S.Amdt. 4580

SA 4580. Mr. KYL submitted an amendment intended to be proposed by
him to the bill H.R. 5441, making appropriations for the Department of
Homeland Security for the fiscal year ending September 30, 2007, and
for other purposes; which was ordered to lie on the table; as follows:

On page 75, line 8 strike ``$3,740,357,000; of which'' and
insert ``$3,780,357,000; of which $40 million shall be
authorized for 1,150 additional detention beds spaces and the
necessary operational and mission support positions,
information technology, relocation costs, and training for
those beds; of which''.
Sec.  . At the appropriate place in the bill, insert:
Section 255 of the National Housing Act (12 U.S.C. 1715z-
20) is amended by adding at the end the following new
subsection:
``(n) Authority to Insure Home Purchase Mortgage--
``(1) In general.--Notwithstanding any other provision in
this section, the Secretary may insure, upon application by a
mortgagee, a home equity conversion mortgage upon such terms
and conditions as the Secretary may prescribe, when the
primary purpose of the home equity conversion mortgage is to
enable an elderly mortgagor to purchase a 1-to 4 family
dwelling in which the mortgagor will occupy or occupies one
of the units.
``(2) Limitation on principal obligation.--A home equity
conversion mortgage insured pursuant to paragraph (1) shall
involve a principal obligation that does not exceed the
dollar amount limitation determined under section 305(a)(2)
of the Federal Home Loan Mortgage Corporation Act for a
residence of the applicable size.''.

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