,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bgai  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #d1 #bjbe    
,mr4 ,w>n] 7= himself1 ,mr4 ,van ,holl51
 ,mr4 ,ka9e1 & ,mr4 ,kim7 introduc$ !   
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to e/abli% 
a program to provide l[- &              
mod]ate-income fir/-"t1 fir/-g5]ation   
homebuy]s ) access to af=dable &        
su/a9able weal?-build+ home loans4  #a4 
,%ort title  ,?is ,act may be cit$ z !  
,l[-,income ,fir/-,"t ,homebuy]s ,act ( 
#bjbe or ! ,,lift ,homebuy]s ,act (     
#bjbe4  #b4  ,weal?-build+ home loan    
program  7a7  ,e/abli%m5t ( ,,lift      
,,home funds  7#a7  ,9 g5]al  ,!re is   
e/abli%$ 9 ea* ,loan ,gu>antee ,ag5cy a 
fund to be kn[n z ! ,,lift ,,home ,fund1
 into :i* am\nts made available "u ?is  
section %all be deposit$ & :i* %all be  
us$ by ea* ,dep>tm5t = c>ry+ out !      
purposes ( ?is section4  7#b7           
,managem5t ( ,fund  ,! ,,lift ,,home    

,fund ( ea* ,loan ,gu>antee ,ag5cy %all 
be adm9i/]$ & manag$ by ! respective    
,secret>y1 :o %all e/abli% reasonable & 
prud5t crit]ia = ! managem5t & op]ation 
( any am\nts 9 ! ,fund4  7b7  ,use (    
funds  7#a7  ,transf] ( am\nts to       
,treasury  ,su* portions ( ! am\nt made 
available to ! ,secret>y ( ,h\s+ &      
,urban ,developm5t "u ?is section %all  
be transf]r$ by ! ,secret>y ( ,h\s+ &   
,urban ,developm5t to ! ,dep>tm5t ( !   
,treasury 9 an am\nt equal to1 z det]m9$
 by ! ,secret>y ( ! ,treasury1 9        
consultation ) ! ,secret>y ( ,h\s+ &    
,urban ,developm5t--  7,a7 ! am\nt !    
,secret>y ( ! ,treasury e/imates to be  
necess>y = ! pur*ase ( securities "u !  
,program dur+ ! p]iod = :i* ! funds are 
int5d$ to be available2  7,b7 ! diff]5ce
 betwe5-- 7i7 ! ,secret>y ( !           
,treasury's receipts f ! sale or o!r    
disposition ( securities acquir$ "u !   
,program2 &  7ii7 ! ,secret>y ( !       
,treasury's co/s 9 pur*as+ su*          
securities2 &  7,c7 ! ,dep>tm5t ( !     

,treasury's adm9i/rative exp5ses relat$ 
to ! ,program4  7#b7  ,cr$it subsidy    
,su* portion ( ! am\nt made available to
 ea* ,secret>y "u ?is section z may be  
necess>y may be us$ = ! co/ to !        
respective ,loan ,gu>antee ,ag5cy (     
gu>ante$ loans "u ?is section4 ,su*     
co/s1 includ+ ! co/s ( modify+ su*      
loans1 %all be z def9$ 9 section #ejb ( 
! ,congressional ,budget ,act ( #aigd   
7#b ,u4,s4,c4 #ffa;a74  7c7  ,e/abli%m5t
 ( ! ,,lift ,,home program  ,ea*        
,secret>y %all e/abli%1 & c>ry out1 )   
respect to any mortgage ) a case numb]  
issu$ on or be=e ,decemb] #ca1 #bjbg1 t 
is subsequ5tly insur$ or gu>ante$ by su*
 ,secret>y1 a program to make cov]$     
mortgage loans available to eligible    
homebuy]s to pur*ase a s+le-family      
resid5ce = use z _! pr9cipal resid5ce   
7ref]r$ to 9 ?is section z ! ,program71 
"u :i*--  7#a7 ! ,secret>y ( !          
,treasury-- 7,a7 %all act z a pur*as]1  
on behalf ( ! ,secret>y ( ,h\s+ & ,urban
 ,developm5t1 ( securities t are secur$ 

