H.Res. 650: H.R. 1852 – Expanding American Homeownership Act of 2007

COMMITTEE ACTION: REPORTED BY  A VOICE VOTE on Monday September 17, 2007.
FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 227 - 190 AFTER AGREEING THE PREVIOUS QUESTION BY THE YEAS AND NAYS 226 - 191 on Tuesday September 18, 2007

MANAGERS:MATSUI/SESSIONS

110th Congress 
1st Session

H.RES. 650

[Report No. 110-330]

 

H.R. 1852 – Expanding American Homeownership Act of 2007

  1. Structured rule.
  2. Provides one hour of general debate equally divided and controlled by the Chairman and Ranking Minority Member of the Committee on Financial Services.
  3. Waives all points of order against consideration of the bill except for clauses 9 and 10 of Rule XXI.
  4. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in Part A of the Rules Committee report, shall be considered as adopted in the House and in the Committee of the Whole.  The bill as amended shall be considered as an original bill for the purpose of further amendment and shall be considered as read.
  5. Waives all points of order against provisions in the bill as amended.
  6. No further amendments shall be in order except those amendments printed in Part B of the Rules Committee report accompanying the resolution.
  7. Provides that the further amendments made in order in Part B 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 in the House or in the Committee of the Whole.
  8. Waives all points of order against the amendments printed in the report except for clauses 9 and 10 of Rule XXI.
  9. Provides one motion to recommit with or without instructions.
  10. Provides that, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to a time designated by the Speaker. 

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 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. 1852) 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.  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 chairman 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.  The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in part A of the report of the Committee on Rules accompanying this resolution, shall be considered as adopted in the House and in the Committee of the Whole.  The bill, as amended, shall be considered as the original bill for the purpose of further amendment under the five-minute rule and shall be considered as read.  All points of order against provisions in the bill, as amended, are waived.  Notwithstanding clause 11 of rule XVIII, no further amendment to the bill, as amended, shall be in order except those printed in part B of the report of the Committee on Rules.  Each further 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 in the House or in the Committee of the Whole.  All points of order against such further 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, as amended, to the House with such further 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. During consideration in the House of H.R. 1852 pursuant to this resolution, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to a time designated by the Speaker.

Part A

SUMMARY AND TEXT OF AMENDMENT TO BE CONSIDERED AS ADOPTED

The amendment includes provisions to facilitate FHA refinancing loans to respond to recent mortgage market developments, perfecting modifications to the bill’s provision establishing a surety bond requirement for mortgage broker and loan correspondent participation in FHA, modification of the loan originator fee cap for FHA reverse mortgages, a provision authorizing civil money penalties for actions which improperly influence FHA appraisals, and modifications to ensure compliance with PAYGO.

Text of Part A

Part B 

SUMMARY AND TEXT OF AMENDMENTS MADE IN ORDER

1. Tierney (MA): #2, The amendment directs 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 authorizes such sums as may be necessary for such refunds. (10 minutes)

 2. Frank (MA)/Miller, Gary (CA)/Cardoza (CA): #7, The amendment raises the FHA single family loan limit, by establishing such limit in each area as the lower of (a) 125% of the local median area home price or (b) 175% of the national GSE conforming loan limit.  Retains the FHA loan floor provision in the reported bill of 65% of the GSE conforming loan limit.  Also gives HUD authority to raise these resulting loan limit amounts by up to $100,000 by area and/or by unit size “if market conditions warrant.” (10 minutes)

 3. Miller, Gary (CA): #8, The amendment will allow qualified down payment assistance providers to participate in the FHA Program if certain conditions are satisfied (i.e. no obligation for mortgagor to repay and net worth requirement).  The Secretary shall consider as cash or its equivalent any amounts gifted by a family member, the mortgagor’s employer or labor union, or a qualified homeownership assistance entity, but only if there is no obligation on the part of the mortgagor to repay the gift. (10 minutes)

 4. Bishop, Tim (NY): #3, The amendment would clarify requirements on reverse mortgages for seniors who own permanent foundation homes on leased land. (10 minutes)

 5. Hensarling (TX): #1, The amendment strikes the allowable use of FHA savings for an affordable housing fund.  (10 minutes)

 6. Tiberi (OH): #5, The amendment requires the Secretary to ensure the mortgagor receives counseling at the time of application.  Under current language the Secretary may, but is not required to, provide counseling. (10 minutes)

 7. Biggert (IL): #10, Amendment in the Nature of a Substitute.  The substitute amendment would reform for the Federal Housing Administration’s (FHA) single-family mortgage insurance activities and would allow FHA to base each borrower’s mortgage insurance premiums on the risk that the borrower poses to the FHA Mortgage Insurance Fund, with slight variations.  Under this proposal, mortgage insurance premiums will be based on the borrower’s credit history, loan-to-value ratio, debt-to-income ratio, and on FHA’s historical experience with similar borrowers.  This amendment maintains FHA reserves within the insurance fund to preserve the future solvency of the FHA program. (20 minutes)