S. 469 — Introduced in Senate

II 113th CONGRESS 1st Session S. 469 IN THE SENATE OF THE UNITED STATES March 6, 2013 Mr. Menendez introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To assist the Secretary of Housing and Urban Development in stabilizing the Home Equity Conversion Mortgage program. 1. Stabilizing the HECM program Section 255 of the National Housing Act (12 U.S.C. 1715z–20) is amended— (1) in subsection (d)(8)— (A) by inserting property maintenance, before insurance; and (B) by inserting , including matters that set forth terms and provisions for establishing escrow accounts, performing financial assessments, or limiting the amount of any payment made available under the mortgage before the semicolon; and (2) in subsection (h)— (A) in paragraph (1), by striking ; and and inserting a semicolon; (B) in paragraph (2), by striking the period and inserting ; and; and (C) by adding at the end the following new paragraph: (3) by notice or mortgagee letter, establish any additional or alternative requirements that the Secretary, in his or her discretion, determines necessary to more effectively carry out the provisions of this section, and any such notice or mortgagee letter shall take effect upon issuance. .