.4413	Offered	Amendment information not available.
S.Amdt.4414	Offered	Amendment information not available.
S.Amdt.4415	Offered	Amendment information not available.
S.Amdt.4416	Offered	Amendment information not available.
S.Amdt.4417	Offered	Amendment information not available.
S.Amdt.4418	Offered	Amendment information not available.
S.Amdt.4419	Pass	To amend the Internal Revenue Code of 1986 to provide for the limited continuation of clean energy production incentives and incentives to improve energy efficiency in order to prevent a downturn in these sectors that would result from a lapse in the tax law.
S.Amdt.4420	Offered	Amendment information not available.
S.Amdt.4421	Withdrawn	To amend the Internal Revenue Code of 1986 to allow a credit against income tax for the purchase of a principal residence by a first-time homebuyer.
S.Amdt.4422	Offered	Amendment information not available.
S.Amdt.4423	Withdrawn	To provide for the penalty-free use of retirement funds to provide foreclosure recovery relief for individuals with mortgages on their principal residences.
S.Amdt.4424	Offered	Amendment information not available.
S.Amdt.4425	Offered	Amendment information not available.
S.Amdt.4426	Offered	Amendment information not available.
S.Amdt.4427	Offered	Amendment information not available.
S.Amdt.4428	Offered	Amendment information not available.
S.Amdt.4429	Fail	To provide a longer extension of the renewable energy production tax credit and to encourage all emerging renewable sources of electricity, and for other purposes.
S.Amdt.4430	Offered	Amendment information not available.
S.Amdt.4431	Offered	Amendment information not available.
S.Amdt.4432	Offered	Amendment information not available.
S.Amdt.4433	Pass	To modify the increase in volume cap for housing bonds in 2008.
S.Amdt.4434	Offered	Amendment information not available.
S.Amdt.4435	Offered	Amendment information not available.
S.Amdt.4436	Offered	Amendment information not available.
S.Amdt.4437	Offered	Amendment information not available.
S.Amdt.4438	Offered	Amendment information not available.
S.Amdt.4439	Offered	Amendment information not available.
S.Amdt.4440	Offered	Amendment information not available.
S.Amdt.4441	Offered	Amendment information not available.
S.Amdt.4442	Offered	Amendment information not available.
S.Amdt.4443	Offered	Amendment information not available.
S.Amdt.4444	Pass	To provide the sense of the Senate regarding non-interference with local government requirements that the holder of a foreclosed property maintain that property.
S.Amdt.4445	Offered	Amendment information not available.
S.Amdt.4446	Pass	To assure national distribution of certain redevelopment and housing counseling resources.
S.Amdt.4447	Offered	Amendment information not available.
S.Amdt.4448	Offered	Amendment information not available.
S.Amdt.4449	Pass	To sunset the ability of States to reinvest profits generated under title III, and for other purposes.
S.Amdt.4450	Offered	Amendment information not available.
S.Amdt.4451	Offered	Amendment information not available.
S.Amdt.4452	Offered	Amendment information not available.
S.Amdt.4453	Offered	Amendment information not available.
S.Amdt.4454	Pass	To require enhanced reporting regarding certain loans guaranteed by the Mutual Mortgage Insurance Fund.
S.Amdt.4455	Offered	Amendment information not available.
S.Amdt.4456	Offered	Amendment information not available.
S.Amdt.4457	Offered	Amendment information not available.
S.Amdt.4458	Pass	To ensure that no funds appropriated under title III may be used to fund any project that involves, includes, or is associated with the use of eminent domain.
S.Amdt.4459	Offered	Amendment information not available.
S.Amdt.4460	Offered	Amendment information not available.
S.Amdt.4461	Offered	Amendment information not available.
S.Amdt.4462	Offered	Amendment information not available.
S.Amdt.4463	Offered	Amendment information not available.
S.Amdt.4464	Pass	To restore investment authority of certain banks and savings associations to the types of public welfare activities previously permitted by law and regulation.
S.Amdt.4465	Offered	Amendment information not available.
S.Amdt.4466	Offered	Amendment information not available.
S.Amdt.4467	Offered	Amendment information not available.
S.Amdt.4468	Offered	Amendment information not available.
S.Amdt.4469	Offered	Amendment information not available.
S.Amdt.4470	Offered	Amendment information not available.
