HR 3221

 
A bill to provide needed housing reform and for other purposes.
Sponsor: Nancy Pelosi (D) CA
 
Status: Passed
 
Govit
S600400M
Gov Voted Yes 89%
S600400G
 
 
 
 
 
Details
 
 
Take Action:
 
 
 
email congress
 
 
link
 
 
Summary:
5/8/2008--House agreed to Senate amendment with amendment. American Housing Rescue and Foreclosure Prevention Act of 2008 - Title I: FHA Housing Stabilization and Homeownership Retention - FHA Housing Stabilization and Homeownership Retention Act of 2008 - Subtitle A: Homeownership Retention - (Sec. 112) Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages. Instructs the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence. Sets forth mortgagor eligibility criteria, including mortgagor certification that: (1) the residence is the only residence in which the mortgagor has any present ownership interest; (2) the mortgagor has not intentionally defaulted on the existing mortgage, nor knowingly, willfully, and with actual knowledge furnished material information known to be false for the purpose of obtaining the existing mortgage. Requires waiver or forgiveness of all: (1) prepayment penalties; and (2) fees and penalties related to default or delinquency on existing mortgages. Sets forth terms for required: (1) reduction of indebtedness under an existing senior mortgage; (2) extinguishment of debt by refinancing; and (3) treatment of multiple mortgage liens. Requires debt service payments due under a mortgage insured under this Act to be substantially reduced from the debt service payments due under the existing mortgage or mortgages. Requires the mortgage to provide that the HUD Secretary retain a lien on the residence which shall: (1) be subordinate to the mortgage insured under this Act, but senior to all other existing mortgages on it; and (2) secure the repayment. Instructs the Oversight Board to prohibit borrowers from granting a new second lien on the mortgaged property during the first five years the mortgage is insured under this Act. Requires the mortgagee to document and verify mortgagor income. Requires a mortgage insured under this Act to: (1) bear interest at a single fixed rate for the entire mortgage term; and (2) involve a principal obligation that does not exceed the limitation that would be allowable for a mortgage insured pursuant to the Economic Stimulus Act of 2008. Requires the Oversight Board to establish specified underwriting standards for mortgages insured under this Act, including a limitation on origination fees. Sets forth criteria for appraisal independence. Subjects violations of such criteria to civil monetary penalties. Prohibits the aggregate original principal obligation of all mortgages insured under this Act from exceeding $300 billion. Directs: (1) the Oversight Board and the HUD Secretary to monitor independent quality reviews of designated underwriters; and (2) the Inspector General of HUD to conduct an annual compliance audit of the mortgage insurance program under this Act. Requires the HUD Secretary to ensure that securities based on and backed by a pool or trust composed of mortgages insured under this Act are available to be guaranteed by the Government National Mortgage Association (GNMA) for timely payment of principal and interest. Makes the insurance of each mortgage under this Act the obligation of the Special Risk Insurance Fund established by this Act. Sets forth a sunset date of two years after enactment of this Act for commitments to insure under it. Authorizes appropriations for FY2008-FY2009, including specified funds earmarked for: (1) counseling for veterans recently returning from active duty in the Armed Forces; and (2) the Neighborhood Reinvestment Corporation (NRC). Repeals the limitation on the aggregate number of home equity conversion mortgages for elderly homeowners insured under this Act. (Sec. 113) Directs the Board of Governors of the Federal Reserve System to study and report to specified congressional committees on the need for an auction or bulk refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under the NHA. (Sec. 114) Establishes a temporary increase in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs. (Sec. 115) Requires the Securities and Exchange Commission (SEC) to study and report to Congress on: (1) fair value accounting standards applicable to financial institutions with respect to residential mortgages at risk of foreclosure and mortgage-backed securities involving such mortgages; (2) the effects of such accounting standards upon such institutions' balance sheets and capacity to provide refinancing to residential mortgagors at risk of foreclosure, including residential mortgagors during periods of market value declines and increased foreclosures; and (3) the advisability and feasibility of modifications of such standards during periods of market fluctuation in order to maintain the institution's ability to continue to carry mortgages on residential property at risk of foreclosure and assure the availability of credit to refinance such mortgages. (Sec. 116) Instructs the Comptroller General of the United States to study and report to Congress on the effects of tightening credit markets upon prospective first-time homebuyers in selected communities that have been most detrimentally affected by subprime mortgage foreclosure crises and predatory mortgage lending. Subtitle B: Office of Housing Counseling - Expand and Preserve Home Ownership Through Counseling Act - (Sec. 132) Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling. (Sec. 133) Amends the Housing and Urban Development Act of 1968 to: (1) prescribe homeownership and rental counseling procedures and requirements; (2) direct the Secretary to make grants to qualified organizations for homeownership or rental counseling assistance; and (3) require such organizations to use only HUD-certified counselors. (Sec. 136) Directs the HUD Secretary to study and report to Congress on the root causes of home loan defaults and foreclosures, including the role of escrow accounts in helping prime and nonprime borrowers avoid defaults and foreclosures. (Sec. 138) Amends the Real Estate Settlement Procedures Act of 1974 to require a revamping of a public information booklet regarding federally related mortgage loans, with specified contents. Subtitle C: Combating Mortgage Fraud - (Sec. 151) Authorizes appropriations for FY2008-FY2012 for federal prosecution of mortgage fraud. Title II: FHA Reform and Manufactured Housing Loan Insurance Modernization - Subtitle A: FHA Reform - Expanding American Homeownership Act of 2008 - (Sec. 203) Amends the NHA to: (1) increase the maximum principal loan obligation on residential homes eligible for mortgage insurance; (2) extend the mortgage term from 30 years to 40 years; (3) modify downpayment standards; (4) set a maximum premium payment for a mortgage for which any amounts are gifted by a qualified homeownership assistance entity at 3% of the original insured principal obligation; (5) direct the HUD Secretary to establish underwriting standards for mortgage insurance for higher-risk borrowers; and (6) authorize the Secretary to establish flexible risk-based mortgage insurance premium structure involving a single premium payment. (Sec. 208) Sets forth: (1) discretionary three-year and mandatory five-year payment incentives for higher-risk borrowers; and (2) protections for higher-risk borrowers, including additional mandatory disclosures and counseling and a notice of the availability of foreclosure prevention counseling. (Sec. 210) Requires the HUD Secretary to establish related underwriting standards and facilitate payment or prepayment (refinancing) of existing mortgages for borrowers: (1) with either adverse terms or rates in such mortgages; or (2) without access to mortgages at reasonable rates and terms because of adverse market conditions. Authorizes the HUD Secretary to insure mortgages to borrowers in default or at imminent risk of being in default, if such loans meet HUD-established underwriting standards. (Sec. 211) Requires the HUD Secretary to collect information on default and foreclosure rates for HUD mortgage insurance, including actions taken for loss mitigation. (Sec. 212) Increases the maximum mortgage amount limitation for a residence licensed and certificated to operate a child care facility. (Sec. 213) Requires all funds received and disbursements with respect to rehabilitation loans to be credited or charged, as appropriate, to the Mutual Mortgage Insurance Fund (MMIF) (currently, to the General Insurance Fund). (Sec. 215) Requires a multifamily condominium project to have an insured blanket mortgage in order for a one-family unit in the project to qualify for mortgage insurance. Increase from 35 to 40 years the term of such a mortgage. Provides for mortgage insurance for manufactured housing. (Sec. 216) Limits the authority of the HUD Secretary to use the MMIF for mortgage loan guarantees for a particular fiscal year to the aggregate original principal loan amount specified in appropriations Acts for that fiscal year. Requires the Secretary to: (1) provide for an annual independent actuarial study of the MMIF; and (2) make quarterly reports to Congress.. (Sec. 217) Makes insurance of mortgages in Hawaiian home lands and Indian reservations obligations of the MMIF (currently, of the General Insurance Fund). (Sec. 219) Revises requirements for insurance of home equity conversion mortgages for elderly homeowners. Includes among such insurable mortgages a leasehold under a lease with a term ending no earlier than the minimum number of years, as specified by the Secretary, beyond the actuarial life expectancy of the mortgagor or comortgagor, whichever is the later date. Limits the benefits of such mortgage insurance to 132% of a specified dollar amount limitation for a one-family residence. Permits insurance of such a mortgage when the primary purpose of the home equity conversion mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units. Allows insurance of subordinate mortgages or liens on cooperative dwelling units. Prohibits an applicant mortgagor from satisfying the third party adequate counseling requirement by receiving such counseling from a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals: (1) the waiver of upfront premiums for insured mortgages whose total amount will be used only to fund long-term care insurance; and (2) funding for counseling and consumer education and outreach. Instructs the HUD Secretary to: (1) prescribe regulations protecting elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a condition of obtaining any home equity conversion mortgage; (2) establish limits upon origination fees; and (3) study and report to Congress on mortgage insurance premiums that insure home equity conversion mortgages for elderly homeowners. