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S. 1997: FHA Bailout Protection Act of 2011

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S. 1997: FHA Bailout Protection Act of 2011

112th Congress · introduced 2011-12-15 · 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

  1. Where it came from: introduced 2011-12-15 · official record
  2. Who proposed it: Sen. Vitter, David [R-LA] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. 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.
  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 Bailout Protection Act of 2011

Plain summary

FHA Bailout Protection Act of 2011 - Amends the National Housing Act (NHA) to direct the Secretary of Housing and Urban Development (HUD) to take action to ensure that the Mutual Mortgage Insurance Fund attains and maintains a capital ratio of at least 2%. Includes among such actions: (1) increasing mortgage insurance premiums, (2) establishing more stringent underwriting standards, and (3) increasing the amount of cash (or its equivalent) required to be paid on account of the property subject to a mortgage. Directs the Secretary to raise annual insurance premiums and charge an additional risk-based annual insurance premium if: (1) the Fund fails to attain a capital ratio of 2% by a specified date or maintain it, or (2) the Fund's expected claims rate as set forth in the quarterly independent actuarial study is 10.0 or higher. Directs the Secretary to require a mortgagee to indemnify HUD for losses resulting from payment of an insurance claim with respect to a mortgage: (1) executed under the direct endorsement program or insured by the mortgagee pursuant to a delegation of authority, but (2) not originated or underwritten in accordance with HUD requirements. Requires indemnification also in the event that fraud or misrepresentation was involved in an origination or underwriting. Directs the Secretary of HUD to take any actions required to seek indemnification for any early term delinquency on a mortgage which: (1) is an obligation of the Mutual Mortgage Insurance Fund; and (2) at the time of origination was not in compliance with NHA requirements. Directs the Secretary of HUD to establish a program to review the cause of each early term delinquency on such a mortgage. Converts from annual to quarterly the frequency of an independent actuarial study of the Mutual Mortgage Insurance Fund. Amends the Federal Credit Reform Act of 1990 to prohibit the Secretary of the Treasury from entering into specified transactions with the Mutual Mortgage Insurance Fund.

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 Bailout Protection Act of 2011

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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

Officials and money

Sponsor: Sen. Vitter, David [R-LA] · 8 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mike Crapo (R-ID), Rand Paul (R-KY), James E. Risch (R-ID), John Cornyn (R-TX), Mike Lee (R-UT)

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

Record fed-us-cong112-s1997 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112