SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
2
(a) SHORT TITLE.—This Act may be cited as the
3
‘‘American Housing Rescue and Foreclosure Prevention Act
4
of 2008’’.
5
(b) TABLE OF CONTENTS.—The table of contents for
6
this Act is as follows:
2
•
HR 3221 EAH
Sec. 1. Short title and table of contents.
TITLE I—FHA HOUSING STABILIZATION AND HOMEOWNERSHIP
RETENTION
Sec. 101. Short title.
Subtitle A—Homeownership Retention
Sec. 111. Purposes.
Sec. 112. Insurance of homeownership retention mortgages.
Sec. 113. Study of Auction or Bulk Refinance Program.
Sec. 114. Temporary increase in maximum loan guaranty amount for certain
housing loans guaranteed by Secretary of Veterans Affairs.
Sec. 115. Study of possible accounting revisions relating to property at risk of
foreclosure and the availability of credit for refinancing home
mortgages at risk of foreclosure.
Sec. 116. GAO study of the effect of tightening credit markets in communities affected
by the subprime mortgage foreclosure crises and predatory
lending on prospective first-time homebuyers seeking mortgages.
Subtitle B—Office of Housing Counseling
Sec. 131. Short title.
Sec. 132. Establishment of Office of Housing Counseling.
Sec. 133. Counseling procedures.
Sec. 134. Grants for housing counseling assistance.
Sec. 135. Requirements to use HUD-certified counselors under HUD programs.
Sec. 136. Study of defaults and foreclosures.
Sec. 137. Definitions for counseling-related programs.
Sec. 138. Updating and simplification of mortgage information booklet.
Subtitle C—Combating Mortgage Fraud
Sec. 151. Authorization of appropriations to combat mortgage fraud.
TITLE II—FHA REFORM AND MANUFACTURED HOUSING LOAN
INSURANCE MODERNIZATION
Subtitle A—FHA Reform
Sec. 201. Short title.
Sec. 202. Findings and purposes.
Sec. 203. Maximum principal loan obligation.
Sec. 204. Extension of mortgage term.
Sec. 205. Downpayment simplification.
Sec. 206. Mortgage insurance premiums for qualified homeownership assistance
entities and higher-risk borrowers.
Sec. 207. Risk-based mortgage insurance premiums.
Sec. 208. Payment incentives for higher-risk borrowers.
Sec. 209. Protections for higher-risk borrowers.
Sec. 210. Refinancing mortgages.
Sec. 211. Annual reports on new programs and loss mitigation.
Sec. 212. Insurance for single family homes with licensed child care facilities.
Sec. 213. Rehabilitation loans.
Sec. 214. Discretionary action.
Sec. 215. Insurance of condominiums and manufactured housing.
Sec. 216. Mutual Mortgage Insurance Fund.
3
•
HR 3221 EAH
Sec. 217. Hawaiian home lands and Indian reservations.
Sec. 218. Conforming and technical amendments.
Sec. 219. Home equity conversion mortgages.
Sec. 220. Study on participation of mortgage brokers and correspondent lenders.
Sec. 221. Conforming loan limit in disaster areas.
Sec. 222. Failure to pay amounts from escrow accounts for single family mortgages.
Sec. 223. Acceptable identification for FHA mortgagors.
Sec. 224. Pilot program for automated process for borrowers without sufficient
credit history.
Sec. 225. Sense of Congress regarding technology for financial systems.
Sec. 226. Clarification of disposition of certain properties.
Sec. 227. Valuation of multifamily properties in noncompetitive sales by HUD
to states and localities.
Sec. 228. Limitation on mortgage insurance premium increases.
Sec. 229. Civil money penalties for improperly influencing appraisals.
Sec. 230. Mortgage insurance premium refunds.
Sec. 231. Savings provision.
Sec. 232. Implementation.
Subtitle B—FHA Manufactured Housing Loan Insurance Modernization
Sec. 251. Short title.
Sec. 252. Findings and purposes.
Sec. 253. Exception to limitation on financial institution portfolio.
Sec. 254. Insurance benefits.
Sec. 255. Maximum loan limits.
Sec. 256. Insurance premiums.
Sec. 257. Technical corrections.
Sec. 258. Revision of underwriting criteria.