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to authorize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to deal in NHA-insured mortgages, notwithstanding certain limitations upon maximum original principal obligations. (Sec. 220) Instructs the Comptroller General to study and report to Congress on the impact of financial audit and net worth requirements upon mortgage brokers and correspondent lenders, and specified related matters. (Sec. 221) Revises the authority of the HUD Secretary to insure mortgages for disaster housing to increase the limit on the principal obligation by the amount of any initial service charges, appraisal, inspection, and other fees. Authorizes the HUD Secretary, after a presidential major disaster declaration, to enter, for up to 36 months, into agreements to insure a mortgage which involves a principal obligation of up to 100% of a specified dollar amount limitation for a single-family mortgage. (Sec. 222) Establishes penalties for: (1) failure by a mortgage servicer to make timely payments from escrow accounts; and (2) submission of information to a consumer reporting agency regarding such failure that is adverse to the mortgagor's credit rating or interest. Prohibits the HUD Secretary from submitting such information to a consumer reporting agency. (Sec. 223) Prescribes acceptable forms of identification for FHA mortgagors. Prohibits the Secretary from insuring a mortgage unless the mortgagor provides such identification. (Sec. 224) Directs the HUD Secretary to implement a pilot program to make available to mortgagees an automated process for providing alternative credit rating information for actual and prospective mortgagors, under mortgages for one- to four-family residences to be insured, who have insufficient credit histories for determining their creditworthiness. Directs the Comptroller General to report to Congress on the number of additional mortgagors served using such automated process, and its impact upon the safety and soundness of the insurance funds under the NHA. (Sec. 225) Expresses the sense of the Congress that: (1) the HUD Secretary should use a portion of the funds received from premiums paid for FHA single family housing mortgage insurance that exceed the amounts paid out in claims to increase the funding for technology used in such FHA program; (2) the goal of this investment should be to bring such technology up to or in excess of the level of technology used in the conventional mortgage lending market; and (3) the HUD Secretary should report to Congress on progress made toward such goal and the resources needed for greater progress. (Sec. 226) States that the Deficit Reduction Act of 2005 governing FHA asset disposition does not apply to a multifamily real property transaction for which: (1) the HUD Secretary has received, before enactment of such Act, written expressions of interest in purchasing the property from both a city government and its housing commission; (2) after such receipt, the Secretary acquires title to the property at a foreclosure sale; and (3) such city government and housing commission have resolved a previous disagreement regarding disposition of the property. (Sec. 227) Directs the Secretary to consider industry standard appraisal practices when determining market value during FY2008 of a multifamily property or for any multifamily loan for noncompetitive sale to a state or local governmental entity (including repair costs: (1) to bring the property to minimum state and local code standards; and (2) of maintaining the affordability restrictions upon the multifamily real property or multifamily loan). (Sec. 228) Prohibits mortgage insurance premium increases above the level in effect on October 1, 2006, unless in the absence of such an increase the appropriation of new budget authority would be required to cover the costs of such insurance. (Sec. 229) Establishes civil money penalties for improperly influencing appraisals in connection with an insured mortgage. (Sec. 230) Requires the HUD Secretary to provide refunds of unearned mortgage insurance premium charges paid with respect to certain insured mortgages. Authorizes appropriations. Subtitle B: FHA Manufactured Housing Loan Insurance Modernization - FHA Manufactured Housing Loan Modernization Act of 2008 - (Sec. 253) Exempts a manufactured home or its lot from the limitation on insurance for a financial institution's loans, advances of credit, and purchases. (Sec. 254) Makes any contract of insurance with respect to loans, advances of credit, or purchases in connection with a manufactured home or its lot conclusive evidence of the institution's eligibility for insurance. (Sec. 255) Increases maximum loan limits for such insurance. (Sec. 256) Prescribes requirements for insurance premiums. (Sec. 258) Directs the Secretary to establish insurance underwriting criteria for loans and advances of credit for such homes or lots. (Sec. 259) Requires a borrower to have a valid Social Security account number in order for any obligation to be insured. (Sec. 260) Instructs the Comptroller General to assess and report to Congress on how the HUD Secretary utilizes the FHA manufactured housing loan insurance program to mitigate tornado risks to manufactured housing residents and communities. Title III: Reform of Government-Sponsored Entities for Housing Finance - Federal Housing Finance Reform Act of 2008 - Subtitle A: Reform of Regulation of Enterprises and Federal Home Loan Banks - Chapter 1: Improvement of Safety and Soundness - (Sec. 311) Amends the Housing and Community Development Act of 1992 to replace the Office of Federal Housing Enterprise Oversight (OFHEO) with the Federal Housing Finance Agency (Agency). Grants the Agency supervisory and regulatory authority over Fannie Mae, Freddie Mac, and the federal home loan banks (enterprises). Requires the Agency to have Deputy Directors: (1) of the Division of Enterprise Regulation; (2) of the Division of Federal Home Loan Bank Regulation; and (3) for Housing. Requires the Agency Director to establish the position of Ombudsman. Instructs the Director to establish prudential management and operations standards for the enterprises. (Sec. 313) Establishes the Federal Housing Enterprise Board to advise the Director on overall strategies and policies. (Sec. 315) Authorizes the Director to require the enterprises to: (1) report fraudulent financial transactions; and (2) disclose charitable contributions they have made. (Sec. 316) Prescribes annual assessments to be collected from the enterprises. Requires the Comptroller General to audit annually and report to Congress on the financial transactions of the Agency. (Sec. 318) Revises the prohibition against excessive executive compensation for officers of the enterprises. Authorizes the Director to require a regulated entity to withhold any payment, transfer, or disbursement of compensation to an executive officer, or to place such compensation in an escrow account, during the review of the compensation's reasonableness and comparability. (Sec. 320) Requires each regulated entity to either establish an Office of Minority and Women Inclusion, or designate an office responsible for diversity in management, employment, and business activities. Requires the Agency to take affirmative steps to seek diversity at all levels in its workforce consistent with the demographic diversity of the United States. (Sec. 321) Repeals the requirement for congressional review of regulations proposed by the Director. (Sec. 322) Declares that submission by any person to the Agency of any information for any purpose in the course of any supervisory or regulatory process shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under federal or state law as to any person or entity other than the Agency. (Sec. 323) Revises requirements for risk-based capital levels for the enterprises, including federal home loan banks. (Sec. 324) Prescribes minimum and critical capital levels for federal home loan banks and the enterprises. Empowers the Director to: (1) increase temporarily the minimum capital level for a regulated entity; (2) establish additional capital and reserve requirements for particular programs; (3) review core capital maintained by such entities; (4) review assets and liabilities of the entities and monitor their portfolios; and (5) require disposition or acquisition of assets and liabilities by the enterprises. (Sec. 326) Sets forth corporate governance and risk-management requirements for the enterprises, including a specified code of ethics. (Sec. 327) Requires each of them to register at least one class of its stock with the SEC. (Sec. 328) Amends the Federal Financial Institutions Examination Council Act of 1978 to require one representative of the Agency to sit on the liaison committee of the Federal Financial Institutions Examination Council. (Sec. 329) Requires the Director to study and report to Congress on the pricing, transparency, and reporting of the enterprises with respect to guarantee fees and analogous practices, transparency, and reporting requirements of other participants in the mortgage purchasing and securitization business (including advances pricing practices by the federal home loan banks). Chapter 2: Improvement of Mission Supervision - (Sec. 332) Instructs the Director to require the enterprises to obtain the Director's approval before offering a product. Sets forth approval standards and procedures, including expedited review. (Sec. 333) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase the limitations governing the maximum original obligation of conventional mortgages purchased by Fannie Mae and Freddie Mac for 2008. Prescribes a formula for calculating such limitations for mortgages originated on or after January 1, 2009. Instructs the Director to establish and maintain a method of assessing the national average one-family house price (housing price index) for use in adjusting the conforming loan limitations of the enterprises. Requires the Comptroller General to audit the Director's methodology and report the results to certain congressional committees. Expresses the sense of Congress that: (1) securitization of mortgages by the enterprises plays an important role in providing liquidity to the U.S. housing markets; and (2) Congress encourages them to securitize mortgages acquired under the increased conforming