by cov]$ mortgage loans2  7,b7 may      
designate f9ancial in/itutions1 includ+ 
banks1 sav+s associations1 tru/         
companies1 security brok]s or deal]s1   
asset manag]s1 inve/m5t advis]s1 & o!r  
in/itutions & su* in/itutions %all--    
7i7 p]=m all reasonable duties relat$ to
 ?is section z a f9ancial ag5t ( !      
,unit$ ,/ates z may be requir$2 &  7ii7 
be paid = su* duties us+ appropriations 
available to ! ,secret>y ( ! ,treasury  
to reimburse f9ancial in/itutions 9 _!  
capacity z f9ancial ag5ts ( ! ,unit$    
,/ates2  7,c7 may use ! s]vices ( any   
ag5cy or in/rum5tality ( ! ,unit$ ,/ates
 or compon5t !re( on a reimbursable     
basis1 & any su* ag5cy or in/rum5tality 
or compon5t !re( is au?oriz$ to provide 
s]vices z reque/$ by ! ,secret>y us+ all
 au?orities ve/$ 9 or delegat$ to t     
ag5cy1 in/rum5tality1 or compon5t2  7,d7
 may manage1 & ex]cise any rights       
receiv$ 9 connection )1 any f9ancial    
in/rum5ts or assets pur*as$ or acquir$  
pursuant to ! au?orities grant$ "u ?is  

section2  7,e7 may e/abli% & use        
vehicles to pur*ase1 hold1 & sell       
f9ancial in/rum5ts & o!r assets2 &  7,f7
 may issue su* regulations & o!r        
guidance z may be necess>y or           
appropriate to c>ry out ! au?orities or 
purposes ( ?is section2  7#b7 ea*       
,secret>y ( a ,loan ,gu>antee ,ag5cy    
%all-- 7,a7 e/abli% pric+ t]ms = cov]$  
mortgage loans su* t ! cov]$ mortgage   
loans c>ry a mon?ly mortgage paym5t (   
pr9cipal & int]e/ t is n m ?an #aaj     
p]c5t & n less ?an #ajj p]c5t ( ! mon?ly
 paym5t ( pr9cipal1 int]e/1 & p]iodic   
mortgage insurance premium or loan      
gu>antee fee associat$ ) a newly        
orig9at$ #cj-ye> mortgage loan ) ! same 
loan balance insur$ or gu>ante$ by !    
,loan ,gu>antee ,ag5cy z det]m9$ by ea* 
,secret>y1 or su* pric+ t]ms z are      
det]m9$ by ea* ,secret>y to be necess>y 
to develop liquidity = securities back$ 
by cov]$ mortgage loans & exp& ,program 
p>ticipation by eligible homebuy]s2 &   
7,b7 e/abli% an outrea* & c\nsel+       

program to increase /akehold] aw>5ess ( 
! ,program2  7#c7 ! ,secret>y ( ,h\s+ & 
,urban ,developm5t %all-- 7,a7 9        
consultation ) ! ,secret>y ( !          
,treasury1 e/abli% ! pric+ t]ms = !     
pur*ase ( securities gu>ante$ by !      
,association secur$ by cov]$ mortgage   
loans su* t ! cov]$ mortgage loans c>ry 
a mon?ly mortgage paym5t ( pr9cipal &   
int]e/ t is n m ?an #aaj p]c5t & n less 
?an #ajj p]c5t ( ! mon?ly paym5t (      
pr9cipal1 int]e/1 & p]iodic mortgage    
insurance premium or loan gu>antee fee  
associat$ ) a newly orig9at$ #cj-ye>    
mortgage loan ) ! same loan balance     
insur$ or gu>ante$ by ! ,loan ,gu>antee 
,ag5cy1 or su* pric+ t]ms z are det]m9$ 
by ! ,secret>ies to be necess>y to      
develop liquidity = securities back$ by 
cov]$ mortgage loans & exp& ,program    
p>ticipation by eligible homebuy]s2     
7,b7 h ! au?ority to designate mortgage 
bank]s1 f9ancial in/itutions1 includ+   
banks1 sav+s associations1 tru/         
companies1 security brok]s or deal]s1   

