S. 3535: Expanding American Homeownership Act of 2006

109th Congress · introduced 2006-06-19 · Housing and Community Development · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2006-06-19 · official record
Who proposed it: Sen. Talent, Jim [R-MO] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Expanding American Homeownership Act of 2006

Plain summary

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.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Expanding American Homeownership Act of 2006

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Talent, Jim [R-MO] · 10 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John Cornyn (R-TX)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-109s3535.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/s>

Record fed-us-cong109-s3535 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109