Expanding American Homeownership Act of 2007

To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes.

3/29/2007--Introduced.
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.


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Sponsor

• Rep. Judy Biggert [R, IL-13]
• and 18 Co-Sponsors
  • Rep. Spencer Bachus [R, AL-6]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. John Campbell [R, CA-48]
  • Rep. Shelley Capito [R, WV-2]
  • Rep. Geoff Davis [R, KY-4]
  • Tom Feeney
  • Paul Gillmor
  • Rep. Steven LaTourette [R, OH-14]
  • Rep. Frank Lucas [R, OK-3]
  • Rep. Kenny Marchant [R, TX-24]
  • Rep. Thaddeus McCotter [R, MI-11]
  • Rep. Gary Miller [R, CA-42]
  • Rep. Randy Neugebauer [R, TX-19]
  • Steven Pearce
  • Deborah Pryce
  • Rick Renzi
  • Christopher Shays
  • Rep. Lee Terry [R, NE-2]
  close

Committees

• House Financial Services
• 1 more
  • House Financial Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.1752

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
March 29, 2007

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All Bill Actions

• Apr 18, 2007: Referred to the Subcommittee on Housing and Community Opportunity.
• Mar 29, 2007: Referred to the House Committee on Financial Services.
• Introduced on Mar 29, 2007.

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Related Bills:

• S.2325
• S.2338

Related Issue Areas:

• Housing
• Aged
• Apartment houses
• Auditing
• 36 more
• Budgets
• Condominium (Housing)
• Congress
• Congressional oversight
• Congressional reporting requirements
• Correspondent banks
• Disaster relief
• Disasters
• Emergency management
• Federally-guaranteed loans
• Finance
• Government information
• Government paperwork
• Government trust funds
• Hawaii
• Hawaiians
• Home equity conversion
• Home improvement loans
• Home ownership
• Housing finance
• Housing for the aged
• Indian housing
• Indians
• Insurance premiums
• Loan defaults
• Management information systems
• Minorities
• Mortgage banks
• Mortgage guaranty insurance
• Mortgages
• Prices
• Real estate agents
• Real estate appraisal
• Risk
• Single family housing
• Technology

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November 18, 2007 fha licensing and more

with two bills passing the senate, hr 1752 and hr 1852 fha reform is well under way. although the bills are still standing in the senate the bills are viewed to ultimately pass. the passage of these bills would increase fha loan limits, ...

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