H.R.1028: End Unnecessary Borrowing Act of 2013

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about housing and community development
You can read the bill
Sponsor Michael E. Capuano, D-Mass.
Total Cosponsors 3 (All Democrats)
Introduced March 7, 2013
Latest Major Action March 7, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

End Unnecessary Borrowing Act of 2013 - Amends the National Housing Act with respect to the requirement that the Secretary of Housing and Urban Development (HUD) endeavor to ensure that the Mutual Mortgage Insurance Fund attains a capital ratio of not less than 2% within 10 years after enactment of that requirement (November 5, 1990) and to ensure that the Fund maintains at least that capital ratio at all times thereafter.

Prohibits these requirements from being construed to authorize or require the Secretary to borrow any amounts to comply with the capital ratio requirement.

Limits the use of any authority of the Secretary to borrow from the Treasury for the Mutual Mortgage Insurance Fund only to the extent necessary to pay claims on mortgage insurance that is an obligation of such Fund.

(Source: Congressional Research Service)

Bill Actions

Date Description
March 7, 2013 Referred to the House Committee on Financial Services.