,,ii #aai? ,,congress #a/ ,session ,s4 #igh ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ab1 #bjbe,mrs4 ,moody 7= h]self1 ,mr4 ,oss(f1 ,mr4 ,cassidy1 & ,mr4 ,w>nock7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,national ,h\s+ ,act to e/abli% a mortgage insurance program = fir/ respond]s1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,homes = ,e ,local ,protector1 ,educator1 & ,respond] ,act ( #bjbe or ! ,,help] ,act ( #bjbe4 #b4 ,,fha mortgage insurance program = mortgages = fir/ respond]s ,section #bjc ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agji7 is am5d$ by add+ at ! end ! foll[+3 7z7 ,,fha mortgage insurance program = mortgages = fir/ respond]s 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,fir/ respond] ,! t]m fir/ respond] means an individual :o is1 z atte/$ by ! individual-- 7i7 7,i7 employ$ full-"t by a law en=cem5t ag5cy ( ! ,f$]al ,gov]nm5t1 a ,/ate1 a ,tribal gov]nm5t1 or a unit ( g5]al local gov]nm5t2 & 7,,ii7 9 c>ry+ out su* full-"t employm5t1 sworn to uphold1 & make arre/s = violations (1 ,f$]al1 ,/ate1 c\nty1 t[n%ip1 municipal1 or ,tribal laws1 or au?oriz$ by law to sup]vise s5t5c$ crim9al (f5d]s or individuals ) p5d+ crim9al *>ges2 7ii7 employ$ full-"t z a firefight]1 p>am$ic1 or em]g5cy m$ical te*nician by a fire dep>tm5t or em]g5cy m$ical s]vices respond] unit ( ! ,f$]al ,gov]nm5t1 a ,/ate1 a ,tribal gov]nm5t1 or a unit ( g5]al local gov]nm5t2 or 7iii7 employ$ z a full-"t tea*] by a ,/ate-accr$it$ public s*ool or private s*ool t provides direct s]vices to /ud5ts 9 grades pre-k9d]g>t5 ?r\gh #ab4 7,b7 ,fir/-"t homebuy] ,! t]m fir/-"t homebuy] has ! mean+ giv5 ! t]m 9 section #ajd ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #abgjd74 7,c7 ,/ate ,! t]m ,/ate has ! mean+ giv5 ! t]m 9 section #bja4 7,d7 ,tribal gov]nm5t ,! t]m ,tribal gov]nm5t means ! recogniz$ gov]n+ body ( any ,indian or ,alaska ,native tribe1 b&1 nation1 pueblo1 village1 community1 compon5t b&1 or compon5t res]vation1 individually id5tifi$ 7includ+ p>5!tically7 9 ! li/ publi%$ mo/ rec5tly pursuant to section #ajd ( ! ,f$]ally ,recogniz$ ,indian ,tribe ,li/ ,act ( #aiid 7#be ,u4,s4,c4 #eaca74 7#b7 ,au?ority ,! ,secret>y may1 ^u application by a mortgagee1 insure any mortgage eligible = insurance "u ?is subsection to an eligible mortgagor &1 ^u su* t]ms & conditions z ! ,secret>y may prescribe1 make commitm5ts = ! insurance ( su* mortgages prior to ! date ( _! execution or disbursem5t4 7#c7 ,mortgage t]ms2 mortgage insurance premium 7,a7 ,t]ms 7i7 ,9 g5]al ,a mortgage insur$ "u ?is subsection %all-- 7,i7 be made to an eligible mortgagor2 7,,ii7 comply ) ! requirem5ts e/abli%$ "u p>agraphs 7#a7 ?r\gh 7#g7 ( subsection 7b72 & 7,,iii7 be us$ only to-- 7aa7 pur*ase or repair a #a-;family resid5ce1 includ+ a #a-;family dwell+ unit 9 a condom9ium project1 to s]ve z a pr9cipal resid5ce ( ! mortgagor1 z atte/$ by ! mortgagor2 or 7bb7 pur*ase a pr9cipal resid5ce ( ! mortgagor1 z atte/$ by ! mortgagor1 :i* is-- 7,,aa7 a manufactur$ home to be p]man5tly affix$ to a lot t is own$ by ! mortgagor & titl$ z real prop]ty2 or 7,,bb7 a manufactur$ home & a lot to :i* ! home w be p]man5tly affix$ t is titl$ z real prop]ty4 7ii7 ,no d[n paym5t ,not)/&+ any provision to ! contr>y 9 ! matt] foll[+ subsection 7b77#b77;,b7 ) respect to fir/-"t homebuy]s-- 7,i7 ! ,secret>y may insure any mortgage t involves an orig9al pr9cipal obligation 7includ+ all[able *>ges & fees & ! premium pursuant to subp>agraph 7,b7 ( ?is p>agraph7 9 an am\nt n to exce$ #ajj p]c5t ( ! apprais$ value ( ! prop]ty involv$2 & 7,,ii7 ! mortgagor ( a mortgage describ$ 9 subclause 7,i7 %all n be requir$ to pay any am\nt1 9 ca% or its equival5t1 on acc\nt ( ! prop]ty4 7,b7 ,mortgage insurance premium 7i7 ,up-front premium ,! ,secret>y %all e/abli% & collect an insurance premium 9 connection ) mortgages insur$ "u ?is subsection t is a p]c5tage ( ! orig9al insur$ pr9cipal obligation ( ! mortgage am\nt1 :i* %all be collect$ at ! "t & 9 ! mann] provid$ "u subsection 7c77#b77;,a71 except t ! premiums collect$ "u ?is subp>agraph-- 7,i7 may be 9 an am\nt t exce$s #c p]c5t ( ! am\nt ( ! orig9al insur$ pr9cipal obligation ( ! mortgage2 & 7,,ii7 may be adju/$ by ! ,secret>y f "t to "t by increas+ or decreas+ su* p]c5tages z ! ,secret>y consid]s necess>y1 bas$ on ! p]=mance ( mortgages insur$ "u ?is subsection & m>ket conditions4 7ii7 ,prohibition ( mon?ly premiums ,a mortgage insur$ "u ?is subsection %all n be subject to a mon?ly insurance premium1 includ+ a premium "u subsection 7c77#b77;,b74 7#d7 ,eligible mortgagors ,! mortgagor = a mortgage insur$ "u ?is subsection %all1 at ! "t ! mortgage is execut$-- 7,a7 be a fir/-"t homebuy]2 7,b7 h complet$ a program ( h\s+ c\nsel+ provid$ ?r\gh a h\s+ c\nsel+ ag5cy approv$ by ! ,secret>y2 7,c7 z atte/$ by ! mortgagor-- 7i7 be employ$ z a fir/ respond]2 7ii7 h be5-- 7,i7 employ$ z a fir/ respond] = n less ?an #d ( ! #e ye>s prec$+ ! date on :i* ! mortgagor submitt$ an application to insure ! mortgage "u ?is section2 or 7,,ii7 releas$ f employm5t z a fir/ respond] due to an occupation-connect$ disability result+ f su* duty or employm5t2 7iii7 be 9 good /&+ z a fir/ respond] & n on probation or "u inve/igation = conduct t1 if det]m9$ to h occurr$1 is gr\nds = t]m9ation ( employm5t2 7iv7 9 good fai? int5d to cont9ue z a fir/ respond] = n less ?an #a ye> foll[+ ! date ( clos+ on ! mortgage2 & 7v7 h previ\sly nev] be5 ! mortgagor "u a mortgage insur$ "u ?is subsection2 7,d7 meet su* requirem5ts z ! ,secret>y %all e/abli% to ensure t insurance ( ! mortgage repres5ts an acceptable risk to ! ,mutual ,mortgage ,insurance ,fund2 & 7,e7 meet su* und]writ+ requirem5ts z ! ,secret>y %all e/abli% to meet actu>ial objectives id5tifi$ by ! ,secret>y1 :i* may include avoid+ a positive subsidy rate or comply+ ) ! capital ratio requirem5t "u section #bje7;f77#b74 7#e7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to c>ry out ! program "u ?is subsection-- 7,a7 #ffj1jjj = fiscal ye> #bjbf1 to rema9 available until exp5d$2 & 7,b7 #afj1jjj = ea* ( fiscal ye>s #bjbg ?r\gh #bjcb1 to rema9 available until exp5d$4 7#f7 ,reau?orization requir$ ,! au?ority to ent] into new commitm5ts to insure mortgages "u ?is subsection %all expire on ! date t is #e ye>s aft] ! date on :i* ! ,secret>y fir/ makes available insurance = mortgages "u ?is subsection4 4