asset manag]s1 inve/m5t advis]s1 & o!r  
in/itutions & su* in/itutions %all--    
7i7 p]=m all reasonable duties relat$ to
 ?is section z an ag5t ( ! ,unit$ ,/ates
 z may be requir$2 &  7ii7 be paid = su*
 duties us+ appropriations available "u 
?is section to ! ,secret>y ( ,h\s+ &    
,urban ,developm5t to reimburse ^!      
entities 9 _! capacity z ag5ts ( !      
,unit$ ,/ates2  7,c7 h ! au?ority to use
 ! s]vices ( any ag5cy or in/rum5tality 
( ! ,unit$ ,/ates or compon5t !re( on a 
reimbursable basis1 & any su* ag5cy or  
in/rum5tality or compon5t !re( is       
au?oriz$ to provide s]vices z reque/$ by
 ! ,secret>y ( ,h\s+ & ,urban           
,developm5t us+ all au?orities ve/$ 9 or
 delegat$ to t ag5cy1 in/rum5tality1 or 
compon5t2  7,d7 op]ate ! ,program 9     
coord9ation ) ! ,association1 ! ,f$]al  
,h\s+ ,adm9i/ration1 ! ,rural ,h\s+     
,s]vice1 & ! ,secret>y ( ! ,treasury s z
 to demon/rate feasibility & workability
 to m>ket p>ticipants1 includ+--  7i7   
orig9ators & s]vic]s ( mortgages2  7ii7 

issu]s ( mortgage-back$ securities2 &   
7iii7 inve/ors2 &  7,e7 ga9 price       
discov]y exp]i5ce by in/ruct+ !         
,secret>y ( ! ,treasury1 foll[+         
consultation ) ! ,secret>y ( ! ,treasury
 to sell acquir$ securities describ$ 9  
subp>agraph 7,a7 z soon z practicable1  
!reby ha/5+ ! developm5t ( liquidity =  
securities back$ by cov]$ mortgage      
loans4  7#d7  ,,gnma gu>antee au?ority  
,to c>ry out ! purposes ( ?is section1 !
 ,association may ent] into new         
commitm5ts to issue gu>antees (         
securities bas$ on or back$ by mortgages
 insur$ "u ?is section4  7#e7  ,,gnma   
gu>anty fee  ,to c>ry out ! purposes (  
?is section1 ! ,association may collect 
gu>anty fees consi/5t ) section         
#cjf7;g77#a7 ( ! ,national ,h\s+ ,act   
7#ab ,u4,s4,c4 #agba7;g77#a77 t are paid
 at securitization4  7d7  ,def9itions   
,9 ?is section3 7#a7 ,association ,! t]m
 ,association means ! ,gov]nm5t         
,national ,mortgage ,association4  7#b7 
,cov]$ mortgage loan  7,a7  ,,hud  ,!   

t]m cov]$ mortgage loan means1 =        
purposes ( ! ,program e/abli%$ by !     
,secret>y ( ,h\s+ & ,urban ,developm5t1 
a mortgage loan t--  7i7 is insur$ or   
gu>ante$ by ! ,f$]al ,h\s+ ,adm9i/ration
 pursuant to section #bjc7;b7 ( !       
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agji7;b771 subject to ! eligibility    
crit]ia set =? 9 ?is subsection1 & has a
 case numb] issu$ on or be=e ,decemb]   
#ca1 #bjbg2  7ii7 is made = an orig9al  
t]m ( #bj ye>s or = an orig9al t]m      
det]m9$ by ! ,secret>y to be necess>y to
 develop liquidity = securities back$ by
 cov]$ mortgage loans & exp& ,program   
p>ticipation by eligible homebuy]s2     
7iii7 subject to subp>agraph 7,c7 ( ?is 
p>agraph & not)/&+ section              
#bjc7;b77#b77;,c7 ( ! ,national ,h\s+   
,act 7#ab ,u4,s4,c4 #agji7;b77#b77;,c771
 has a mortgage insurance premium ( n m 
?an #d p]c5t ( ! loan balance t is paid 
at clos+1 f9anc$ into ! pr9cipal balance
 ( ! loan1 paid ?r\gh an annual premium1
 or a comb9ation !re(2  7iv7 involves a 