loan limits established by this Act. (Sec. 334) Requires the Director to report annually to specified congressional committees on the enterprises. (Sec. 335) Requires the enterprises to report annually to Congress on affordable housing stock. (Sec. 336) Requires the Director to establish and enforce standards that: (1) prohibit the enterprises from the purchase, service, holding, selling, lending on the security of, or otherwise dealing with any mortgage on a one- to four-family residence that will be used as the principal residence of a mortgagor that does not have a Social Security number (mortgagor identification requirements); and (2) prohibit the federal home loan banks from providing any advances to a member for use in financing, and from accepting as collateral for any advance to a member, any mortgage on a one- to four-family residence that will be used as the principal residence of the mortgagor that does not have such a number. (Sec. 337) Instructs the Director to establish and report annually to Congress on annual single family and multifamily special affordable housing goals with respect to mortgage purchases by the enterprises. Authorizes an enterprise to petition the Director during a year to reduce the level of any goal for that year. Prescribes standards for such a goal reduction. (Sec. 338) Amends the Housing and Community Development Act of 1992 to impose a duty upon the enterprises to serve underserved markets (rural markets and very low-, low-, and moderate-income families). Prescribes requirements for enterprise development of loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes. (Sec. 339) Requires the Director to assign additional credit toward achievement of the housing goals for enterprise mortgage purchase activities that comply with such goals and support: (1) environmental housing standards; and (2) housing that includes a licensed childcare center. Sets forth penalties for noncompliance with housing goals. (Sec. 340) Instructs the Director to establish an affordable housing fund with amounts allocated by the enterprises to: (1) increase homeownership for extremely low-and very low-income families; (2) increase investment in housing in low-income areas, including those designated as qualified census tracts or an area of chronic economic distress; (3) increase and preserve the supply of rental and owner-occupied housing for extremely low- and very low-income families; (4) invest in public infrastructure development; and (5) leverage investments from other sources to affordable housing and its attendant public infrastructure development. Sunsets the affordable housing fund program after five years. Prohibits the enterprises from redirecting (passing through) costs to the originators of mortgages they purchased or securitized. Prescribes formulas for affordable housing needs allocations for Louisiana and Mississippi. Requires each grantee to establish an allocation plan. Cites Social Security, photo, REAL ID, passport, and USCIS photo identification requirements for recipients of affordable housing grants. Instructs the Comptroller General to study and report to Congress on the effects the affordable housing fund will have upon credit for homebuyers, including: (1) the requirement that Fannie Mae and Freddie Mac make allocations to such fund based on the average total mortgage portfolios; and (2) the extent to which the mandatory allocation costs will either be borne by such entities or will be passed on to homebuyers. (Sec. 342) Specifies additional grounds for the issuance of cease-and-desist orders by the Director upon an enterprise. Chapter 3: Prompt Corrective Action - (Sec. 345) Requires the Director to establish specified capital classification criteria for the federal home loan banks. Authorizes the Director to reclassify an enterprise in circumstances of rapidly depleting of core or total capital or engagement in unsafe or unsound practices. (Sec. 346) Specifies regulatory actions for enterprises which are undercapitalized, including: (1) mandatory monitoring; (2) restricted asset growth; and (3) prior approval of acquisitions, including new products and new activities. (Sec. 347) Specifies management improvement actions, including dismissal of directors or executive officers and ordering the election of a new board, the Director must take with respect to a significantly undercapitalized enterprise. Prohibits any significantly undercapitalized enterprise, without the Director's prior approval, from paying an executive officer of the enterprise: (1) any bonus; or (2) any compensation exceeding the officer's average rate (excluding bonuses, stock options, and profit sharing) for the previous 12 months. (Sec. 348) Changes from mandatory to discretionary the authority of the Director to appoint a conservator or receiver of a critically undercapitalized enterprise. Requires the Director to appoint the Agency as such conservator or receiver. Specifies circumstances and grounds for exercise of such authority, including grounds for mandatory receivership. Authorizes an enterprise to seek judicial review of the Agency's appointment as conservator or receiver. Revises procedures for a conservatorship or receivership. Specifies the Agency's powers as conservator or receiver. Chapter 4: Enforcement Actions - (Sec. 351) Revises the Director's authority to issue charges and/or a temporary cease-and-desist order upon an enterprise or affiliated party for unsafe or unsound practices or violations of law. Authorizes the Director to deem an entity to be engaging in an unsafe or unsound practice if it receives a less-than-satisfactory rating in its most recent examination. (Sec. 353) Authorizes a court, upon the application of the Director or the Attorney General, to issue a restraining order: (1) prohibiting any person from disposing of any funds or other property of an enterprise (prejudgment attachment); and (2) appointing a person temporarily to administer the order. (Sec. 354) Authorizes the Director to apply for enforcement of a notice or order directly (currently, only through the Attorney General) to the U.S. District Court for the District of Columbia, or the U.S. district court within the jurisdiction of which the enterprise's headquarters are located. (Sec. 355) Revises the three tiers of violations subject to civil money penalties. Increases such penalties. (Sec. 356) Grants the Director removal, prohibition, and subpoena authority over an enterprise or affiliated party in violation of any law or order. (Sec. 357) Subjects to criminal liability any person, subject to a removal order, who without the Director's prior written approval knowingly participates, directly or indirectly, in any manner in the affairs of any enterprise. (Sec. 358) Authorizes the Director to apply directly for enforcement of any subpoena or subpoena duces tecum (currently, only through the Attorney General) to the appropriate U.S. District court. Chapter 5: General Provisions - (Sec. 361) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to revise requirements governing the boards of the enterprises. Changes the number of board members for Fannie Mae and Freddie Mac from 18, of whom five must be appointed by the President, to 13, or any other number the Director determines appropriate. Eliminates presidential appointments. Requires all board members to be elected by the common stockholders. (Sec. 362) Instructs the Director to report to Congress on portfolio operations, safety and soundness, and mission of the enterprises, including an analysis of potential systemic risk implications, the housing and capital markets, and the financial system of portfolio holdings. (Sec. 364) Requires the Director to study and report to Congress on the effects upon financial and housing finance markets of alternatives to the current secondary market system for housing finance. Subtitle B: Federal Home Loan Banks - (Sec. 372) Amends the Federal Home Loan Bank Act to: (1) bring the federal home loan banks under Agency regulation; (2) revise requirements governing membership, terms, and compensation of the board of directors; (3) permit joint activities by the banks; and (4) permit information sharing and voluntary mergers between such banks. (Sec. 377) Exempts home loan banks from specified requirements of the Securities Exchange Act of 1934, the Securities Act of 1933, and related SEC regulations regarding: (1) transactions in capital stock of such banks; (2) bonds, debentures and other obligations of such banks; (3) periodic reporting requirements; and (4) tender offers in connection with transactions in capital stock of the banks. (Sec. 378) Increases from $500 million to $1 billion the total asset requirement for a community financial institution member. Adds community development activities to the limited uses of a secured long-term advance from a federal home loan bank. (Sec. 380) Instructs the Comptroller General to study and report to Congress and the Director on: (1) the use of the affordable housing programs of the banks to determine the extent to which such programs are used to assist long-term care facilities for low- and moderate-income individuals; and (2) the effectiveness and adequacy of such assistance in meeting the needs of affected communities. Subtitle C: Transfer of Functions, Personnel, and Property of Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board, and Department of Housing and Urban Development - Chapter 1: Office of Federal Housing Enterprise Oversight - (Sec. 385) Abolishes the Office of Federal Housing Enterprise Oversight of HUD (OFHEO). (Sec. 387) Transfers each OFHEO employee to the Agency. Chapter 2: Federal Housing Finance Board - (Sec. 391) Abolishes the Federal Housing Finance Board. (Sec. 393) Transfers each Board employee to the Agency. Chapter 3: Department of Housing and Urban Development - (Sec. 395) Transfers specified enterprise-related functions, employees, and property from HUD and OFHEO to the Agency Director. Title IV: Emergency Mortgage Loan Modification - Emergency Mortgage Loan Modification Act of 2008 - (Sec. 402) Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other mitigation actions will maximize the net present value to be realized over that which would be realized through foreclosure. Shields a servicer, acting in a manner consistent with such duty, from liability to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes (including any person obligated to make specified payments pursuant to a derivatives instrument). Defines "qualified loan modification or workout plan" as one that: (1) is scheduled to remain in