S.Amdt. 3989
What it does: Adds SEC. 203. TEMPORARY INCREASE IN LOAN LIMIT FOR HOME EQUITY CONVERSION MORTGAGES on page 55, between lines 19 and 20
Sen. Wayne Allard (R-CO)What it changes
1 change to H.R. 5140
Adds SEC. 203. TEMPORARY INCREASE IN LOAN LIMIT FOR HOME EQUITY CONVERSION MORTGAGES on page 55, between lines 19 and 20
Adds a sectionPrinted pageInserted: SEC. 203. TEMPORARY INCREASE IN LOAN LIMIT FOR HOME EQUITY CONVERSION MORTGAGES.
Inserted: For home equity conversion mortgages originated during the period beginning on July 1, 2007, and ending at the end of December 31, 2008, notwithstanding section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)), the limitation on the maximum principal obligation of a home equity conversion mortgage that may be insured by the Secretary of Housing and Urban Development under such section 255 shall not exceed the dollar limitation established under section 201(a)(2) of this Act (relating to increased loan limits for the Federal Home Loan Mortgage Corporation).
Inserted: SEC. 204. TEMPORARY INCREASE IN LOAN LIMIT FOR MANUFACTURED HOUSING.
Inserted: During the period beginning on July 1, 2007, and ending at the end of December 31, 2008, with respect to any bank, trust company, personal finance company, mortgage company, building and loan association, installment lending company, or other such financial institution, that received or seeks insurance protection under section 2 of the National Housing Act (12 U.S.C. 1703(b)), the dollar limitation against losses which may sustain as a result of a loan, advance of credit, or purchase of an obligation representing such loans and advances shall not exceed--
Inserted: (1) $25,090 if made for the purpose of financing alterations, repairs and improvements upon or in connection with existing manufactured homes;
Inserted: (2) $69,678 if made for the purpose of financing the purchase of a manufactured home;
Inserted: (3) $92,904 if made for the purpose of financing the purchase of a manufactured home and a suitably developed lot on which to place the home; and
Inserted: (4) $23,226 if made for the purpose of financing the purchase, by an owner of a manufactured home which is the principal residence of that owner, of a suitably developed lot on which to place that manufactured home, and if the owner certifies that he or she will place the manufactured home on the lot acquired with such loan within 6 months after the date of such loan.
Original wording
On page 55, between lines 19 and 20, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 3989. Mr. ALLARD submitted an amendment intended to be proposed by him to the bill H.R. 5140, to provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits; which was ordered to lie on the table; as follows:
On page 55, between lines 19 and 20, insert the following:
SEC. 203. TEMPORARY INCREASE IN LOAN LIMIT FOR HOME EQUITY CONVERSION MORTGAGES.
For home equity conversion mortgages originated during the period beginning on July 1, 2007, and ending at the end of December 31, 2008, notwithstanding section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)), the limitation on the maximum principal obligation of a home equity conversion mortgage that may be insured by the Secretary of Housing and Urban Development under such section 255 shall not exceed the dollar limitation established under section 201(a)(2) of this Act (relating to increased loan limits for the Federal Home Loan Mortgage Corporation).
SEC. 204. TEMPORARY INCREASE IN LOAN LIMIT FOR MANUFACTURED HOUSING.
During the period beginning on July 1, 2007, and ending at the end of December 31, 2008, with respect to any bank, trust company, personal finance company, mortgage company, building and loan association, installment lending company, or other such financial institution, that received or seeks insurance protection under section 2 of the National Housing Act (12 U.S.C. 1703(b)), the dollar limitation against losses which may sustain as a result of a loan, advance of credit, or purchase of an obligation representing such loans and advances shall not exceed--
(1) $25,090 if made for the purpose of financing alterations, repairs and improvements upon or in connection with existing manufactured homes;
(2) $69,678 if made for the purpose of financing the purchase of a manufactured home;
(3) $92,904 if made for the purpose of financing the purchase of a manufactured home and a suitably developed lot on which to place the home; and
(4) $23,226 if made for the purpose of financing the purchase, by an owner of a manufactured home which is the principal residence of that owner, of a suitably developed lot on which to place that manufactured home, and if the owner certifies that he or she will place the manufactured home on the lot acquired with such loan within 6 months after the date of such loan.
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Senate amendment submitted
February 6, 2008