S. 2008Senate110th Congress (2007-2009)In Committee

HOME Act

Introduced August 3, 2007

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

August 3, 2007

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SenateIntro Referral

Introduced in Senate

August 3, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S10935)

August 3, 2007

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

August 3, 2007

Floor Debate

10 members

What members said about S. 2008 on the floor

4 Republicans6 Democrats
Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Aug 3, 2007

Mr. President, today I rise to discuss the All Students Can Achieve Act that I am introducing today with Senators Lieberman and Coleman. I was proud to have been a part of developing the No Child…

Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Aug 3, 2007

Mr. President, today, I am introducing the Secondhand Smoke Education and Outreach Act of 2007 to provide information to the public about the health consequences of secondhand smoke and support…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Aug 3, 2007

Mr. President, I rise today to introduce, together with my colleagues Senator Mary Landrieu and Senator Norm Coleman, the All Students Can Achieve Act. This bill represents a comprehensive bipartisan…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Aug 3, 2007

Mr. President, I rise to introduce Senate Bill 2003, a measure that will enhance the Federal Government's ability to perform its duties capably and economically as it faces a wave of retirement of…

Norm Coleman
Sen. Norm ColemanR-MN · Aug 3, 2007

Mr. President, today I rise with my colleagues Senators Joe Lieberman and Mary Landrieu to introduce the All Students Can Achieve Act of 2007, ASCA, legislation aimed at improving the current No…

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Ted Stevens
Sen. Ted StevensR-AK · Aug 3, 2007

Mr. President, I am pleased to introduce a Senate joint resolution directing the United States to initiate efforts with other Nations to negotiate international agreements for managing migratory and…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Aug 3, 2007

Mr. President, I rise today to introduce the Home Ownership Made Easier Act, or the HOME Act. This bill will revitalize our Nation's rural communities by making it easier to become a homeowner and to…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Aug 3, 2007

Mr. President, today I rise with Senators Inouye and Sanders to introduce a very important bill--the Build, Update, Improve, Lift, and Design Health Centers Act of 2007. Also known as the BUILD Act,…

Sherrod Brown
Sen. Sherrod BrownD-OH · Aug 3, 2007

Mr. President, I am introducing legislation today that would delay for 18 months the requirement that doctors write Medicaid prescriptions on tamper-resistant paper. I am pleased that my colleague…

Jim Bunning
Sen. Jim BunningR-KY · Aug 3, 2007

Mr. President, I would like to introduce a bill to authorize the National Park Service to conduct a comprehensive study to examine the extension of the Lewis and Clark National Historic Trail to…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Aug 3, 2007

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

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Introduced in SenateIssued August 3, 2007

II

110th CONGRESS

1st Session

S. 2008

IN THE SENATE OF THE UNITED STATES

August 3, 2007

Ms. Landrieu introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To reform the single family housing loan guarantee program under the Housing Act of 1949.

1.

Short title

This Act may be cited as the Home Ownership Made Easier Act or the HOME Act.

2.

Single Family Housing Loan Guarantee Program

Section 502(h) of the Housing Act of 1949 (42 U.S.C. 1472(h)) is amended—

(1)

by amending paragraph (3) to read as follows:

(3)

Income limits for eligible borrowers

To be eligible to receive a guaranteed loan pursuant to this subsection, the income of a borrower—

(A)

shall not exceed the current 4-person household limit, as defined by the Secretary, for a borrower living in a 1 to 4 person household;

(B)

shall not exceed the current 8-person household limit, as defined by the Secretary, for a borrower living in a 5 to 8 person household; and

(C)

shall not exceed the current household limits for households greater than 8 persons, as defined by the Secretary, for a borrower living in a household of more than 8 persons.

;

(2)

in paragraph (4)—

(A)

in subparagraph (A) by inserting and after the semicolon;

(B)

by striking subparagraph (B);

(C)

by redesignating subparagraph (C) as subparagraph (B); and

(D)

in subparagraph (B), as so redesignated, by striking the period and inserting the following having a population of not more than 40,000.;

(3)

in paragraph (8), by striking 1 percent and inserting 2 percent;

(4)

by amending paragraph (9) to read as follows:

(9)

Refinancing

(A)

In general

Any loan guaranteed under this subsection or any loan not guaranteed under this section, but which is owed by an individual who would qualify as an eligible borrower under paragraph (3) on a residence that would qualify under paragraph (4), may be refinanced or extended for any of the following purposes:

(i)

To pay off any other loan (including a first or second purchase mortgage) not made or guaranteed under this section.

(ii)

To repair mechanical or structural deficiencies to the residence of the borrower, provided that such repairs are made under the supervision of an eligible lender, as that term is defined in paragraph (6).

(iii)

To pay for closing costs as may be authorized by the Secretary, which shall include a discount not to exceed 200 basis points and an origination fee not to exceed 100 basis points. For each 100 basis points of discount, there shall be a minimum corresponding reduction of a 50 basis points in the maximum note rate, as defined by the Secretary, charged to the borrower.

(iv)

To allow the borrower to consolidate the debts of the borrower up to the greater of $10,000 or 10 percent of the loan amount, provided that such amounts shall be disbursed by the settlement agent at the time of the loan closing.

(v)

For any other purpose, and under such terms and conditions, as the Secretary shall prescribe.

(B)

Limitation

Any loan described under subparagraph (A) may not be refinanced or extended for an additional amount or term which exceeds the limitations under this subsection.

; and

(5)

by adding at the end the following:

(15)

Eligibility not dependent on qualifying under other housing programs

In no event or circumstance shall an otherwise eligible borrower be denied a loan or loan guarantee under this section solely because such borrower is not eligible (or is eligible and has not applied for) assistance under any other loan, housing, housing assistance, or other housing related program administered, in whole or in part, by the Federal Government.

.

3.

Income adjustments for minors, students, and persons with disabilities

Section 501(b)(5)(A) of the Housing Act of 1949 (42 U.S.C. 1472(b)(5)(A)) is amended by inserting before the period the following: , except that for purposes of this title the mandatory exclusion amount for minors, students, and persons with disabilities under the definition of adjusted income shall be $2,400.