place until the borrower sells or refinances the property, or for at least five years from the date of adoption of the plan, whichever is sooner; (2) does not provide for a repayment schedule that results in negative amortization; and (3) does not require the borrower to pay additional points and fees. Defines "securitization vehicle" as a trust, corporation, partnership, limited liability entity, special purpose entity, or other structure that: (1) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by an asset pool that includes residential mortgage loans; and (2) holds such loans. Title V: Other Housing Provisions - (Sec. 501) Amends the Home Owners' Loan Act to authorize investments by a federal savings and loan association to promote the public welfare through the provision of housing, services, and jobs that target low- and moderate-income communities or families. Prohibits such investment, however, if it would subject a federal savings association to unlimited liability to any person. Sets limitations upon such investments in the aggregate. (Sec. 502) Permits the conversion of two specified HUD contracts to a contract for project-based rental assistance for low-income families upon request of the owner of the multifamily housing project subject to such contracts. (Sec. 503) Declares eligible for low-income housing and enhanced housing voucher assistance the Heritage Apartments in Malden, Massachusetts. (Sec. 504) Directs the HUD Secretary to transfer, upon owner request, certain rental assistance contracts on housing owned or managed by: (1) Community Properties of Ohio Management Services LLC, or an affiliate of Ohio Capital Corporation for Housing, located in Franklin County, Ohio, to other properties located in such county; and (2) The Model Group, Inc., located in Hamilton County, Ohio, to other properties located in such county. (Sec. 505) Amends federal bankruptcy law to prohibit a governmental unit that operates a mortgage loan program from denying program benefits (including a loan guarantee or subsidy) to a disabled veteran who has been declared a debtor in bankruptcy, has been insolvent before commencement of a bankruptcy case, or meets related criteria. Title VI: Revenue and Other Provisions - Subtitle A: Housing Tax Incentives - Part 1: Multi-Family Housing - Subpart A: Low-Income Housing Tax Credit - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects. (Sec. 601) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state. (Sec. 602) Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for nonfederally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating such credit; and (4) revise basis rules for certain state buildings and community service facilities. (Sec. 604) Repeals: (1) the prohibition against providing low-income housing tax credits to properties receiving moderate rehabilitation assistance under the Housing Act of 1937; and (2) bond posting requirements relating to the disposition of buildings for which a low-income housing tax credit was claimed. Requires states to consider the energy efficiency of a low-income housing project and its historical nature in allocating credit amounts among such projects. Extends eligibility for the low-income housing tax credit to students who receive foster care assistance under title IV (Grants to States for Aid and Services to Needy Families with Children and for Child-Welfare Services) of the Social Security Act. Subpart B: Modifications to Tax-Exempt Housing Bond Rules - (Sec. 606) Modifies rules pertaining to tax-exempt housing bonds to: (1) permit treatment of certain residential rental project bonds as refunding bonds regardless of any change in the obligors of such bonds; and (2) allow continued eligibility for low-income housing tax benefits with respect to new tenants, students, and single-room occupancies. Subpart C: Reforms Related to the Low-Income Housing Credit and Tax-exempt Housing Bonds - (Sec. 609) Requires that median gross income levels established for calendar years after 2008 for determining eligibility for low-income housing tax benefits remain at the same level as preceding calendar years. (Sec. 610) Waives annual income recertification requirements for residents of low-income rental projects whose incomes do not exceed applicable limits. Part 2: Single Family Housing - (Sec. 612) Allows first-time homebuyers a tax credit for 10% of the purchase price of a principal residence. Limits the dollar amount of such credit to $7,500. (Sec. 613) Allows individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes. Part 3: General Provisions - (Sec. 615) Authorizes in 2008 an additional $10 billion in the volume cap for issuing tax-qualified bonds for certain residential rental projects. Allows, until December 31, 2010, the use of mortgage bond proceeds to refinance certain subprime residential mortgage loans made between 2002 and 2008. (Sec. 616) Exempts from the alternative minimum tax (AMT) tax-exempt interest on certain housing bonds. Allows low-income housing and rehabilitation tax credit amounts to offset AMT liability. (Sec. 617) Allows certain municipal bonds that are guaranteed by federal home loan banks to qualify as tax-exempt bonds. (Sec. 618) Sets forth an alternative procedure for furnishing a nonforeign affidavit in connection with the sale of a U.S. real property interest (USRPI) and the exemption from withholding of tax requirements. Allow a transferor of a USRPI to furnish a nonforeign affidavit to a qualified substitute (i.e., a person responsible for closing the transaction involving a USRPI or the transferee's agent). Denies an exemption from withholding of tax requirements if the qualified substitute or a transferee has actual knowledge that the nonforeign affidavit is false. (Sec. 619) Increases from 35 to 50 the percentage of property that may be leased to a tax-exempt entity without affecting such property's allowable rehabilitation tax credit. Subtitle B: Reforms Related to Real Estate Investment Trusts - Part 1: Foreign Currency And Other Qualified Activities - (Sec. 621) Amends the Internal Revenue Code relating to real estate investment trusts (REITs) to treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income. Revises income and asset tests for such REITs for purposes of determining REIT qualifying income. Part 2: Taxable REIT Subsidiaries - (Sec. 625) Increase from 20 to 25% the the maximum value of a REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries. Part 3: Dealer Sales - (Sec. 627) Reduces from four to two years the holding period for certain assets exempted from prohibited transaction rules for REITs. (Sec. 628) Revises criteria for imposing an excise tax penalty for prohibited transactions for sales by REITs. Part 4: Health Care REITS - (Sec. 630) Allows the treatment of rental payments by a health care facility to a taxable REIT subsidiary to be treated as qualifying REIT rental income. Part 5: Effective Dates - (Sec. 632) Sets forth the effective dates for provisions of this Subtitle. Subtitle C: Revenue Provisions - (Sec. 641) Requires brokers who are required to report gross proceeds from the sale of any publicly-traded security to report the holder's adjusted basis in such security and whether any gain or loss with respect to such security is long or short term. (Sec. 642) Delays until 2010 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. (Sec. 643) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 13%. Subtitle D: Coordination of Federal Housing Programs and Tax Incentives for Housing - Housing Tax Credit Coordination Act of 2008 - (Sec. 652) Instructs the HUD Secretary to implement administrative and procedural changes to expedite approval of multifamily housing projects under HUD jurisdiction that meet HUD requirements, including: (1) projects for which assistance is provided by HUD in conjunction with low-income housing tax credits or tax-exempt housing bonds; and (2) existing public and assisted housing projects for which HUD approval is necessary for transactions involving project preservation or rehabilitation. (Sec. 653) Amends the Housing Act of 1949 to direct the HUD Secretary to facilitate, for rehabilitation or preservation purposes, timely approval of requests to transfer ownership or control of certain multifamily farm housing projects assisted by the Secretary of Agriculture in conjunction with low-income housing tax credits, or tax-exempt housing bonds. (Sec. 654) Amends the Department of Housing and Urban Development Reform Act of 1989 to exclude mortgage insurance from certain limits on HUD assistance to housing projects. Amends the National Housing Act to exempt from builders' costs certification requirements certain housing projects assisted with low-income housing tax credits. Prescribes procedures governing the treatment of mortgages executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity is provided through any low-income housing tax credit. (Sec. 655) Amends specified housing law with respect to: (1) an increase in contract term from 10 to 15 years for PHA project-based housing assistance payment contracts; (2) housing assistance contracts for dwelling units in cooperative housing and high-rise elevator buildings; (3) waiver of subsidy layering and environmental reviews for housing assistance payments contracts for existing structures; (4) treatment of tax credit projects under voucher program rent reasonableness requirements; (5) delegation to state or local housing agencies of processing authority for capital advances in connection with housing for the elderly; (6) contract renewals in connection with a shelter for the homeless; and (7) collection of information on tenants in tax credit projects. Authorizes FY2009-FY2013 appropriations for collection of such information. Subtitle E: Limitation on Sale, Foreclosure, or Seizure of Property Owned by Servicemembers - (Sec. 661) Amends the Servicemembers Civil Relief Act to extend from 90 days to one year after the period of a servicemember's military service the period of protection against mortgage foreclosure. (Sec. 662) Requires the mortgagor or loan servicer, in the case of a servicemember who defaults on a mortgage obligation for two consecutive months, to furnish the servicemember with a written financial disclosure describing the servicemember's liability for the period during which a sale, foreclosure, or seizure of the property is not valid. States that neither this Act, the National Bank Act, nor the Home Owners' Loan Act preempts state law regulating foreclosure of residential real property or the treatment of foreclosed property.
 