rate ( int]e/ t is fix$ ov] ! t]m ( !   
mortgage loan2 &  7v7 is secur$ by a    
s+le-family resid5ce t is ! pr9cipal    
resid5ce ( an eligible homebuy]4  7,b7  
,,usda  ,! t]m cov]$ mortgage loan      
means1 = purposes ( ! ,program e/abli%$ 
by ! ,secret>y ( ,agriculture1 a loan   
gu>ante$ "u section #ejb7;h7 ( ! ,h\s+  
,act ( #aidi 7#db ,u4,s4,c4 #adgb7;h77  
t--  7i7 not)/&+ section                
#ejb7;h77#g77;,a7 ( ! ,h\s+ ,act ( #aidi
 7#db ,u4,s4,c4 #adgb7;h77#g77;,a771 is 
made = an orig9al t]m ( #bj ye>s or = an
 orig9al t]m det]m9$ by ! ,secret>y to  
be necess>y to develop liquidity =      
securities back$ by cov]$ mortgage loans
 & exp& ,program p>ticipation by        
eligible homebuy]s2 &  7ii7 subject to  
subp>agraph 7,c7 ( ?is p>agraph &       
not)/&+ section #ejb7;h77#h77;,a7 ( !   
,h\s+ ,act ( #aidi 7#db ,u4,s4,c4       
#adgb7;h77#h77;,a771 has a loan gu>antee
 fee ( n m ?an #d p]c5t ( ! pr9cipal    
obligation ( ! loan4  7,c7  ,waiv] (    
mortgage insurance premium requirem5t   

,ea* ,secret>y1 9 consultation ) !      
,secret>y ( ! ,treasury1 & not)/&+      
section #ejb7;h77#h77;,a7 ( ! ,h\s+ ,act
 ( #aidi 7#db ,u4,s4,c4                 
#adgb7;h77#h77;,a77 = purposes ( !      
,program e/abli%$ by ! ,secret>y (      
,agriculture1 may waive ! mortgage      
insurance premium cap or loan gu>antee  
fee cap "u subp>agraphs 7,a77iii7 &     
7,b77ii7 ) respect to cov]$ mortgage    
loans insur$ or gu>ante$ by ! ,loan     
,gu>antee ,ag5cy ( :i* t ,secret>y is ! 
head if necess>y to protect ! solv5cy ( 
! associat$ insurance fund4  7#c7       
,dep>tm5t  ,unless o!rwise specifi$1 !  
t]m ,dep>tm5t means ! ,dep>tm5t ( ,h\s+ 
& ,urban ,developm5t or ! ,dep>tm5t (   
,agriculture1 z appropriate4  7#d7      
,eligible homebuy]  ,! t]m eligible     
homebuy] means an individual :o-- 7,a7 =
 purposes ( ! ,program e/abli%$ by !    
,secret>y ( ,h\s+ & ,urban ,developm5t--
  7i7 has an annual h\sehold income t is
 less ?an or equal to--  7,i7 #abj p]c5t
 ( m$ian income = ! area1 z det]m9$ by !

 ,secret>y ( ,h\s+ & ,urban ,developm5t 
=--  7aa7 ! area 9 :i* ! home to be     
acquir$ us+ su* assi/ance is locat$2 or 
7bb7 ! area 9 :i* ! place ( resid5ce ( !
 homebuy] is locat$2 or  7,,ii7 if !    
homebuy] is acquir+ an eligible home t  
is locat$ 9 a high-co/ area1 #adj p]c5t 
( ! m$ian income1 z det]m9$ by !        
,secret>y1 = ! area )9 :i* ! eligible   
home to be acquir$ us+ assi/ance provid$
 "u ?is section is locat$2  7ii7 is a   
fir/-"t homebuy]1 z def9$ 9 p>agraph    
7#f7 ( ?is subsection2 &  7iii7 is a    
fir/-g5]ation homebuy] z def9$ 9        
p>agraph 7#e7 ( ?is subsection2 &  7,b7 
= purposes ( ! ,program e/abli%$ by !   
,secret>y ( ,agriculture--  7i7 meets ! 
applicable requirem5ts 9 section        
#ejb7;h7 ( ! ,h\s+ ,act ( #aidi 7#db    
,u4,s4,c4 #adgb7;h772 &  7ii7 is a      
fir/-"t homebuy] z def9$ 9 p>agraph 7#f7
 ( ?is subsection & a fir/-g5]ation     
homebuy] z def9$ 9 p>agraph 7#e7 ( ?is  
subsection4  7#e7  ,fir/-g5]ation       
homebuy]  ,! t]m fir/-g5]ation homebuy] 

