H.R.5884 - Homeownership Preservation Education Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Bass, Karen [D-CA-33] (Introduced 06/01/2012)|
|Committees:||House - Financial Services|
|Latest Action:||07/11/2012 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5884 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (06/01/2012)
Homeownership Preservation Education Act of 2012 - Directs the Secretary of Housing and Urban Development (HUD) to carry out a pilot program to evaluate the effectiveness, in reducing defaults on residential mortgages, of reducing up-front premiums for mortgage insurance made available by the Secretary pursuant to the National Housing Act for first-time homebuyers who complete a homeownership counseling program providing for one-on-one prepurchase counseling.
Requires reduced premiums for mortgages secured by a 1- to 4-family dwelling that is an obligation of the Mutual Mortgage Insurance Fund for a first-time homebuyer who completes a HUD-approved program of counseling on the responsibilities and financial management involved in homeownership that provides for one-on-one prepurchase counseling of the homebuyer by a HUD-approved nonprofit housing counseling agency.