Text of Legislation:

HR 3221 IH

111th CONGRESS

1st Session

H. R. 3221

To amend the Higher Education Act of 1965, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

July 15, 2009

Mr. GEORGE MILLER of California (for himself, Mr. HINOJOSA, Mr. BISHOP of New York, Mr. PAYNE, Mr. HOLT, Mr. COURTNEY, Ms. HIRONO, Mr. ANDREWS, Mr. KILDEE, Ms. SHEA-PORTER, Mr. GRIJALVA, Mr. LOEBSACK, Ms. FUDGE, Mr. SCOTT of Virginia, Ms. ESHOO, Mr. TIERNEY, Mr. SABLAN, Mr. WU, Mr. KUCINICH, Mr. HARE, Mr. SESTAK, Ms. WOOLSEY, and Mrs. DAVIS of California) introduced the following bill; which was referred to the Committee on Education and Labor

A BILL

To amend the Higher Education Act of 1965, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Student Aid and Fiscal Responsibility Act of 2009’.

SEC. 2. TABLE OF CONTENTS.

    The table of contents is as follows:

      Sec. 1. Short title.

      Sec. 2. Table of contents.

      Sec. 3. References.

TITLE I--INVESTING IN STUDENTS AND FAMILIES

Subtitle A--Increasing College Access and Completion

      Sec. 101. Federal Pell Grants.

      Sec. 102. College Access and Completion Innovation Fund.

      Sec. 103. Investment in historically Black colleges and universities and other minority-serving institutions.

      Sec. 104. Investment in cooperative education.

Subtitle B--Student Financial Aid Form Simplification

      Sec. 121. General effective date.

      Sec. 122. Treatment of assets in need analysis.

