To modernize the manufactured housing loan insurance program under title I of the National Housing Act.
(This measure has not been amended since it was reported to the House on July 19, 2006. The summary of that version is repeated here.)
FHA Manufactured Housing Loan Modernization Act of 2006 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes).
Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases.
Makes any new contract of insurance for such 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 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 conveyed to or acquired by the Secretary of Housing and Urban Development (HUD), and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees.
Directs the Secretary of HUD to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.
Referred to the Subcommittee on Housing and Community Opportunity.
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development. Hearings held. With printed Hearing: S.Hrg. 109-994.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Housing and Community Opportunity.
Subcommittee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Reported (Amended) by the Committee on Financial Services. H. Rept. 109-580.
Reported (Amended) by the Committee on Financial Services. H. Rept. 109-580.
Placed on the Union Calendar, Calendar No. 332.
Mr. Gillmor moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5731-5734)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4804.
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At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H5743)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 398).(text: CR H5731-5732)
Roll Call #398 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 398). (text: CR H5731-5732)
Roll Call #398 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.