Sponsors: Waters, Frank
Introduced by Waters on 29 March 07
Summary: This bill would modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. The purposes of this Act are to provide flexibility to FHA to allow for the insurance of housing loans for low- and moderate-income homebuyers during all economic cycles in the mortgage market; to modernize the FHA single family mortgage insurance program by making it more reflective of enhancements to loan-level risk assessments and changes to the mortgage market; and to adjust the loan limits for the single family mortgage insurance program to reflect rising house prices and the increased costs associated with new construction.
Latest Major Action: 6/28/2007 Placed on the Union Calendar, Calendar No. 133.