      Sec. 123. Social Security allowances.

      Sec. 124. Changes to total income; aid eligibility.

TITLE II--STUDENT LOAN REFORM

Subtitle A--Stafford Loan Reform

      Sec. 201. Federal Family Education Loan appropriations.

      Sec. 202. Scope and duration of Federal loan insurance program.

      Sec. 203. Applicable interest rates.

      Sec. 204. Federal payments to reduce student interest costs.

      Sec. 205. Federal PLUS Loans.

      Sec. 206. Federal Consolidation Loan.

      Sec. 207. Unsubsidized Stafford loans for middle-income borrowers.

      Sec. 208. Loan repayment for civil legal assistance attorneys.

      Sec. 209. Special allowances.

      Sec. 210. Revised special allowance calculation.

      Sec. 211. Origination of Direct Loans at institutions located outside the United States.

      Sec. 212. Agreements with institutions.

      Sec. 213. Terms and conditions of loans.

      Sec. 214. Contracts.

      Sec. 215. Subsidized loan limitation.

      Sec. 216. Interest rates.

Subtitle B--Perkins Loan Reform

      Sec. 221. Federal Direct Perkins Loans terms and conditions.

      Sec. 222. Authorization of appropriations.

      Sec. 223. Allocation of funds.

      Sec. 224. Federal Direct Perkins Loan allocation.

      Sec. 225. Agreements with institutions of higher education.

      Sec. 226. Student loan information by eligible institutions.

      Sec. 227. Terms of loans.

      Sec. 228. Distribution of assets from student loan funds.

      Sec. 229. Administrative expenses.

TITLE III--MODERNIZATION, RENOVATION, AND REPAIR

Subtitle A--Elementary and Secondary Education

      Sec. 301. Definitions.

Chapter 1--Grants for Modernization, Renovation, or Repair of Public School Facilities

      Sec. 311. Purpose.

      Sec. 312. Allocation of funds.

      Sec. 313. Allowable uses of funds.

      Sec. 314. Priority projects.

Chapter 2--Supplemental Grants for Louisiana, Mississippi, and Alabama

      Sec. 321. Purpose.

      Sec. 322. Allocation to local educational agencies.

      Sec. 323. Allowable uses of funds.

Chapter 3--General Provisions

      Sec. 331. Impermissible uses of funds.

      Sec. 332. Supplement, not supplant.

      Sec. 333. Prohibition regarding State aid.

      Sec. 334. Maintenance of effort.

      Sec. 335. Special rule on contracting.

      Sec. 336. Use of American iron, steel, and manufactured goods.

      Sec. 337. Labor standards.

      Sec. 338. Charter schools.

      Sec. 339. Green schools.

      Sec. 340. Reporting.

      Sec. 341. Special rules.

      Sec. 342. Promotion of employment experiences.

      Sec. 343. Advisory Council on Green, High-Performing Schools.

      Sec. 344. Education regarding projects.

      Sec. 345. Availability of funds.

Subtitle B--Higher Education

      Sec. 351. Federal assistance for community college modernization and construction.

TITLE IV--EARLY LEARNING CHALLENGE FUND

      Sec. 401. Purpose.

      Sec. 402. Programs authorized.

      Sec. 403. Quality pathways grants.

      Sec. 404. Development grants.

      Sec. 405. Research and evaluation.

      Sec. 406. Reporting requirements.

      Sec. 407. Construction.

      Sec. 408. Definitions.

      Sec. 409. Availability of funds.

TITLE V--COMMUNITY COLLEGE INITIATIVE

      Sec. 501. Authorization and appropriation.

      Sec. 502. Definitions.

      Sec. 503. Grants to eligible entities for community college reform.

      Sec. 504. Grants to eligible States for community college programs.

      Sec. 505. National activities.

SEC. 3. REFERENCES.

    Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.).

TITLE I--INVESTING IN STUDENTS AND FAMILIES

Subtitle A--Increasing College Access and Completion

SEC. 101. FEDERAL PELL GRANTS.

    Section 401(b) (20 U.S.C. 1070a(b)) is amended--

      (1) by amending paragraph (2)(A) to read as follows:

        ‘(A) The amount of the Federal Pell Grant for a student eligible under this part shall be--

          ‘(i) the maximum Federal Pell Grant, as specified in the last enacted appropriation Act applicable to that award year, plus

          ‘(ii) the amount of the increase calculated under paragraph (8)(B) for that year, less

          ‘(iii) an amount equal to the amount determined to be the expected family contribution with respect to that student for that year.’; and

      (2) by amending paragraph (8), as amended by the Higher Education Opportunity Act (Public Law 110-315), to read as follows:

      ‘(8) ADDITIONAL FUNDS-

        ‘(A) IN GENERAL- There are authorized to be appropriated, and there are appropriated, to carry out subparagraph (B) of this paragraph (in addition to any other amounts appropriated to carry out this section and out of any money in the Treasury not otherwise appropriated) the following amounts--

          ‘(i) $2,030,000,000 for fiscal year 2008;

          ‘(ii) $2,733,000,000 for fiscal year 2009; and

          ‘(iii) such sums as may be necessary for fiscal year 2010 and each subsequent fiscal year to provide the amount of increase of the maximum Federal Pell Grant required by clauses (ii) and (iii) of subparagraph (B).

        ‘(B) INCREASE IN FEDERAL PELL GRANTS- The amounts made available pursuant to subparagraph (A) shall be used to increase the amount of the maximum Federal Pell Grant for which a student shall be eligible during an award year, as specified in the last enacted appropriation Act applicable to that award year, by--

          ‘(i) $490 for each of the award years 2008-2009 and 2009-2010;

          ‘(ii) $690 for the award year 2010-2011; and

          ‘(iii) the amount determined under subparagraph (C) for each succeeding award year.

        ‘(C) INFLATION-ADJUSTED AMOUNTS-

          ‘(i) AWARD YEAR 2011-2012- For award year 2011-2012, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to--

            ‘(I) $5,550 or the total maximum Federal Pell Grant for the preceding award year (as determined under clause (iv)(II)), whichever is greater, increased by a percentage equal to the annual adjustment percentage for award year 2011-2012; reduced by

            ‘(II) $4,860 or the maximum Federal Pell Grant for which a student was eligible for the preceding award year, as specified in the last enacted appropriation Act applicable to that year, whichever is greater; and

            ‘(III) rounded to the nearest $5.

          ‘(ii) SUBSEQUENT AWARD YEARS- For award year 2012-2013 and each of the subsequent award years, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to--

            ‘(I) the total maximum Federal Pell Grant for the preceding award year (as determined under clause (iv)(II)), increased by a percentage equal to the annual adjustment percentage for the award year for which the amount under this subparagraph is being determined; reduced by

            ‘(II) $4,860 or the maximum Federal Pell Grant for which a student was eligible for the preceding award year, as specified in the last enacted appropriation Act applicable to that year, whichever is greater; and

            ‘(III) rounded to the nearest $5.

          ‘(iii) LIMITATION ON DECREASES- Notwithstanding clauses (i) and (ii), if the amount determined under clause (i) or (ii) for an award year is less than the amount determined under this paragraph for the preceding award year, the amount determined under such clause for such award year shall be the amount determined under this paragraph for the preceding award year.

