H.R. 492 · 115th Congress
End Unnecessary Borrowing Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CapuanoSponsorNo cosponsors.
This bill amends the National Housing Act with respect to the requirement that the Department of Housing and Urban Development (HUD) endeavor to ensure that the Mutual Mortgage Insurance Fund (MMI Fund) attains a capital ratio of not less than 2% within 10 years after enactment of that requirement (November 5, 1990) and to ensure that the fund maintains at…
What it does: CRS summary · Introduced in House · Jan 12, 2017
End Unnecessary Borrowing Act of 2017
This bill amends the National Housing Act with respect to the requirement that the Department of Housing and Urban Development (HUD) endeavor to ensure that the Mutual Mortgage Insurance Fund (MMI Fund) attains a capital ratio of not less than 2% within 10 years after enactment of that requirement (November 5, 1990) and to ensure that the fund maintains at least that capital ratio at all times thereafter.
The bill prohibits these requirements from being construed to authorize or require HUD to borrow any amounts to comply with the capital ratio requirement.
Any HUD authority to borrow from the Treasury for the MMI Fund may be used only to the extent necessary to pay claims on mortgage insurance that is an obligation of such fund.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: End Unnecessary Borrowing Act of 2017
Latest action (Jan 12, 2017): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Jan 12, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.