S.Amdt.4471	Offered	Amendment information not available.
S.Amdt.4472	Offered	Amendment information not available.
S.Amdt.4473	Pass	To provide a limitation on the distribution of funds made available under title II and III to organizations which have been indicted, or the employees of which have been indicted, for election fraud.
S.Amdt.4474	Offered	Amendment information not available.
S.Amdt.4475	Offered	Amendment information not available.
S.Amdt.4476	Offered	Amendment information not available.
S.Amdt.4477	Offered	Amendment information not available.
S.Amdt.4478	Pass	To increase funding for housing counseling with an offset.
S.Amdt.4479	Offered	Amendment information not available.
S.Amdt.4480	Pass	To require the Federal housing Finance Board to permit the Federal home loan banks to use affordable housing program funds to refinance certain single-family first mortgages.
S.Amdt.4481	Offered	Amendment information not available.
S.Amdt.4482	Offered	Amendment information not available.
S.Amdt.4483	Offered	Amendment information not available.
S.Amdt.4484	Offered	Amendment information not available.
S.Amdt.4485	Offered	Amendment information not available.
S.Amdt.4486	Offered	Amendment information not available.
S.Amdt.4487	Offered	Amendment information not available.
S.Amdt.4488	Offered	Amendment information not available.
S.Amdt.4489	Pass	To prohibit authorized lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage, and to provide other consumer protections to reverse mortgage borrowers.
S.Amdt.4490	Offered	Amendment information not available.
S.Amdt.4491	Offered	Amendment information not available.
S.Amdt.4492	Offered	Amendment information not available.
S.Amdt.4493	Offered	Amendment information not available.
S.Amdt.4494	Pass	To make additional funds available to the Neighborhood Reinvestment Corporation to increase legal assistance available to homeowners at risk of foreclosure and assistance to community organizations working to preserve homeownership and prevent foreclosure, with an offset.
S.Amdt.4495	Offered	Amendment information not available.
S.Amdt.4496	Offered	Amendment information not available.
S.Amdt.4497	Offered	Amendment information not available.
S.Amdt.4498	Offered	Amendment information not available.
S.Amdt.4499	Offered	Amendment information not available.
S.Amdt.4500	Offered	Amendment information not available.
S.Amdt.4501	Offered	Amendment information not available.
S.Amdt.4502	Offered	Amendment information not available.
S.Amdt.4503	Offered	Amendment information not available.
S.Amdt.4504	Offered	Amendment information not available.
S.Amdt.4505	Offered	Amendment information not available.
S.Amdt.4506	Offered	Amendment information not available.
S.Amdt.4507	Offered	Amendment information not available.
S.Amdt.4508	Offered	Amendment information not available.
S.Amdt.4509	Offered	Amendment information not available.
S.Amdt.4510	Offered	Amendment information not available.
S.Amdt.4511	Offered	Amendment information not available.
S.Amdt.4512	Offered	Amendment information not available.
S.Amdt.4513	Offered	Amendment information not available.
S.Amdt.4514	Offered	Amendment information not available.
S.Amdt.4515	Offered	Amendment information not available.
S.Amdt.4516	Offered	Amendment information not available.
S.Amdt.4517	Offered	Amendment information not available.
S.Amdt.4518	Pass	To improve housing benefits for veterans.
S.Amdt.4523	Pass	To amend the title.
S.Amdt.4983	Pass	To improve the bill.
S.Amdt.4984	Withdrawn	To improve the regulation of appraisal standards.
S.Amdt.4985	Offered	To strike provisions relating to the HOPE for Homeowners Program.
S.Amdt.4986	Fail	To clarify that GSEs have no responsibility for funding housing entities under the Affordable Housing program.
S.Amdt.4987	Pass	To enhance mortgage loan disclosure requirements with additional safeguards for adjustable rate mortgages with an initial fixed rate and loans that contain a prepayment penalty.
S.Amdt.4988	Pass	To protect the property and security of homeowners who are subject to foreclosure proceedings.
S.Amdt.4989	Offered	Amendment information not available.
S.Amdt.4990	Offered	Amendment information not available.
S.Amdt.4991	Offered	Amendment information not available.
S.Amdt.4992	Offered	Amendment information not available.
S.Amdt.4993	Offered	Amendment information not available.