Sec. 259. Requirement of social security account number for assistance.
Sec. 260. GAO study of mitigation of tornado risks to manufactured homes.
TITLE III—REFORM OF GOVERNMENT-SPONSORED ENTITIES FOR
HOUSING FINANCE
Sec. 301. Short title.
Sec. 302. Definitions.
Subtitle A—Reform of Regulation of Enterprises and Federal Home Loan
Banks
C
HAPTER 1—IMPROVEMENT OF SAFETY AND SOUNDNESS
Sec. 311. Establishment of the Federal Housing Finance Agency.
Sec. 312. Duties and authorities of Director.
Sec. 313. Federal Housing Enterprise Board.
Sec. 314. Authority to require reports by regulated entities.
Sec. 315. Disclosure of income and charitable contributions by enterprises.
Sec. 316. Assessments.
Sec. 317. Examiners and accountants.
Sec. 318. Prohibition and withholding of executive compensation.
Sec. 319. Reviews of regulated entities.
Sec. 320. Inclusion of minorities and women; diversity in Agency workforce.
Sec. 321. Regulations and orders.
Sec. 322. Non-waiver of privileges.
Sec. 323. Risk-based capital requirements.
4
•
HR 3221 EAH
Sec. 324. Minimum and critical capital levels.
Sec. 325. Review of and authority over enterprise assets and liabilities.
Sec. 326. Corporate governance of enterprises.
Sec. 327. Required registration under Securities Exchange Act of 1934.
Sec. 328. Liaison with Financial Institutions Examination Council.
Sec. 329. Guarantee fee study.
Sec. 330. Conforming amendments.
C
HAPTER 2—IMPROVEMENT OF MISSION SUPERVISION
Sec. 331. Transfer of product approval and housing goal oversight.
Sec. 332. Review of enterprise products.
Sec. 333. Conforming loan limits.
Sec. 334. Annual housing report regarding regulated entities.
Sec. 335. Annual reports by regulated entities on affordable housing stock.
Sec. 336. Mortgagor identification requirements for mortgages of regulated entities.
Sec. 337. Revision of housing goals.
Sec. 338. Duty to serve underserved markets.
Sec. 339. Monitoring and enforcing compliance with housing goals.
Sec. 340. Affordable Housing Fund.
Sec. 341. Consistency with mission.
Sec. 342. Enforcement.
Sec. 343. Conforming amendments.
C
HAPTER 3—PROMPT CORRECTIVE ACTION
Sec. 345. Capital classifications.
Sec. 346. Supervisory actions applicable to undercapitalized regulated entities.
Sec. 347. Supervisory actions applicable to significantly undercapitalized regulated
entities.
Sec. 348. Authority over critically undercapitalized regulated entities.
Sec. 349. Conforming amendments.
C
HAPTER 4—ENFORCEMENT ACTIONS
Sec. 351. Cease-and-desist proceedings.
Sec. 352. Temporary cease-and-desist proceedings.
Sec. 353. Prejudgment attachment.
Sec. 354. Enforcement and jurisdiction.
Sec. 355. Civil money penalties.
Sec. 356. Removal and prohibition authority.
Sec. 357. Criminal penalty.
Sec. 358. Subpoena authority.
Sec. 359. Conforming amendments.
C
HAPTER 5—GENERAL PROVISIONS
Sec. 361. Boards of enterprises.
Sec. 362. Report on portfolio operations, safety and soundness, and mission of enterprises.
Sec. 363. Conforming and technical amendments.
Sec. 364. Study of alternative secondary market systems.
Sec. 365. Effective date.
5
•
HR 3221 EAH
Subtitle B—Federal Home Loan Banks
Sec. 371. Definitions.
Sec. 372. Directors.
Sec. 373. Federal Housing Finance Agency oversight of Federal Home Loan
Banks.
Sec. 374. Joint activities of Banks.
Sec. 375. Sharing of information between Federal Home Loan Banks.
Sec. 376. Reorganization of Banks and voluntary merger.
Sec. 377. Securities and Exchange Commission disclosure.
Sec. 378. Community financial institution members.
Sec. 379. Technical and conforming amendments.
Sec. 380. Study of affordable housing program use for long-term care facilities.
