H.R.3706 - FHA Taxpayer Protection Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Garrett, Scott [R-NJ-5] (Introduced 10/01/2009)|
|Committees:||House - Financial Services|
|Latest Action:||House - 10/01/2009 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.3706 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (10/01/2009)
FHA Taxpayer Protection Act of 2009 - Amends the National Housing Act to increase the downpayment requirement for a Federal Housing Administration (FHA) mortgage loan from 3.5% to 5%.
Repeals the current inclusion in the principal amount of an FHA mortgage loan of any initial service charges, appraisal, inspection, and other fees that the Secretary of Housing and Urban Development (HUD) approves. Prohibits the inclusion of such charges and fees in the principal amount of an FHA mortgage loan.
Directs the Comptroller General to study and report to Congress on the Mutual Mortgage Insurance Fund and the mortgage insurance programs under which the insurance obligations are obligations of such Fund.