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S.1376: FHA Solvency 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||Tim Johnson, D-S.D.|
|Total Cosponsors||1 (All Republicans)|
|Introduced||July 25, 2013|
|Latest Major Action||Dec. 19, 2013|
|See it on||GovTrack|
|See it on||C-SPAN|
- Bill introduced in the Senate
- Bill passed in the Senate
- Bill passed in the House
- Bill signed into law
FHA Solvency Act of 2013 - (Sec. 2) Amends the National Housing Act with respect to mortgage insurance.
Requires the Secretary of Housing and Urban Development (Secretary) (HUD) (who currently is merely authorized) to establish and collect annual premium payments in an amount between 0.55% and 2.0% (currently, not exceeding 1.5%) of the remaining insured principal balance.
Directs the Secretary to review annually the amount of the annual and up-front premiums collected and the expected losses to the Mutual Mortgage Insurance (MMI) Fund.
(Sec. 3) Prohibits the Secretary from insuring, or entering into a commitment to insure, a mortgage executed by a mortgagor who is the mortgagor under any two mortgages on one- to four-family residential properties that have previously been foreclosed upon.
Sec. 4) Authorizes the Secretary to require a mortgagee to indemnify HUD for the loss if a mortgage executed by an approved or insured mortgagee contains such a mate...
(Source: Congressional Research Service)
|Dec. 19, 2013||Placed on Senate Legislative Calendar under General Orders. Calendar No. 275.|
|Dec. 19, 2013||Committee on Banking, Housing, and Urban Affairs. Reported by Senator Johnson SD, with amendments. With written report No. 113-129.|
|July 31, 2013||Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with amendments favorably.|
|July 25, 2013||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|