Sec. 381. Effective date.
Subtitle C—Transfer of Functions, Personnel, and Property of Office of Federal
Housing Enterprise Oversight, Federal Housing Finance Board, and Department
of Housing and Urban Development
C
HAPTER 1—OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT
Sec. 385. Abolishment of OFHEO.
Sec. 386. Continuation and coordination of certain regulations.
Sec. 387. Transfer and rights of employees of OFHEO.
Sec. 388. Transfer of property and facilities.
C
HAPTER 2—FEDERAL HOUSING FINANCE BOARD
Sec. 391. Abolishment of the Federal Housing Finance Board.
Sec. 392. Continuation and coordination of certain regulations.
Sec. 393. Transfer and rights of employees of the Federal Housing Finance
Board.
Sec. 394. Transfer of property and facilities.
C
HAPTER 3—DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Sec. 395. Termination of enterprise-related functions.
Sec. 396. Continuation and coordination of certain regulations.
Sec. 397. Transfer and rights of employees of Department of Housing and Urban
Development.
Sec. 398. Transfer of appropriations, property, and facilities.
TITLE IV—EMERGENCY MORTGAGE LOAN MODIFICATION
Sec. 401. Short title.
Sec. 402. Safe harbor for qualified loan modifications or workout plans for certain
residential mortgage loans.
TITLE V—OTHER HOUSING PROVISIONS
Sec. 501. Depository Institution Community Development Investments Enhancement.
Sec. 502. Preservation of certain affordable housing dwelling units.
Sec. 503. Eligibility of certain projects for enhanced voucher assistance.
Sec. 504. Transfer of certain rental assistance contracts.
Sec. 505. Protection against discriminatory treatment.
May 8, 2008.
Resolved
, That the House agree to the amendment of the
Senate to the title of the bill (H.R. 3221) entitled ‘‘An Act
moving the United States toward greater energy independence
and security, developing innovative new technologies, reducing
carbon emissions, creating green jobs, protecting consumers,
increasing clean renewable energy production, and
modernizing our energy infrastructure, and to amend the Internal
Revenue Code of 1986 to provide tax incentives for the
production of renewable energy and energy conservation’’ and
be it further
Resolved
, That the House agree to the amendment of the
Senate to the text of the aforesaid bill, with the following
HOUSE AMENDMENTS TO SENATE AMENDMENTS:
Ω
1æ
In the matter proposed to be inserted by the amendment
of the Senate to the text of the bill, strike section
1 and all that follows through the end of title V and insert
the following:
1
SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
2
(a) SHORT TITLE.—This Act may be cited as the
3
‘‘American Housing Rescue and Foreclosure Prevention Act
4
of 2008’’.
5
(b) TABLE OF CONTENTS.—The table of contents for
6
this Act is as follows:
2
•
HR 3221 EAH
Sec. 1. Short title and table of contents.
TITLE I—FHA HOUSING STABILIZATION AND HOMEOWNERSHIP
RETENTION
Sec. 101. Short title.
Subtitle A—Homeownership Retention
Sec. 111. Purposes.
Sec. 112. Insurance of homeownership retention mortgages.
Sec. 113. Study of Auction or Bulk Refinance Program.
Sec. 114. Temporary increase in maximum loan guaranty amount for certain
housing loans guaranteed by Secretary of Veterans Affairs.
Sec. 115. Study of possible accounting revisions relating to property at risk of
foreclosure and the availability of credit for refinancing home
mortgages at risk of foreclosure.
Sec. 116. GAO study of the effect of tightening credit markets in communities affected
by the subprime mortgage foreclosure crises and predatory
lending on prospective first-time homebuyers seeking mortgages.
Subtitle B—Office of Housing Counseling
Sec. 131. Short title.
Sec. 132. Establishment of Office of Housing Counseling.
Sec. 133. Counseling procedures.
Sec. 134. Grants for housing counseling assistance.
Sec. 135. Requirements to use HUD-certified counselors under HUD programs.
Sec. 136. Study of defaults and foreclosures.
Sec. 137. Definitions for counseling-related programs.
Sec. 138. Updating and simplification of mortgage information booklet.
Subtitle C—Combating Mortgage Fraud
Sec. 151. Authorization of appropriations to combat mortgage fraud.
