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S. 2338: FHA Modernization Act of 2007

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S. 2338: FHA Modernization Act of 2007

110th Congress · introduced 2007-11-13 · Housing and Community Development · Latest: Held at the desk.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2007-11-13 · official record
  2. Who proposed it: Sen. Dodd, Christopher J. [D-CT] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: Senate vote 432 (2007): On Passage of the Bill, S2338 (2007-12-14), Bill Passed. See all
  4. Where it stands now: Held at the desk. Not final yet: this can still change. We check for updates every day.
  5. 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

FHA Modernization Act of 2007

Plain summary

FHA Modernization Act of 2007 - Amends the National Housing Act to: (1) revise requirements for the maximum principal loan obligation eligible for mortgage insurance, as well as the cash investment requirement; and (2) prohibit seller-funded downpayment assistance. Increases the maximum up-front mortgage insurance premium the Secretary of Housing and Urban Development (HUD) may collect on mortgages secured by a one- to four-family dwelling. Replaces the General Insurance Fund (GIF) with the Mutual Mortgage Insurance (MMI) Fund as the depository of all funds involved in rehabilitation loans for one- to four-family structures. Permits the Secretary to insure any mortgage covering a one-family unit in a condominium project if the project has a certain HUD-insured blanket mortgage. Revises requirements for the MMI Fund. Makes insurance of a Native Hawaiian or Indian reservation mortgage the obligation of the MMI Fund (instead of the GIF). Eliminates the limitation on the aggregate number of home equity conversion mortgages (HECMs) for elderly homeowners insured under the Act. Authorizes the Secretary to insure a home equity conversion mortgage to: (1) enable an elderly mortgagor to purchase a one- to four-family dwelling unit, one of which the mortgagor will occupy as a primary residence; and (2) provide for any future payments to the mortgagor, based on available equity. Establishes a single national loan limit for HECMs. Amends the Energy Policy Act of 1992 to raise the cap on the price of cost-effective energy efficiency improvements under the energy efficiency mortgages program. Amends the National Housing Act to require the Secretary to establish a pilot program for an automated process for providing alternative credit rating information for mortgagors and prospective mortgagors (under mortgages on one- to four-family residences) without sufficient credit history. Requires the Secretary, the Commissioner of the Federal Housing Administration (FHA), the Neighborhood Reinvestment Corporation, and other entities involved in foreclosure prevention activities to develop and implement a plan to improve FHA's loss mitigation process. Amends the Housing and Urban Development Act of 1968 to revise post-purchase housing counseling eligibility requirements. Directs the Secretary to establish a pre-purchase homeownership counseling demonstration program. Amends the federal criminal code to establish criminal penalties for certain fraudulent actions intended to influence FHA action in any way. Places limitations on mortgage insurance premium increases. FHA Manufactured Housing Loan Modernization Act of 2007 - Amends the National Housing Act with respect to FHA housing loan insurance for manufactured homes (or lots for such homes). Makes any new contract of insurance for loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.) Increases manufactured home loan limits, requiring annual indexing. Sets forth borrower premium charges, including an up-front premium of up to 2.25% and an annual premium of up to 1%. Revises requirements for the handling and disposal of any real or personal property conveyed to or acquired by the Secretary. Directs the Secretary to establish underwriting criteria that will ensure the manufactured housing program's financial soundness. Amends the National Housing Act to apply the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured home financed with an FHA-insured loan or extension of credit and related services. Prescribes certain lease requirements as prerequisites for HUD insurance of a financial institution with respect to a mortgage loan to finance a manufactured home intended to be leased in a manufactured home community.

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

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

FHA Modernization Act of 2007

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. Dodd, Christopher J. [D-CT] · 0 cosponsors

Cost estimate: CBO cost estimate: S. 2338, FHA Modernization Act of 2007 (2007-10-12); CBO cost estimate: S. 2338, FHA Modernization Act of 2007 (2007-10-12)

Recorded votes

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

Record fed-us-cong110-s2338 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110