To increase the flexibility of the Secretary of Housing and Urban Development with respect to the amount of premiums charged for FHA single family housing mortgage insurance, and for other purposes.

(This measure has not been amended since it was introduced. The expanded summary of the House passed version is repeated here.)

Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund.

(Sec. 1) Authorizes the Secretary of Housing and Urban Development (HUD) to establish and collect annual premium payments of up to 1.5% of the remaining insured principal balance on such a dwelling. (Currently the Secretary is required to establish and collect annual premium payments of up to .5% of the remaining insured principal balance.)

Authorizes an annual premium of up to 1.55% of the remaining insured principal balance of any 30-year mortgage on such a dwelling involving an original principal obligation greater than 95% percent of such value. (Currently, an annual premium of up to 0.55% of the remaining insured principal balance on such a mortgage is required.)

Authorizes the Secretary to adjust the amount of any initial or annual premium through notice published in the Federal Register or mortgagee letter, which shall establish the effective date of any such adjustment.

(Sec. 2) Directs the Assistant Secretary of HUD who is the Federal Housing Commissioner to appear before specified congressional committees within 270 days after the enactment of this Act to discuss the finances, including premiums, of the Federal Housing Administration (FHA).

[111th Congress Public Law 229]
[From the U.S. Government Publishing Office]



[[Page 124 STAT. 2483]]

Public Law 111-229
111th Congress

                                 An Act


 
   To increase the flexibility of the Secretary of Housing and Urban 
   Development with respect to the amount of premiums charged for FHA 
        single family housing mortgage insurance, and for other 
            purposes. <<NOTE: Aug. 11, 2010 -  [H.R. 5981]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. MORTGAGE INSURANCE PREMIUMS.

    (a) Flexibility.--Subparagraph (B) of section 203(c)(2) of the 
National Housing Act (12 U.S.C. 1709(c)(2)(B)) is amended--
            (1) in the matter preceding clause (i)--
                    (A) by striking ``shall'' and inserting ``may''; and
                    (B) by striking ``0.50 percent'' and inserting ``1.5 
                percent''; and
            (2) in clause (ii), by striking ``shall be in an amount not 
        exceeding 0.55 percent'' and inserting ``may be in an amount not 
        exceeding 1.55 percent''.

    (b) Implementation.--The <<NOTE: Notice. Federal 
Register, publication. 12 USC 1709 note. Effective date.>> Secretary may 
adjust the amount of any initial or annual premium charged pursuant to 
subsection (a) through notice published in the Federal Register or 
mortgagee letter. Such notice or mortgagee letter shall establish the 
effective date of any premium adjustment therein.
SEC. 2. <<NOTE: Deadline.>> CONGRESSIONAL TESTIMONY.

    The Assistant Secretary of the Department of Housing and Urban 
Development who is the Federal Housing Commissioner shall appear before 
the Committee on Banking, Housing and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Representatives 
within 270 days after the enactment

[[Page 124 STAT. 2484]]

of this Act to discuss the finances, including premiums, of the Federal 
Housing Administration.

    Approved August 11, 2010.

LEGISLATIVE HISTORY--H.R. 5981:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 156 (2010):
            July 30, considered and passed House.
            Aug. 4, considered and passed Senate.

                                  <all>