Summary: H.R.3742 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.3742. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/27/1996)

TABLE OF CONTENTS:

Title I: Product Flexibility and Insurance

Title II: Claims and Property Disposition Reform Initiatives

Title III: Streamlining Proposals

FHA Single Family Housing Reform Act of 1996 - Title I: Product Flexibility and Insurance - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to establish: (1) alternative mortgage insurance premium structures; and (2) demonstrations of underwriting, premiums, and insurance products to expand home ownership opportunities.

Extends Federal Housing Administration mortgage insurance authority.

Title II: Claims and Property Disposition Reform Initiatives - Revises single family claims procedures.

Title III: Streamlining Proposals - Revises eligibility and warranty provisions.

Authorizes: (1) delegation of insuring authority to direct endorsement mortgagees; and (2) use of amounts borrowed from family for downpayments.

Revises home equity conversion program provisions with respect to: (1) insurance limitations; and (2) consumer education requirements.

Provides 100 percent condominium mortgage insurance for disasters.

Repeals authority for Housing Insurance Fund expenditures to correct or compensate for substantial defects in mortgaged homes.