TITLE II—FHA REFORM AND MANUFACTURED HOUSING LOAN
INSURANCE MODERNIZATION
Subtitle A—FHA Reform
Sec. 201. Short title.
Sec. 202. Findings and purposes.
Sec. 203. Maximum principal loan obligation.
Sec. 204. Extension of mortgage term.
Sec. 205. Downpayment simplification.
Sec. 206. Mortgage insurance premiums for qualified homeownership assistance
entities and higher-risk borrowers.
Sec. 207. Risk-based mortgage insurance premiums.
Sec. 208. Payment incentives for higher-risk borrowers.
Sec. 209. Protections for higher-risk borrowers.
Sec. 210. Refinancing mortgages.
Sec. 211. Annual reports on new programs and loss mitigation.
Sec. 212. Insurance for single family homes with licensed child care facilities.
Sec. 213. Rehabilitation loans.
Sec. 214. Discretionary action.
Sec. 215. Insurance of condominiums and manufactured housing.
Sec. 216. Mutual Mortgage Insurance Fund.
3
•
HR 3221 EAH
Sec. 217. Hawaiian home lands and Indian reservations.
Sec. 218. Conforming and technical amendments.
Sec. 219. Home equity conversion mortgages.
Sec. 220. Study on participation of mortgage brokers and correspondent lenders.
Sec. 221. Conforming loan limit in disaster areas.
Sec. 222. Failure to pay amounts from escrow accounts for single family mortgages.
Sec. 223. Acceptable identification for FHA mortgagors.
Sec. 224. Pilot program for automated process for borrowers without sufficient
credit history.
Sec. 225. Sense of Congress regarding technology for financial systems.
Sec. 226. Clarification of disposition of certain properties.
Sec. 227. Valuation of multifamily properties in noncompetitive sales by HUD
to states and localities.
Sec. 228. Limitation on mortgage insurance premium increases.
Sec. 229. Civil money penalties for improperly influencing appraisals.
Sec. 230. Mortgage insurance premium refunds.
Sec. 231. Savings provision.
Sec. 232. Implementation.
Subtitle B—FHA Manufactured Housing Loan Insurance Modernization
Sec. 251. Short title.
Sec. 252. Findings and purposes.
Sec. 253. Exception to limitation on financial institution portfolio.
Sec. 254. Insurance benefits.
Sec. 255. Maximum loan limits.
Sec. 256. Insurance premiums.
Sec. 257. Technical corrections.
Sec. 258. Revision of underwriting criteria.
Sec. 259. Requirement of social security account number for assistance.
Sec. 260. GAO study of mitigation of tornado risks to manufactured homes.
TITLE III—REFORM OF GOVERNMENT-SPONSORED ENTITIES FOR
HOUSING FINANCE
Sec. 301. Short title.
Sec. 302. Definitions.
Subtitle A—Reform of Regulation of Enterprises and Federal Home Loan
Banks
C
HAPTER 1—IMPROVEMENT OF SAFETY AND SOUNDNESS
Sec. 311. Establishment of the Federal Housing Finance Agency.
Sec. 312. Duties and authorities of Director.
Sec. 313. Federal Housing Enterprise Board.
Sec. 314. Authority to require reports by regulated entities.
Sec. 315. Disclosure of income and charitable contributions by enterprises.
Sec. 316. Assessments.
Sec. 317. Examiners and accountants.
Sec. 318. Prohibition and withholding of executive compensation.
Sec. 319. Reviews of regulated entities.
Sec. 320. Inclusion of minorities and women; diversity in Agency workforce.
Sec. 321. Regulations and orders.
Sec. 322. Non-waiver of privileges.
Sec. 323. Risk-based capital requirements.
4
•
HR 3221 EAH
Sec. 324. Minimum and critical capital levels.
Sec. 325. Review of and authority over enterprise assets and liabilities.
Sec. 326. Corporate governance of enterprises.
Sec. 327. Required registration under Securities Exchange Act of 1934.
Sec. 328. Liaison with Financial Institutions Examination Council.
Sec. 329. Guarantee fee study.
Sec. 330. Conforming amendments.
