H.R. 5981 · 111th Congress
To increase the flexibility of the Secretary of Housing and Urban Development with respect to the amount of…
Full title
To increase the flexibility of the Secretary of Housing and Urban Development with respect to the amount of premiums charged for FHA single family housing mortgage insurance, and for other purposes.
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FrankSponsorNo cosponsors.
- House Introduced Jul 30, 2010
- House Passed Jul 30, 2010
- Senate Passed Aug 4, 2010
- President To the President Aug 10, 2010
- President Signed Aug 11, 2010
- Law Aug 11, 2010
Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund.
What it does: CRS summary · Public Law · Aug 11, 2010
(This measure has not been amended since it was introduced. The expanded summary of the House passed version is repeated here.)
Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund.
(Sec. 1) Authorizes the Secretary of Housing and Urban Development (HUD) to establish and collect annual premium payments of up to 1.5% of the remaining insured principal balance on such a dwelling. (Currently the Secretary is required to establish and collect annual premium payments of up to .5% of the remaining insured principal balance.)
Authorizes an annual premium of up to 1.55% of the remaining insured principal balance of any 30-year mortgage on such a dwelling involving an original principal obligation greater than 95% percent of such value. (Currently, an annual premium of up to 0.55% of the remaining insured principal balance on such a mortgage is required.)
Authorizes the Secretary to adjust the amount of any initial or annual premium through notice published in the Federal Register or mortgagee letter, which shall establish the effective date of any such adjustment.
(Sec. 2) Directs the Assistant Secretary of HUD who is the Federal Housing Commissioner to appear before specified congressional committees within 270 days after the enactment of this Act to discuss the finances, including premiums, of the Federal Housing Administration (FHA).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To increase the flexibility of the Secretary of Housing and Urban Development with respect to the amount of premiums charged for FHA single family housing mortgage insurance, and for other purposes.
Latest action (Aug 11, 2010): Became Public Law No: 111-229.
Policy area: Housing and Community Development · Origin: House · Introduced: Jul 30, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Jul 30, 2010
- House Passed Jul 30, 2010
- Senate Passed Aug 4, 2010
- President To the President Aug 10, 2010
- President Signed Aug 11, 2010
- Law Aug 11, 2010
No recorded floor vote found.