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
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Bill Progress

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

Bill Summary

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)

Bill Actions

Date Description
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.