H.R.3742 - FHA Single Family Housing Reform Act of 1996104th Congress (1995-1996)
|Sponsor:||Rep. Lazio, Rick [R-NY-2] (Introduced 06/27/1996)(by request)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||House - 07/12/1996 Referred to the Subcommittee on Housing and Community Opportunity. (All Actions)|
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Summary: H.R.3742 — 104th Congress (1995-1996)All Information (Except Text)
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.