H.R. 830 Amendments: Amendments to H.R. 830—FHA Refinance Program Termination Act

H.R. 830

Amendments to H.R. 830—FHA Refinance Program Termination Act

Sponsor
Rep.

Date
March 11, 2011 (112th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

On Wednesday, March 9, 2011, the House approved H.Res. 150, the rule providing for consideration of H.R. 830, the FHA Refinance Program Termination Act.  Complete consideration of H.R. 830 is expected on Thursday, March 10, 2011.  The bill was introduced by Rep. Robert Dold (R-IL) on February 28, 2011, and referred to the Committee on Financial Services.  On March 3, 2011, a mark-up was held and the bill was reported by a recorded vote of 33-22.

Amendments

Amendment No. 1—Rep. Cardoza (D-CA): The amendment would direct the Federal Housing Finance Agency (FHFA), the regulator of Fannie Mae and Freddie Mac, to establish a mortgage refinancing program for mortgages owned by those government-sponsored enterprises.

Amendment No. 2—Rep. Cole (R-OK): The amendment would require any unexpended balances rescinded and permanently canceled be retained in the General Fund of the Treasury for reducing the national debt.

Amendment No. 3—Rep. Lynch (D-MA): The amendment would strike the section terminating the “Mortgagee Letter” outlining the Program and would subject funds expended prior to date of enactment of the Act to the treatment of the Mortgagee Letter.

Amendment No. 4—Rep. Paulsen (R-MN): The amendment would add consideration of members and veterans with service-connected disabilities in the study directed by subsection (d) to examine the use of the program by members of the Armed Forces, Veterans, and Gold Star recipients.

Amendment No. 5—Rep. Waters (D-CA): The amendment would direct the Secretary of Housing and Urban Development, in consultation with the Secretary of Treasury, to conduct a study on the negative impacts of underwater mortgage loans on the housing market and the economy.

Amendment No. 6—Rep. Waters (D-CA): The amendment would direct the Secretary of Housing and Urban development to post a cancellation notice of the FHA Refinance Program on its website and encourage underwater homeowners to contact their Member of Congress.

Amendment No. 7—Rep. Garamendi (D-CA): The amendment would direct federal regulatory agencies for banking and financial institutions to issue regulations that outline requirements for bonuses paid to financial sector employees.

Amendment No. 8—Rep. Holt (D-NJ): The amendment would modify the standard deduction for property under section 63(c) of the Internal Revenue Code, extending the deduction to taxable years 2008 to 2014 and adjusting for inflation in calendar year 2010.

Amendment No. 9—Rep. Maloney (D-NY): The amendment would insert into the bill findings listing the number of underwater mortgages in individual states.

Amendment No. 10—Rep. Deutch (D-FL): The amendment would add to the definition of “covered homeowners” under subsection (d) of Section 3 to include “a person who is 62 years of age” in the study directed to examine the use of the program by members of the Armed Forces, Veterans, and Gold Star recipients.

Amendment No. 11—Rep. Fitzpatrick (R-PA): The amendment would require any unexpended balances rescinded and permanently canceled be retained in the General Fund of the Treasury for reducing the national debt.

Amendment No. 12—Rep. Inslee (D-WA): The amendment would direct the Secretary of Housing and Urban Development, following the study directed in subsection (d) of Section 3, to implement a new mortgage insurance program providing for loan modification of underwater mortgages.

Amendment No. 13—Rep. Inslee (D-WA): The amendment would direct the Secretary of Housing and Urban Development to conduct a study to determine the effects of authorizing bankruptcy courts to reduce the debt secured by a mortgage of individuals who would have qualified for the FHA Refinance Program prior to termination by the Act.

Amendment No. 14—Rep. Inslee (D-WA): The amendment would direct any federal regulatory agency, in consultation with the Attorney General of the U.S., the Secretary of the Treasury, the Secretary of Housing and Urban Development, and the Attorneys General of the States to pursue criminal prosecution of directors and officers of financial institutions who have failed to comply with laws relating to foreclosure of mortgages on residential real property.

Amendment No. 15—Rep. Sanchez (D-CA): The amendment, in the nature of a substitute, strikes all after the enacting clause and would direct that any unexpended balances made available under the FHA Refinance Program be made available to the Secretary of Housing and Urban Development for the purposes of establishing and implementing a mortgage insurance and refinancing program.