S.Amdt. 3322

1. Adds SEC. 3. FHA STABILIZATION AND REFORM at the end of the bill

   Adds a section

   In S. 3637 · Placed on Calendar Senate

   (2) collecting an amount equal to such estimated losses by September 30 of such calendar year, which shall be in addition to the assessments that would otherwise be collected by the Administration with respect to such year for insured credit unions (as defined in section 101 of that Act (12 U.S.C. 1752)) pursuant to section 202 of that Act (12 U.S.C. 1782).

   Inserted: SEC. 3. FHA STABILIZATION AND REFORM.

   Inserted: (a) Establishing Minimum FICO Score Requirement.--Section 203(b) of the National Housing Act (12 U.S.C. 1709(b)) is amended by inserting after paragraph (7) the following:

   Inserted: "(8) Have been made to a mortgagor having a FICO score of not less than 620.".

   Inserted: (b) Reducing Loan Limit.--Section 203(b)(2)(A) of the National Housing Act (12 U.S.C. 1709(b)(2)(A)) is amended--

   Inserted: (1) in clause (i), by striking "or" at the end;

   Inserted: (2) in clause (ii), by adding "or" at the end; and

   Inserted: (3) by inserting before the undesignated matter following clause (ii) the following:

   Inserted: "(iii) $625,000;".

   Inserted: (c) HECM Moratorium.--During the 24-month period beginning on the date of enactment of this Act, the Secretary of Housing and Urban Development may not enter into an agreement to insure a home equity conversion mortgage under section 255 of the National Housing Act (12 U.S.C. 1715z-20).

   Inserted: (d) Limitation on Loans to Borrowers With Foreclosures.--Section 203(b)(9)(A) of the National Housing Act (12 U.S.C. 1709(b)(9)(A)) is amended--

   Inserted: (1) by striking the period at the end and inserting "; or";

   Inserted: (2) by striking "amount equal to not less" and inserting the following: "amount equal to--

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   Inserted: "(A) not less"; and

   Inserted: (3) by adding at the end the following:

   Inserted: "(B) in the case of a mortgagor who was the mortgagor under a mortgage that was foreclosed upon during the 7-year period ending on the date on which the mortgagor applies for the mortgage insured under this section, not less than 20 percent of the appraised value of the property or such larger amount as the Secretary may determine.".

   Original wording

   At the end, add the following:

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As printed