S.3535 - Expanding American Homeownership Act of 2006109th Congress (2005-2006)
|Sponsor:||Sen. Talent, Jim [R-MO] (Introduced 06/19/2006)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||06/19/2006 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.3535 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in Senate (06/19/2006)
Expanding American Homeownership Act of 2006 - FHA Modernization Act of 2006 - Amends the National Housing Act to: (1) modify guidelines governing the maximum principal housing loan obligation; (2) extend the mortgage term to 40 years; and (3) revise requirements for cash payment by the mortgagor in the eligibility criteria for mortgage insurance.
Authorizes the Secretary of Housing and Urban Development 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.
Requires the Secretary to notify specified entities whenever the Secretary takes discretionary action to suspend or revoke approval of a mortgagee to participate in any mortgage insurance program.
Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain blanket mortgage insured by the Secretary.
Revises requirements for the Mutual Mortgage Insurance (MMI) Fund. Limits the Secretary's authority to enter into commitments for loan guarantees. Requires annual independent actuarial studies of the Fund.
Declares that insurance of a Native Hawaiian or Indian reservation mortgage is the obligation of the MMI Fund (instead of the General Insurance Fund).
Authorizes the Secretary to: (1) insure a home equity conversion mortgage for specified elderly mortgagors; and (2) enter into agreements to insure temporarily certain mortgages for a single family residence located within a presidentially declared major disaster area.
Federal Housing Administration Manufactured Housing Loan Act of 2006 - Exempts a manufactured home (including its appurtenant lot) from the limitation placed upon federal insurance of financial institutions.
Makes any mortgage insurance contract related to a manufactured housing loan conclusive evidence of the eligibility for such insurance of the financial institution involved.
Authorizes the Secretary to establish a mortgage insurance single premium structure for manufactured homes.
Increases the maximum dollar amounts of loan limits.