Expanding American Homeownership Act of 2007
Latest action · Apr 18, 2007 Referred to the Subcommittee on Housing and Community Opportunity.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 29, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Expanding American Homeownership Act of 2007 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal loan obligation; (2) extend the mortgage term; and (3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance.
Directs the Secretary of Housing and Urban Development (HUD) to reinstate the current downpayment requirement in the event of increased defaults.
Authorizes the Secretary to establish a mortgage insurance premium structure involving a single premium payment collected prior to the insurance of the mortgage that may vary during the mortgage term as long as the basis for determining the variable rate is established before the execution of the mortgage. Sets forth maximum up-front premium amounts.
Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain HUD-insured blanket mortgage.
Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Limits the authority of the Secretary to enter into commitments for loan guarantees.
Makes insurance of a Native Hawaiian or Indian reservation mortgage the obligation of the MMI Fund (instead of the General Insurance Fund).
Eliminates the limitation placed upon the aggregate number of home equity conversion mortgages insured under the Act.
Authorizes the Secretary to insure a home equity conversion mortgage when its primary purpose is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy one of the units.
Authorizes the Secretary to enter into agreements to insure temporarily certain mortgages for a single family residence located within a presidentially declared major disaster area.
Redefines mortgagee to allow participation in the federal mortgage insurance program by state-licensed mortgage brokers and correspondent lenders who make, underwrite, or service mortgage loans.
Cosponsors 18
Members who signed on, in the order they did. Signatures ran from Mar 29, 2007 to Jul 19, 2007; 16 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-CT | Christopher Shays | Original | Mar 29, 2007 |
| R-OH | Deborah Pryce | Original | Mar 29, 2007 |
| R-OK | Frank D. Lucas | Original | Mar 29, 2007 |
| R-CA | Gary G. Miller | Original | Mar 29, 2007 |
| R-KY | Geoff Davis | Original | Mar 29, 2007 |
| R-FL | Ginny Brown-Waite | Original | Mar 29, 2007 |
| R-CA | John Campbell | Original | Mar 29, 2007 |
| R-TX | Kenny Marchant | Original | Mar 29, 2007 |
| R-OH | Paul E. Gillmor | Original | Mar 29, 2007 |
| R-TX | Randy Neugebauer | Original | Mar 29, 2007 |
| R-AZ | Rick Renzi | Original | Mar 29, 2007 |
| R-WV | Shelley Moore Capito | Original | Mar 29, 2007 |
| R-AL | Spencer Bachus | Original | Mar 29, 2007 |
| R-NM | Stevan Pearce | Original | Mar 29, 2007 |
| R-OH | Steven C. LaTourette | Original | Mar 29, 2007 |
| R-FL | Tom Feeney | Original | Mar 29, 2007 |
| R-NE | Lee Terry | May 2, 2007 | |
| R-MI | Thaddeus G. McCotter | Jul 19, 2007 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 29, 2007 |
| Housing and Insurance Subcommittee | Referred Apr 18, 2007 |
Actions 3
Everything that happened, newest first.
- Apr 18, 2007Referred to the Subcommittee on Housing and Community Opportunity.
- Mar 29, 2007Introduced in House
- Mar 29, 2007Referred to the House Committee on Financial Services.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H10447, H10448 | Maxine Waters D-CA, Spencer Bachus R-AL | Sep 18, 2007 |
| House | Debate and remarks H7449 | Judy Biggert R-IL | Jul 10, 2007 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 110-74 | LEGISLATIVE PROPOSALS ON REFORMING MORTGAGE PRACTICES343 pages | Financial Services Committee | Oct 24, 2007 |
| Serial No. 110-23 | THE EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 2007: H.R. 1852 AND RELATED FHA MODERNIZATION ISSUES159 pages | Financial Services Committee | Apr 19, 2007 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2325 | Expanding American Homeownership Act of 2007 | Related bill | Nov 8, 2007 |
| S 2338 | FHA Modernization Act of 2007 | Related bill | Dec 17, 2007 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes.
- Short Titles as Introduced
- Expanding American Homeownership Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Apartment houses
- Auditing
- Condominium (Housing)
- Congress
- Congressional oversight
- Congressional reporting requirements
- Correspondent banks
- Disaster relief
- Disasters
- Economics and Public Finance
- Emergency Management
- Federally-guaranteed loans
- Finance and Financial Sector
- Government Operations and Politics
- Government paperwork
- Government trust funds
- Hawaii
- Hawaiians
- Home equity conversion
- Home ownership
- Home repair and improvement
- Housing and Community Development
- Housing finance
- Housing for the aged
- Indian housing
- Insurance premiums
- Loan defaults
- Management information systems
- Minorities
- Mortgage banks
- Mortgage guaranty insurance
- Mortgages
- Native Americans
- Prices
- Real estate agents
- Real estate appraisal
- Risk
- Science, Technology, Communications
- Single family housing
- Social Welfare
Text 1
Each version as it was printed, newest first.
- Mar 29, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
