S. 1997 · 112th Congress
FHA Bailout Protection Act of 2011
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VitterSponsor8 cosponsors · 8 R
8 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
FHA Bailout Protection Act of 2011 - Amends the National Housing Act (NHA) to direct the Secretary of Housing and Urban Development (HUD) to take action to ensure that the Mutual Mortgage Insurance Fund attains and maintains a capital ratio of at least 2%.
What it does: CRS summary · Introduced in Senate · Dec 15, 2011
FHA Bailout Protection Act of 2011 - Amends the National Housing Act (NHA) to direct the Secretary of Housing and Urban Development (HUD) to take action to ensure that the Mutual Mortgage Insurance Fund attains and maintains a capital ratio of at least 2%. Includes among such actions: (1) increasing mortgage insurance premiums, (2) establishing more stringent underwriting standards, and (3) increasing the amount of cash (or its equivalent) required to be paid on account of the property subject to a mortgage.
Directs the Secretary to raise annual insurance premiums and charge an additional risk-based annual insurance premium if: (1) the Fund fails to attain a capital ratio of 2% by a specified date or maintain it, or (2) the Fund's expected claims rate as set forth in the quarterly independent actuarial study is 10.0 or higher.
Directs the Secretary to require a mortgagee to indemnify HUD for losses resulting from payment of an insurance claim with respect to a mortgage: (1) executed under the direct endorsement program or insured by the mortgagee pursuant to a delegation of authority, but (2) not originated or underwritten in accordance with HUD requirements. Requires indemnification also in the event that fraud or misrepresentation was involved in an origination or underwriting.
Directs the Secretary of HUD to take any actions required to seek indemnification for any early term delinquency on a mortgage which: (1) is an obligation of the Mutual Mortgage Insurance Fund; and (2) at the time of origination was not in compliance with NHA requirements.
Directs the Secretary of HUD to establish a program to review the cause of each early term delinquency on such a mortgage.
Converts from annual to quarterly the frequency of an independent actuarial study of the Mutual Mortgage Insurance Fund.
Amends the Federal Credit Reform Act of 1990 to prohibit the Secretary of the Treasury from entering into specified transactions with the Mutual Mortgage Insurance Fund.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FHA Bailout Protection Act of 2011
Latest action (Dec 15, 2011): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: Dec 15, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.