To require a 12-month moratorium on the implementation of risk-based premiums for FHA insured mortgages.

SA 3853. Mr. SCHUMER (for Mr. Dodd (for himself and Mr. Shelby))
proposed an amendment to the bill S. 2338, to modernize and update the
National Housing Act and enable the Federal Housing Administration to
more effectively reach underserved borrowers, and for other purposes;
as follows:

At the end of title I, insert the following:

SEC. 123. MORATORIUM ON IMPLEMENTATION OF RISK-BASED
PREMIUMS.

For the 12-month period beginning on the date of enactment
of this Act, the Secretary of Housing and Urban Development
shall not enact, execute, or take any action to make

[[Page S15654]]

effective the planned implementation of risk-based premiums,
which are designed for mortgage lenders to offer borrowers an
FHA-insured product that provides a range of mortgage
insurance premium pricing, based on the risk the insurance
contract represents, as such planned implementation was set
forth in the Notice published in the Federal Register on
September 20, 2007 (Vol. 72, No. 182, Page 53872).
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