C
HAPTER 2—IMPROVEMENT OF MISSION SUPERVISION
Sec. 331. Transfer of product approval and housing goal oversight.
Sec. 332. Review of enterprise products.
Sec. 333. Conforming loan limits.
Sec. 334. Annual housing report regarding regulated entities.
Sec. 335. Annual reports by regulated entities on affordable housing stock.
Sec. 336. Mortgagor identification requirements for mortgages of regulated entities.
Sec. 337. Revision of housing goals.
Sec. 338. Duty to serve underserved markets.
Sec. 339. Monitoring and enforcing compliance with housing goals.
Sec. 340. Affordable Housing Fund.
Sec. 341. Consistency with mission.
Sec. 342. Enforcement.
Sec. 343. Conforming amendments.
C
HAPTER 3—PROMPT CORRECTIVE ACTION
Sec. 345. Capital classifications.
Sec. 346. Supervisory actions applicable to undercapitalized regulated entities.
Sec. 347. Supervisory actions applicable to significantly undercapitalized regulated
entities.
Sec. 348. Authority over critically undercapitalized regulated entities.
Sec. 349. Conforming amendments.
C
HAPTER 4—ENFORCEMENT ACTIONS
Sec. 351. Cease-and-desist proceedings.
Sec. 352. Temporary cease-and-desist proceedings.
Sec. 353. Prejudgment attachment.
Sec. 354. Enforcement and jurisdiction.
Sec. 355. Civil money penalties.
Sec. 356. Removal and prohibition authority.
Sec. 357. Criminal penalty.
Sec. 358. Subpoena authority.
Sec. 359. Conforming amendments.
C
HAPTER 5—GENERAL PROVISIONS
Sec. 361. Boards of enterprises.
Sec. 362. Report on portfolio operations, safety and soundness, and mission of enterprises.
Sec. 363. Conforming and technical amendments.
Sec. 364. Study of alternative secondary market systems.
Sec. 365. Effective date.
5
•
HR 3221 EAH
Subtitle B—Federal Home Loan Banks
Sec. 371. Definitions.
Sec. 372. Directors.
Sec. 373. Federal Housing Finance Agency oversight of Federal Home Loan
Banks.
Sec. 374. Joint activities of Banks.
Sec. 375. Sharing of information between Federal Home Loan Banks.
Sec. 376. Reorganization of Banks and voluntary merger.
Sec. 377. Securities and Exchange Commission disclosure.
Sec. 378. Community financial institution members.
Sec. 379. Technical and conforming amendments.
Sec. 380. Study of affordable housing program use for long-term care facilities.
Sec. 381. Effective date.
Subtitle C—Transfer of Functions, Personnel, and Property of Office of Federal
Housing Enterprise Oversight, Federal Housing Finance Board, and Department
of Housing and Urban Development
C
HAPTER 1—OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT
Sec. 385. Abolishment of OFHEO.
Sec. 386. Continuation and coordination of certain regulations.
Sec. 387. Transfer and rights of employees of OFHEO.
Sec. 388. Transfer of property and facilities.
C
HAPTER 2—FEDERAL HOUSING FINANCE BOARD
Sec. 391. Abolishment of the Federal Housing Finance Board.
Sec. 392. Continuation and coordination of certain regulations.
Sec. 393. Transfer and rights of employees of the Federal Housing Finance
Board.
Sec. 394. Transfer of property and facilities.
C
HAPTER 3—DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Sec. 395. Termination of enterprise-related functions.
Sec. 396. Continuation and coordination of certain regulations.
Sec. 397. Transfer and rights of employees of Department of Housing and Urban
Development.
Sec. 398. Transfer of appropriations, property, and facilities.
TITLE IV—EMERGENCY MORTGAGE LOAN MODIFICATION
Sec. 401. Short title.
Sec. 402. Safe harbor for qualified loan modifications or workout plans for certain
residential mortgage loans.
TITLE V—OTHER HOUSING PROVISIONS
Sec. 501. Depository Institution Community Development Investments Enhancement.
Sec. 502. Preservation of certain affordable housing dwelling units.
Sec. 503. Eligibility of certain projects for enhanced voucher assistance.
Sec. 504. Transfer of certain rental assistance contracts.
Sec. 505. Protection against discriminatory treatment.
