H. Res. 1424: H.R. 5072 - FHA Reform Act of 2010

COMMITTEE ACTION: REPORTED BY A VOICE VOTE on Tuesday, June 8, 2010.
FLOOR ACTION:  ADOPTED BY A RECORD VOTE OF 239-172 AFTER AGREEING TO THE PREVIOUS QUESTION BY A RECORD VOTE OF 230-180 on Wednesday, June 9, 2010. 

MANAGERS:Perlmutter/Sessions

111th Congress 
2nd Session

H.RES 1424

[Report No. 111-503]

 

 

H.R. 5072 - FHA Reform Act of 2010

 1. Structured rule. 

2. Waives all points of order against consideration of the bill except those arising under clause 9 or 10 of rule XXI.

3. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.

4. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services shall be considered as an original bill for the purpose of amendment and shall be considered as read.

5. Waives all points of order against the amendment in the nature of a substitute except for clause 10 of rule XXI. This waiver does not affect the point of order available under clause 9 of rule XXI (regarding earmark disclosure

6. No amendments shall be in order except those amendments printed in the Rules Committee report accompanying the resolution.  Provides that the amendments made in order may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.

7. Waives all points of order against the amendments printed in the report except for clauses 9 and 10 of rule XXI.

8. Provides one motion to recommit with or without instructions.

9.Provides that the Chair may entertain a motion that the Committee rise only if offered by the chair of the Committee on Financial Services or a designee.

10. Provides that the Chair may not entertain a motion to strike out the enacting words of the bill.

11. Provides that measures may be considered under suspension of the rules at any time through the legislative day of June 11, 2010.

  

RESOLUTION

Resolved, That at any time after the adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 5072) to improve the financial safety and soundness of the FHA mortgage insurance program. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. General debate shall be confined to the bill and shall not exceed one hour equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services. After general debate the bill shall be considered for amendment under the five-minute rule. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill. The committee amendment in the nature of a substitute shall be considered as read. All points of order against the committee amendment in the nature of a substitute are waived except those arising under clause 10 of rule XXI. Notwithstanding clause 11 of rule XVIII, no amendment to the committee amendment in the nature of a substitute shall be in order except those printed in the report of the Committee on Rules accompanying this resolution. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question. All points of order against such amendments are waived except those arising under clause 9 or 10 of rule XXI. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill to the House with such amendments as may have been adopted. The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.

Sec. 2. The Chair may entertain a motion that the Committee rise only if offered by the chair of the Committee on Financial Services or his designee. The Chair may not entertain a motion to strike out the enacting words of the bill (as described in clause 9 of rule XVIII).

Sec. 3. It shall be in order at any time through the legislative day of June 11, 2010, for the Speaker to entertain motions that the House suspend the rules. The Speaker or her designee shall consult with the Minority Leader or his designee on the designation of any matter for consideration pursuant to this section.

 Sponsor

#

Description

Debate Time

1. Waters (CA)

#18

(REVISED) Would (1) provide for various technical corrections, (2) make modifications to the GAO report in section 15 of the bill, (3) provide that the Secretary may increase loan limits for micropolitan counties surrounded by higher cost areas and experiencing significant growth, and (4) address documentation standards for FHA loans.

(10 minutes)

2. Cardoza (CA)

#8

Would prioritize foreclosure counseling services to areas of the country that have been the hardest-hit by the housing crisis. 

(10 minutes)

3. Cao (LA)

#11

Would include information about credit risk and financial counseling services to mortgagors in addition to the housing and loan modification information currently included in the bill. 

(10 minutes)

4. Bean (IL)

#13

Would require HUD to submit an annual report to Congress discussing proposed or actual increases in the minimum cash investment requirements (downpayment requirements) in the FHA program. It would further give HUD the authority to establish higher minimum cash investment requirements for all or class(es) of borrowers and requires HUD to take into consideration the findings of the annual report.  

(10 minutes)

5. Garrett (NJ)

#3

Would raise the FHA down payment requirement from 3.5% to 5% and prohibit closing costs from being rolled in as well. 

(10 minutes)

6. Tierney (MA)

#20

Would 1) direct the Secretary of the Department of Housing and Urban Development to provide mortgage insurance premium refunds to eligible borrowers of FHA insured loans, which were closed prior to December 8, 2004, but which were not endorsed until December 8, 2004 or after that date, and; 2) authorize such sums as may be necessary for such refunds.   

(10 minutes)

7. Price, Tom (GA)

#6

Would cap the number of mortgages the FHA can issue to 10% of total loans originated in the each year. Within 90 days of enactment, FHA must submit a plan to Congress to roll back FHA market share to 10% of loans originated each year by 2012.

(10 minutes)

8. Weiner (NY), Miller, Gary (CA)

#1

Would increase loan limits for the construction or rehabilitation of multifamily housing with elevators including rentals, cooperatives, condominiums to ensure that they represent today’s construction costs. Would create an “extremely high cost area” category for FHA Multifamily Insurance for those areas, similar to those in Alaska, Guam, Hawaii, and the Virgin Islands . 

(10 minutes)

9. Turner (OH)

#16

(REVISED) Would repeal the emergency authority that allows the FHA to insure loans up to $720,000 in certain high cost areas. The amendment would create a maximum loan limit of $500,000 for a single family unit and a percentage of the same ratio for 2, 3 or 4-family residences.

(10 minutes)

10. Clarke (NY), Cuellar (TX)

#5

Would direct the GAO to include in its FHA report an analysis on the effectiveness of HUD’s loss mitigation home retention options in assisting individuals, particularly low income borrowers, in avoiding home foreclosure for mortgages. 

(10 minutes)

11. Nye (VA)

#17

(REVISED) Would instruct the Federal Housing Administration to continue the Special Forbearance program, as it relates to Chinese Drywall, until the end of FY 2011.

(10 minutes)

12. Edwards, Chet (TX)

#7

(REVISED) Would require individuals to certify that they have not been convicted of a sex offense against a minor in order to get an FHA mortgage.

(10 minutes)

13. Adler (NJ)

#12

(REVISED) Would state that no funds authorized under the act may be used to pay the salary of an employee who has been officially disciplined for viewing, downloading, or exchanging pornography (including child pornography) on a Federal Government computer or while performing official Federal Government duties.