          ‘(iv) DEFINITIONS- For purposes of this subparagraph--

            ‘(I) the term ‘annual adjustment percentage’ as it applies to an award year is equal to the sum of--

‘(aa) the estimated percentage change in the Consumer Price Index (as determined by the Secretary, using the definition in section 478(f)) for the most recent calendar year ending prior to the beginning of that award year; and

‘(bb) one percentage point; and

            ‘(II) the term ‘total maximum Federal Pell Grant’ as it applies to a preceding award year is equal to the sum of--

‘(aa) the maximum Federal Pell Grant for which a student is eligible during an award year, as specified in the last enacted appropriation Act applicable to that preceding award year; and

‘(bb) the amount of the increase in the maximum Federal Pell Grant required by this paragraph for that preceding award year.

        ‘(D) PROGRAM REQUIREMENTS AND OPERATIONS OTHERWISE UNAFFECTED- Except as provided in subparagraphs (B) and (C), nothing in this paragraph shall be construed to alter the requirements and operations of the Federal Pell Grant Program as authorized under this section, or to authorize the imposition of additional requirements or operations for the determination and allocation of Federal Pell Grants under this section.

        ‘(E) AVAILABILITY OF FUNDS- The amounts made available by subparagraph (A) for any fiscal year shall be available beginning on October 1 of that fiscal year, and shall remain available through September 30 of the succeeding fiscal year.’.

SEC. 102. COLLEGE ACCESS AND COMPLETION INNOVATION FUND.


Full Text of Legislation
 
Subject Name:
Law
 
All Actions:

