09/18/07 1:07 PM
An amendment numbered 3 printed in House Report 110-330
to allow qualified down payment assistance providers to
participate in the FHA Program if certain conditions are
satisfied (i.e. no obligation for mortgagor to repay and
net worth requirement). The Secretary shall consider as
cash or its equivalent any amounts gifted by a family
member, the mortgagor's employer or labor union, or a
qualified homeownership assistance entity, but only if
there is no obligation on the part of the mortgagor to
repay the gift.
On agreeing to the Tierney amendment
Agreed to by voice vote.
09/18/07 1:05 PM
DEBATE - Pursuant to the provisions of
H. Res. 650,
the
Committee of the Whole proceeded with 10 minutes of debate
on the Tierney amendment.
09/18/07 1:04 PM
Amendment offered by Mr. Tierney.
09/18/07 1:04 PM
An amendment numbered 1 printed in House Report 110-330
to direct the Secretary of the Department of Housing and
Urban Development to provide mortgage insurance premium
refunds to eligible borrowers of FHA insured loans, which
were closed prior to December 8, 2004, but which were
not endorsed until December 8, 2004 or after that date,
and authorizes such sums as may be necessary for such
refunds.
09/18/07 1:03 PM
On agreeing to the Cardoza amendment
Agreed to by voice vote.
09/18/07 12:51 PM
DEBATE - Pursuant to the provisions of
H. Res. 650,
the
Committee of the Whole proceeded with 10 minutes of debate
on the Cardoza amendment.
Amendment offered by Mr. Cardoza.
09/18/07 12:51 PM
An amendment numbered 2 printed in House Report 110-330
to raise the FHA single family loan limit, by establishing
such limit in each area as the lower of (a) 125% of the
local median area home price or (b) 175% of the national
GSE conforming loan limit; retain the FHA loan floor provision
in the reported bill of 65% of the GSE conforming loan
limit; and also gives HUD authority to raise these resulting
loan limit amounts by up to $100,000 by area and/or by
unit size `if market conditions warrant.'
09/18/07 11:48 AM
GENERAL DEBATE - The Committee of the Whole proceeded with
one hour of general debate on
H.R. 1852.
The Speaker designated the Honorable Stephanie Tubbs Jones
to act as Chairwoman of the Committee.
House resolved itself into the Committee of the Whole House
on the state of the Union pursuant to
H. Res. 650
and Rule
XVIII.
09/18/07 11:47 AM
ORDER OF PROCEDURE - Mr. Frank (MA) asked unanimous consent
that, during further consideration of
H.R. 1852
in the
Committee of the Whole, pursuant to
H. Res. 650,
amendment
No. 2 may be offered out of order and by a cosponsor. Agreed
to without objection.
Rule provides for consideration of
H.R. 1852
with 1 hour of
general debate. Previous question shall be considered as
ordered without intervening motions except motion to
recommit with or without instructions. Measure will be
considered read. A specified amendment is in order.
Considered under the provisions of rule
H. Res. 650.
09/18/07 11:47 AM
H. Res. 650:
providing for consideration of the bill (
H.R. 1852)
to
modernize and update the National Housing Act and enable
the Federal Housing Administration to use risk-based pricing
to more effectively reach underserved borrowers, and for
other purposes
