An amendment in the nature of a substitute numbered 15 printed in the Congressional Record to insert a complete new text detailing use of funding for an FHA Refinancing Program.
What it does: Replaces the bill's text with a full substitute
Rep. Loretta Sanchez (D-CA)Description
Amendment sought to insert a complete new text detailing use of funding for an FHA Refinancing Program.
What it changes
1 change to H.R. 830
We couldn't match these changes to the text of H.R. 830, so they're shown as written.
Replaces the bill's text with a full substitute
Replaces the full textEverything after the enacting clauseRemoves all after the enacting clause.
Inserted: SECTION 1. USE OF FUNDING FOR FHA REFINANCE PROGRAM.
Inserted: Effective on the date of the enactment of this Act, all unexpended balances remaining available as of such date of enactment of the amounts made available under title I of the Emergency Economic Stabilization Act (Public Law 110-343; 12 U.S.C. 5211 et seq.) that have been allocated for use under the FHA Refinance Program (pursuant to Mortgagee Letter 2010-23 of the Secretary of Housing and Urban Development) of the Making Home Affordable initiative of the Secretary of the Treasury shall be available to the Secretary of Housing and Urban Development for carrying out a program for insuring mortgages made to refinance existing mortgages on 1- to 4-family residences, in accordance with such guidelines and standards as the Secretary shall issue, which shall provide that under such program--
Inserted: (1) the residence subject to a mortgage being refinanced and to the insured refinancing mortgage shall be the principal residence of the mortgagor;
Inserted: (2) the mortgagor under the insured refinancing mortgage shall have an annual family income not exceeding $180,000;
Inserted: (3) the insured refinancing mortgage shall have a term to maturity of 30 years;
Inserted: (4) the insured refinancing mortgage shall bear interest at a single rate of 4.0 percent annually for the entire term of the mortgage; and
Inserted: (5) the mortgagor under the insured refinancing mortgage may not have failed to timely make any payments due under the mortgage being refinanced.
Original wording
Strike all after the enacting clause and insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
Strike all after the enacting clause and insert the following:
SECTION 1. USE OF FUNDING FOR FHA REFINANCE PROGRAM.
Effective on the date of the enactment of this Act, all unexpended balances remaining available as of such date of enactment of the amounts made available under title I of the Emergency Economic Stabilization Act (Public Law 110-343; 12 U.S.C. 5211 et seq.) that have been allocated for use under the FHA Refinance Program (pursuant to Mortgagee Letter 2010-23 of the Secretary of Housing and Urban Development) of the Making Home Affordable initiative of the Secretary of the Treasury shall be available to the Secretary of Housing and Urban Development for carrying out a program for insuring mortgages made to refinance existing mortgages on 1- to 4-family residences, in accordance with such guidelines and standards as the Secretary shall issue, which shall provide that under such program--
(1) the residence subject to a mortgage being refinanced and to the insured refinancing mortgage shall be the principal residence of the mortgagor;
(2) the mortgagor under the insured refinancing mortgage shall have an annual family income not exceeding $180,000;
(3) the insured refinancing mortgage shall have a term to maturity of 30 years;
(4) the insured refinancing mortgage shall bear interest at a single rate of 4.0 percent annually for the entire term of the mortgage; and
(5) the mortgagor under the insured refinancing mortgage may not have failed to timely make any payments due under the mortgage being refinanced.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
House amendment offered
March 10, 2011
View full timeline
House amendment offered
March 10, 2011
House amendment offered/reported by: Amendment (A007) in the nature of a substitute offered by Ms. Sanchez, Loretta.(consideration: CR H1695-1696; text: CR H1695)
March 10, 2011 • 2:37 PM
Amendment (A007) in the nature of a substitute offered by Ms. Sanchez, Loretta. (consideration: CR H1695-1696; text: CR H1695)
March 10, 2011 • 2:37 PM
Mrs. Biggert raised a point of order against the Sanchez, Loretta amendment (A007). Mrs. Biggert stated that the amendment had the effect of increasing mandatory spending over a specified period of time and violated clause 10 of rule 21. The Chair sustained the point of order.
March 10, 2011 • 2:41 PM