FHA Manufactured Housing Loan Modernization Act of 2007
Latest action · Jun 28, 2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedJun 28, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
FHA Manufactured Housing Loan Modernization Act of 2007 - 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.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Jun 28, 2007 to Aug 1, 2007, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-CO | Wayne Allard | Original | Jun 28, 2007 |
| D-PA | Robert P. Casey Jr. | Aug 1, 2007 |
Actions 2
Everything that happened, newest first.
- Jun 28, 2007Introduced in Senate
- Jun 28, 2007Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2139 | FHA Manufactured Housing Loan Modernization Act of 2007 | Identical bill | Jun 26, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Administrative procedure
- Block grants
- Commerce
- Community development
- Department of Housing and Urban Development
- Economics and Public Finance
- Emergency Management
- Evidence (Law)
- Federally-guaranteed loans
- Finance and Financial Sector
- Government Operations and Politics
- Housing and Community Development
- Indexing (Economic policy)
- Infrastructure
- Insurance premiums
- Law
- Mobile homes
- Mortgage banks
- Mortgage guaranty insurance
- Mortgages
- Prefabricated buildings
- Risk
- Standards
- Urban affairs
Text 1
Each version as it was printed, newest first.
- Jun 28, 2007Introduced in Senate
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.