S.Amdt.4994	Offered	Amendment information not available.
S.Amdt.4995	Offered	Amendment information not available.
S.Amdt.4996	Offered	Amendment information not available.
S.Amdt.4997	Offered	Amendment information not available.
S.Amdt.4998	Offered	Amendment information not available.
S.Amdt.4999	Pass	To address small public housing agency paperwork reduction.
S.Amdt.5000	Offered	Amendment information not available.
S.Amdt.5001	Offered	Amendment information not available.
S.Amdt.5002	Offered	Amendment information not available.
S.Amdt.5003	Offered	Amendment information not available.
S.Amdt.5004	Offered	Amendment information not available.
S.Amdt.5005	Offered	Amendment information not available.
S.Amdt.5006	Offered	Amendment information not available.
S.Amdt.5007	Offered	Amendment information not available.
S.Amdt.5008	Offered	Amendment information not available.
S.Amdt.5009	Offered	Amendment information not available.
S.Amdt.5010	Offered	Amendment information not available.
S.Amdt.5011	Offered	Amendment information not available.
S.Amdt.5012	Offered	Amendment information not available.
S.Amdt.5013	Offered	Amendment information not available.
S.Amdt.5016	Offered	Amendment information not available.
S.Amdt.5017	Offered	Amendment information not available.
S.Amdt.5018	Offered	Amendment information not available.
S.Amdt.5019	Offered	Amendment information not available.
S.Amdt.5020	Offered	Amendment information not available.
S.Amdt.5021	Offered	Amendment information not available.
S.Amdt.5022	Offered	Amendment information not available.
S.Amdt.5023	Offered	Amendment information not available.
S.Amdt.5024	Offered	Amendment information not available.
S.Amdt.5025	Offered	Amendment information not available.
S.Amdt.5026	Offered	Amendment information not available.
S.Amdt.5027	Offered	Amendment information not available.
S.Amdt.5028	Offered	Amendment information not available.
S.Amdt.5029	Offered	Amendment information not available.
S.Amdt.5030	Offered	Amendment information not available.
S.Amdt.5031	Offered	Amendment information not available.
S.Amdt.5032	Offered	Amendment information not available.
S.Amdt.5033	Offered	Amendment information not available.
S.Amdt.5034	Offered	Amendment information not available.
S.Amdt.5035	Offered	Amendment information not available.
S.Amdt.5036	Offered	Amendment information not available.
S.Amdt.5037	Offered	Amendment information not available.
S.Amdt.5038	Offered	Amendment information not available.
S.Amdt.5039	Offered	Amendment information not available.
S.Amdt.5040	Offered	Amendment information not available.
S.Amdt.5041	Offered	Amendment information not available.
S.Amdt.5042	Offered	Amendment information not available.
S.Amdt.5043	Offered	Amendment information not available.
S.Amdt.5044	Offered	Amendment information not available.
S.Amdt.5045	Offered	Amendment information not available.
S.Amdt.5046	Offered	Amendment information not available.
S.Amdt.5047	Offered	Amendment information not available.
S.Amdt.5048	Offered	Amendment information not available.
S.Amdt.5049	Offered	Amendment information not available.
S.Amdt.5050	Offered	Amendment information not available.
S.Amdt.5051	Offered	Amendment information not available.
S.Amdt.5052	Offered	Amendment information not available.
S.Amdt.5053	Offered	Amendment information not available.
S.Amdt.5054	Offered	Amendment information not available.
S.Amdt.5055	Offered	Amendment information not available.
S.Amdt.5056	Offered	Amendment information not available.
S.Amdt.5067	Offered	To change the enactment date.
S.Amdt.5068	Offered	Of a perfecting nature.
S.Amdt.5103	Withdrawn	To establish the effective date.
S.Amdt.5104	Offered	To change the enactment date.

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		This Bill Has Become Law
July 30, 2007		August 04, 2007		April 10, 2008		July 30, 2008		July 30, 2008

Latest Vote

July 26, 2008Roll call number 186 in the Senate
Question: On the Motion (Motion to Concur in the House Amendment to Senate Amendment to the House Amendments to the Senate Amendment to HR 3221 )
Required percentage of 'Aye' votes: 1/2 (50%)	Percentage of 'aye' votes: 72%	Result: Motion Agreed to