S 2734 · 110th Congress 2007–2009, ended

SAFE Act

Introduced Mar 7, 2008 Originated Senate Sponsor Christopher S. Bond R-MO

Fact sheet

Latest action · Mar 11, 2008 Star Print ordered on the bill.

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.

  1. IntroducedMar 7, 2008
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Security Against Foreclosures and Education Act, or the SAFE Act - Amends the Internal Revenue Code to allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans.

Requires the Neighborhood Reinvestment Corporation to continue to award expeditiously certain funds already provided for mortgage foreclosure counseling.

Amends the Code to allow purchasers of certain single-family principal residences a one-time tax credit.

Amends the Truth in Lending Act to: (1) revise creditor mortgage loan disclosure requirements; and (2) increase civil damages for noncompliance with such Act.

Amends the Code to: (1) allow a five-year carryback of net operating losses for certain taxable years; and (2) suspend through taxable year 2009 the 90% of alternative minimum taxable income limit for certain adjustments to the alternative (minimum) tax net operating loss deduction.

Amends the Servicemembers Civil Relief Act of 1940 to expand the period of moratorium on foreclosure sales after a servicemember's service.

Requires the Secretary of Defense to develop a program for mortgage foreclosure prevention counseling for members of the Armed Forces returning from service abroad.

FHA Modernization Act of 2008 - Amends the National Housing Act (NHA) to: (1) revise requirements for the maximum principal loan obligation eligible for mortgage insurance, as well as the cash investment requirement; and (2) prohibit seller-funded downpayment assistance.

Replaces the General Insurance Fund (GIF) with the Mutual Mortgage Insurance (MMI) Fund as the depository of all funds involved in rehabilitation loans for one- to four-family structures.

Eliminates the limitation on the aggregate number of home equity conversion mortgages (HECMs) for elderly homeowners insured under the Act. Authorizes the Secretary of Housing and Urban Development (HUD) to insure HECMs. Establishes a single national loan limit for HECMs.

Amends the Energy Policy Act of 1992 to raise the cap on the price of cost-effective energy efficiency improvements under the energy efficiency mortgages program.

Amends the NHA to require the Secretary to establish a pilot program for an automated process to provide alternative credit rating information on mortgagors and prospective mortgagors.

Amends the Housing and Urban Development Act of 1968 to revise post-purchase housing counseling eligibility requirements.

Directs the Secretary to establish a pre-purchase homeownership counseling demonstration program.

Places limitations on mortgage insurance premium increases.

Imposes a one-year moratorium on implementation by the Secretary of certain risk-based premiums.

FHA Manufactured Housing Loan Modernization Act of 2008 - Amends the National Housing Act regarding FHA housing loan insurance for manufactured homes (or lots for such homes).

Increases manufactured home loan limits, requiring annual indexing.

Sets forth borrower premium charges.

Amends the NHA to apply the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured home financed with an FHA-insured loan or extension of credit and related services.

Prescribes certain lease requirements as prerequisites for HUD insurance of any loan, advance of credit, or purchase of such a loan or credit to finance a manufactured home intended to be located in a manufactured home community under a lease.

Cosponsors 14

Members who signed on, in the order they did. Signatures ran from Mar 7, 2008 to Mar 13, 2008, with 13 there on the day it was introduced.

SeatCosponsorSigned on
R-NCElizabeth DoleOriginalMar 7, 2008
R-OKJames M. InhofeOriginalMar 7, 2008
R-TXJohn CornynOriginalMar 7, 2008
R-GAJohnny IsaksonOriginalMar 7, 2008
R-TXKay Bailey HutchisonOriginalMar 7, 2008
R-TNLamar AlexanderOriginalMar 7, 2008
R-IDLarry E. CraigOriginalMar 7, 2008
R-AKLisa MurkowskiOriginalMar 7, 2008
R-KYMitch McConnellOriginalMar 7, 2008
R-MNNorm ColemanOriginalMar 7, 2008
R-GASaxby ChamblissOriginalMar 7, 2008
R-AKTed StevensOriginalMar 7, 2008
R-COWayne AllardOriginalMar 7, 2008
R-NVJohn EnsignMar 13, 2008

Actions 5

Everything that happened, newest first.

  1. Mar 11, 2008Star Print ordered on the bill.
  2. Mar 10, 2008Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 613.
  3. Mar 7, 2008Introduced in Senate
  4. Mar 7, 2008Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
  5. Mar 7, 2008Sponsor introductory remarks on measure. (CR S1743-1744)

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 2338FHA Modernization Act of 2007Related billDec 17, 2007

Subjects

Assigned by the Library of Congress. Policy area: Housing and Community Development.

Text 1

Each version as it was printed, newest first.

  1. Mar 10, 2008Placed on Calendar Senate

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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.