Congress 109 - HR 4804 - FHA Manufactured Housing Loan Modernization Act of 2006

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Topics

Administrative procedure Commerce Department of Housing and Urban Development Economics and Public Finance Evidence (Law) Federally-guaranteed loans Finance and Financial Sector Government Operations and Politics Housing and Community Development Indexing (Economic policy) Insurance premiums Law Mobile homes Mortgage banks Mortgage guaranty insurance Mortgages Prefabricated buildings Standards

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Summary

(This measure has not been amended since it was reported to the House on July 19, 2006. The summary of that version is repeated here.)

FHA Manufactured Housing Loan Modernization Act of 2006 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes).

Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases.

Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.)

Increases loan limits, requiring annual indexing.

Sets forth borrower premium charges, including an up-front premium of up to 2.25% and an annual premium of up to 1%.

Revises requirements for the handling and disposal of any real or personal conveyed to or acquired by the Secretary of Housing and Urban Development (HUD), and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees.

Directs the Secretary of HUD to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.

Actions

Jul 26, 2006

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 25, 2006

Motion to reconsider laid on the table Agreed to without objection.
Jul 25, 2006

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 398). (text: CR H5731-5732)
Jul 25, 2006

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 398).(text: CR H5731-5732)
Jul 25, 2006

Considered as unfinished business. (consideration: CR H5743)
Jul 25, 2006

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Jul 25, 2006

DEBATE - The House proceeded with forty minutes of debate on H.R. 4804.
Jul 25, 2006

Considered under suspension of the rules. (consideration: CR H5731-5734)
Jul 25, 2006

Mr. Gillmor moved to suspend the rules and pass the bill, as amended.
Jul 19, 2006

Placed on the Union Calendar, Calendar No. 332.
Jul 19, 2006

Reported (Amended) by the Committee on Financial Services. H. Rept. 109-580.
Jun 14, 2006

Committee Consideration and Mark-up Session Held.
Jun 8, 2006

Subcommittee Consideration and Mark-up Session Held.
Mar 21, 2006

Referred to the Subcommittee on Housing and Community Opportunity.
Feb 16, 2006

Referred to the House Committee on Financial Services.
Feb 16, 2006

Introduced in House

Amendments

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