S. 3535 · 109th Congress
Expanding American Homeownership Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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TalentSponsor10 cosponsors · 10 R
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Chambliss
JI
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Isakson
MM
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Martinez
KH
R
Hutchison
JC
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Cornyn
TC
R
Cochran
MDR
DeWine
LC
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Chafee
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Warner
GA
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Allen3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Expanding American Homeownership Act of 2006 - FHA Modernization Act of 2006 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal housing loan obligation; (2) extend the mortgage term to 40 years; and (3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance.
What it does: CRS summary · Introduced in Senate · Jun 19, 2006
Expanding American Homeownership Act of 2006 - FHA Modernization Act of 2006 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal housing loan obligation; (2) extend the mortgage term to 40 years; and (3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance.
Authorizes the Secretary of Housing and Urban Development 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.
Requires the Secretary to notify specified entities whenever the Secretary takes discretionary action to suspend or revoke approval of a mortgagee to participate in any mortgage insurance program.
Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain blanket mortgage insured by the Secretary.
Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Limits the Secretary's authority to enter into commitments for loan guarantees. Requires annual independent actuarial studies of the Fund.
Declares that insurance of a Native Hawaiian or Indian reservation mortgage is the obligation of the MMI Fund (instead of the General Insurance Fund).
Authorizes the Secretary to: (1) insure a home equity conversion mortgage for specified elderly mortgagors; and (2) enter into agreements to insure temporarily certain mortgages for a single family residence located within a presidentially declared major disaster area.
Federal Housing Administration Manufactured Housing Loan Act of 2006 - Exempts a manufactured home (including its appurtenant lot) from the limitation placed upon federal insurance of financial institutions.
Makes any mortgage insurance contract related to a manufactured housing loan conclusive evidence of the eligibility for such insurance of the financial institution involved.
Authorizes the Secretary to establish a mortgage insurance single premium structure for manufactured homes.
Increases the maximum dollar amounts of loan limits.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Expanding American Homeownership Act of 2006
Latest action (Jun 19, 2006): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: Jun 19, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.