means a homebuy] t1 z atte/$ by !       
homebuy]1 is--  7,a7 an individual-- 7i7
 ^: liv+ p>5ts or legal gu>dians d n1 to
 ! be/ ( ! individual's k1 h any pres5t 
fee simple own]%ip int]e/ 9 a pr9cipal  
resid5ce 9 any ,/ate1 exclud+ own]%ip ( 
heir prop]ty2  7ii7 if no p>5ts or legal
 gu>dians are liv+ ^u acquisition ( !   
eligible home to be acquir$ us+ su*     
assi/ance1 to ! be/ ( ! individual's k1 
^: p>5ts or legal gu>dians did n h any  
own]%ip int]e/ 9 a pr9cipal resid5ce 9  
any ,/ate at ! "t ( _! dea?1 exclud+    
own]%ip ( heir prop]ty2 &  7iii7 ^:     
sp\se1 or dome/ic p>tn] has n1 dur+ !   
#c-ye> p]iod end+ ^u acquisition ( !    
eligible home to be acquir$ us+ su*     
assi/ance1 _h any pres5t own]%ip int]e/ 
9 a pr9cipal resid5ce 9 any ,/ate1      
exclud+ own]%ip ( heir prop]ty1 :e!r !  
individual is a co-borr[] on ! loan or  
n2 or  7,b7 an individual :o has at any 
"t be5 plac$ 9 fo/] c>e or in/itutional 
c>e ^: sp\se or dome/ic p>tn] has n1    
dur+ ! #c-ye> p]iod end+ ^u acquisition 

( ! eligible home to be acquir$ us+ su* 
assi/ance1 _h any own]%ip int]e/ 9 a    
pr9cipal resid5ce 9 any ,/ate1 exclud+  
own]%ip ( heir prop]ty1 :e!r su*        
individuals are co-borr[]s on ! loan or 
n4  7#f7  ,fir/-"t homebuy]  ,! t]m     
fir/-"t homebuy] means a homebuy] z     
def9$ 9 section #ajd ( !                
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abgjd71      
except t own]%ip ( heir prop]ty %all n  
be treat$ z own+ a home = purposes (    
det]m9+ :e!r a borr[] qualifies z a     
fir/-"t homebuy]4  7#g7  ,heir prop]ty  
,! t]m heir prop]ty means resid5tial    
prop]ty = :i* title pass$ by op]ation ( 
law ?r\gh inte/acy & is held by #b or m 
heirs z t5ants 9 common4  7#h7  ,loan   
gu>antee ag5cy  ,unless o!rwise         
specifi$1 ! t]m ,loan ,gu>antee ,ag5cy  
means ! ,f$]al ,h\s+ ,adm9i/ration ( !  
,dep>tm5t ( ,h\s+ & ,urban ,developm5t  
or ! ,rural ,h\s+ ,s]vice ( ! ,dep>tm5t 
( ,agriculture1 z appropriate4  7#i7    
,secret>y  ,unless o!rwise specifi$1 !  

t]m ,secret>y means ! ,secret>y ( ,h\s+ 
& ,urban ,developm5t or ! ,secret>y (   
,agriculture1 z appropriate4  7e7       
,reliance on borr[] atte/ations  ,no    
additional docum5tation beyond !        
borr[]'s atte/ation %all be requir$ to  
demon/rate eligibility "u p>agraph 7#d7 
( subsection 7d7 & no ,/ate1 eligible   
entity1 or cr$itor %all be subject to   
liability1 includ+ monet>y p5alties or  
requirem5ts to indemnify a ,f$]al ag5cy 
or repur*ase a loan t has be5 sold or   
securitiz$1 bas$ on ! provision (       
assi/ance "u ?is section to a borr[] :o 
does n meet ! eligibility requirem5ts "u
 p>agraph 7#d7 ( subsection 7d7 if !    
cr$itor does s 9 good fai? reliance on  
borr[] atte/ations ( eligibility requir$
 "u su* p>agraph4  7f7  ,implem5tation  
,! ,secret>y ( ,h\s+ & ,urban           
,developm5t1 ! ,secret>y ( ,agriculture1
 & ! ,secret>y ( ! ,treasury %all h     
au?ority to issue su* regulations or o!r
 notices1 guidance1 =ms1 in/ructions1 & 
publications z may be necess>y or       

appropriate to c>ry out ! programs1     
projects1 or activities au?oriz$ "u ?is 
section1 includ+ to ensure t su*        
programs1 projects1 or activities are   
complet$ 9 a timely & effective mann]4  
7g7  ,au?orization ( appropriations     
,!re are au?oriz$ to be appropriat$ to !
 ,secret>y ( ,h\s+ & ,urban ,developm5t 
& ! ,secret>y ( ,agriculture su* sums z 
may be necess>y to c>ry out ! ,,lift    
,,home ,program4