Actions Date
Action Text
7/30/2007
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Education and Labor, Foreign Affairs, Small Business, Science and Technology, Agriculture, Oversight and Government Reform, Natural Resources, Transportation and Infrastructure, and Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
7/30/2007
Referred to House Energy and Commerce
7/30/2007
Referred to House Education and Labor
7/30/2007
Referred to House Foreign Affairs
7/30/2007
Referred to House Small Business
7/30/2007
Referred to House Science and Technology
7/30/2007
Referred to House Agriculture
7/30/2007
Referred to House Oversight and Government Reform
7/30/2007
Referred to House Natural Resources
7/30/2007
Referred to House Transportation and Infrastructure
7/30/2007
Referred to House Armed Services
8/3/2007
Rules Committee Resolution H. Res. 615 Reported to House. Rule provides for consideration of H.R. 3221 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by paragraph. Bill is open to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted in the House and the Committee of the Whole.
8/4/2007
Rule H. Res. 615 passed House.
8/4/2007
Considered under the provisions of rule H. Res. 615.
8/4/2007
Rule provides for consideration of H.R. 3221 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by paragraph. Bill is open to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted in the House and the Committee of the Whole.
8/4/2007
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 615 and Rule XVIII.
8/4/2007
The Speaker designated the Honorable David R. Obey to act as Chairman of the Committee.
8/4/2007
GENERAL DEBATE - The Committee of the Whole proceeded with 2 hours and 15 minutes of general debate on H.R. 3221.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Blumenauer amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Shays amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Hooley amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Pitts amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Terry amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Udall (NM) amendment.
8/4/2007
POSTPONED PROCEEDINGS - At the conclusion of debate on the Udall (NM) amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Barton demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Van Hollen amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Schwartz amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Arcuri amendment.
8/4/2007
POSTPONES PROCEEDINGS - At the conclusion of debate on the Arcuri amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Barton demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Hodes amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Barton amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Murphy (CT) amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Sail amendment.
8/4/2007
POSTPONED PROCEEDINGS - At the conclusion of debate on the Sali amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Sali demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
8/4/2007
DEBATE - Pursuant to the provisions of H.Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Welch (VT) amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Castle amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Wu amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Giffords amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Tauscher amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Holt amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Hastings (FL) amendment.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Solis amendment.
8/4/2007
Ms. Solis moved that the Committee rise.
8/4/2007
On motion that the Committee rise Agreed to by voice vote.
8/4/2007
Committee of the Whole House on the state of the Union rises leaving H.R. 3221 as unfinished business.
8/4/2007
ORDER OF PROCEDURE - Ms. Solis asked unanimous consent that, during further consideration of H.R. 3221 pursuant to H. Res. 615, the Chair may reduce to two minutes the minimum time for electronic voting under clause 6 of rule 18 and clauses 8 and 9 of rule 20. Agreed to without objection.
8/4/2007
The House resolved into Committee of the Whole House on the state of the Union for further consideration.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Cleaver amendment.
8/4/2007
POSTPONED PROCEEDINGS - At the conclusion of debate on the Cleaver amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Cleaver demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
8/4/2007
DEBATE - Pursuant to the provisions of H. Res. 615, the Committee of the Whole proceeded with 10 minutes of debate on the Sarbanes amendment.
8/4/2007
UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed.
8/4/2007
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3221.
8/4/2007
The previous question was ordered pursuant to the rule.
8/4/2007
The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
8/4/2007
Mr. Barton (TX) moved to recommit with instructions to the Committees of jurisdiction.
8/4/2007
Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Barton (TX) motion to recommit with instructions. The instructions contained in the motion seek to strike all after the enacting clause and insert a complete new text.
8/4/2007
On motion to recommit with instructions Failed by recorded vote: 169 - 244 (Roll no. 831).
8/4/2007
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 3221.
9/4/2007
Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
9/19/2007
Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
9/19/2007
Referred to the Subcommittee on Workforce Protections.
2/14/2008
Motion to proceed to consideration of measure made in Senate.
2/14/2008
Cloture motion on the motion to proceed presented in Senate.
2/14/2008
Motion to proceed to consideration of measure withdrawn in Senate.
2/28/2008
Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure (Record Vote Number 35) made in Senate.
2/29/2008
Motion to proceed to measure considered in Senate.
2/29/2008
Motion to proceed to consideration of measure withdrawn in Senate.
3/11/2008
For Further Action See H.R.6.
3/14/2008
Motion to proceed to consideration of measure made in Senate.
4/1/2008
Motion by Senator Reid to reconsider the vote by which cloture was not invoked on the motion to proceed to the measure (Record Vote Number 35) agreed to in Senate by Unanimous Consent.
4/1/2008
Cloture on the motion to proceed to the measure invoked in Senate by Yea-Nay Vote. 94 - 1. Record Vote Number: 86.
4/1/2008
Motion to proceed to measure considered in Senate.
4/2/2008
Motion to proceed to measure considered in Senate.
4/3/2008
Motion to proceed to consideration of measure agreed to in Senate by Unanimous Consent.
4/3/2008
Measure laid before Senate by motion.
4/4/2008
Considered by Senate.
4/4/2008
Cloture motion on the measure presented in Senate.
4/7/2008
Considered by Senate.
4/8/2008
Considered by Senate.
4/9/2008
Considered by Senate.
4/10/2008
Considered by Senate.
4/10/2008
Cloture motion on the measure withdrawn by unanimous consent in Senate.
4/16/2008
Message on Senate action sent to the House.
5/6/2008
Rules Committee Resolution H. Res. 1175 Reported to House. Previous question shall be considered as ordered without intervening motions. The rule waives all points of order against the motion except for clause 10 of rule XXI. The rule also provides that the Chair shall divide the question of adoption of the motion among the three House amendments. The rule provides that upon adoption of the motion specified in the first section of the resolution, a motion that the House concur in the Senate amendment to the title shall be considered as adopted.
5/7/2008
Rule H. Res. 1175 passed House.
5/8/2008
Mr. Frank (MA) moved that the House agree with amendments to the Senate amendments.
5/8/2008
DEBATE - Pursuant to the provisions of H.Res. 1175, the House proceeded with 3 hours of debate on the Frank (MA) motion to agree to the Senate amendments to H.R. 3221 with amendments.
5/8/2008
The previous question was ordered pursuant to the rule.
5/8/2008
On motion to agree to the Senate amendment with House amendment No. 1 Agreed to by the Yeas and Nays: 266 - 154 (Roll No. 301).
5/8/2008
On motion to agree to the Senate amendment with House amendment No. 2 Agreed to by recorded vote: 322 - 94 (Roll No. 302).
5/8/2008
On motion to agree to the Senate amendment with House amendment No. 3 Agreed to by recorded vote: 256 - 160 (Roll No. 303).
5/8/2008
House agreed to Senate amendment to the title pursuant to H. Res. 1175.
5/8/2008
Mr. Frank asked unanimous consent that the Clerk be authorized to make technical corrections in the House amendments to the Senate amendments to H.R. 3221. Agreed to without objection.
5/13/2008
Message on House action received in Senate and at desk: House amendments to Senate amendments.
6/19/2008
Measure laid before Senate by unanimous consent.
6/19/2008
Reid motion to concur in House amendment striking section 1 through title V and inserting certain language to the Senate amendment with an amendment (SA 4983) made in Senate.
6/19/2008
Motion by Senator Bunning to refer to Senate Committee on Banking, Housing, and Urban Affairs, with instructions to assess the potential financial benefits the legislation could provide to Countrywide Financial Corporation and other lenders, as well as mortgages originated by Countrywide Financial Corporation and other lenders that are held by third parties made in Senate.
6/19/2008
Motion by Senator Bunning to refer to Senate Committee on Banking, Housing, and Urban Affairs with instructions rejected in Senate by Yea-Nay Vote. 11 - 70. Record Vote Number: 154.
6/19/2008
Motion by Senator Bunning to refer to Senate Committee on Banking, Housing, and Urban Affairs, with instructions, pursuant to the order of June 19, 2008, having not received 60 votes in the affirmative was withdrawn in Senate.
6/20/2008
Considered by Senate.
6/23/2008
Considered by Senate.
6/24/2008
Considered by Senate.
6/24/2008
Cloture on the Reid motion to concur in the amendment of the House, striking section 1 and all that follows through the end of Title V, and inserting certain language, to the amendment of the Senate, with amendment (SA 4983) invoked in Senate by Yea-Nay Vote. 83 - 9. Record Vote Number: 155.
6/25/2008
Considered by Senate.
6/25/2008
Senate concurred in House amendment striking section 1 through title V and inserting certain language to the Senate amendment with an amendment (SA 4983) by Yea-Nay Vote. 79 - 16. Record Vote Number: 157.
6/26/2008
Reid motion to concur in the amendments of the House, striking title VI through XI, to the Senate amendment made in Senate.
6/26/2008
Cloture motion on Reid motion to concur in the amendments of the House, striking title VI through XI, to the Senate amendment presented in Senate.
7/7/2008
Considered by Senate.
7/7/2008
Cloture on Reid motion to concur in the amendments of the House, striking title VI through XI, to the Senate amendment invoked in Senate by Yea-Nay Vote. 76 - 10. Record Vote Number: 163.
7/8/2008
Considered by Senate.
7/8/2008
Senate agreed to amendments of the House, striking titles VI through XI, to the Senate amendment by Unanimous Consent.
7/8/2008
Motion by Senator Reid to disagree to the amendments of the House adding a new title and inserting a new section to the amendment of the Senate to H.R.3221 made in Senate.
7/8/2008
Cloture motion on the Reid motion to disagree presented in Senate.
7/8/2008
Motion by Senator Reid to concur in the amendment of the House adding a new title to the Senate amendment to H.R.3221 with an amendment (SA 5067) made in Senate.
7/9/2008
Considered by Senate.
7/10/2008
Considered by Senate.
7/10/2008
Cloture on the motion by Senator Reid to disagree to the amendments of the House adding a new title and inserting a new section to the amendment of the Senate to H.R.3221 invoked in Senate by Yea-Nay Vote. 84 - 12. Record Vote Number: 170.
7/10/2008
Reid Motion to concur in the amendment of the House adding a new title to the Senate amendment to H.R. 3221 with an amendment (SA 5067) fell when cloture was invoked on the Reid motion to disagree to the amendments of the House adding a new title and inserting a new section to the amendment of the Senate to H.R. 3221.
7/11/2008
Considered by Senate.
7/11/2008
Senate disagreed to the amendments of the House adding a new title and inserting a new section to the amendment of the Senate to H.R. 3221 by Yea-Nay Vote. 63 - 5. Record Vote Number: 173. (text of Senate amendment to House amendments to Senate amendment: CR 7/15/2008 S6736-6797)
7/15/2008
Message on Senate action sent to the House.
7/23/2008
Pursuant to the provisions of H. Res. 1363, Mr. Frank called up H.R. 3221 from the Speaker's table and was recognized for a motion.
7/23/2008
Mr. Frank (MA) moved that the House agree with an amendment to the Senate amendment to the House amendments to the Senate amendment.
7/23/2008
DEBATE - Pursuant to the provisions of H. Res. 1363, the House proceeded with two hours of debate on the Frank motion to agree to the Senate amendment to the House amendments to the Senate amendment to H.R. 3221 with an amendment.
7/23/2008
The previous question was ordered pursuant to the rule.
7/23/2008
On motion that the House agree with an amendment to the Senate amendment to the House amendments to the Senate Agreed to by the Yeas and Nays: 272 - 152 (Roll no. 519).
7/23/2008
The Chair announced pursuant to section 2 of House Resolution 1363, the House has receded from any remaining amendments or disagreements on H.R. 3221.
7/23/2008
Considered by Senate.
7/23/2008
Motion to concur in the House amendment to the Senate amendment to the House amendments to the Senate amendment to the bill.
7/23/2008
Cloture motion on the motion to concur to the House amendment to the Senate amendment to the House amendments to the Senate amendment to the bill presented in Senate.
7/23/2008
Motion to concur in House amendment to Senate amendment to House amendments to Senate amendment to H.R.3221 with an amendment [SA 5103] made in Senate.
7/25/2008
Cloture on the motion to concur in House amendment to Senate amendment to House amendments to Senate amendment to the bill invoked in Senate by Yea-Nay Vote. 80 - 13. Record Vote Number: 185.
7/26/2008
Considered by Senate.
7/26/2008
Senate agreed to the motion to concur in House amendment to Senate amendment to House amendments to Senate amendment to the bill by Yea-Nay Vote. 72 - 13. Record Vote Number: 186.
7/26/2008
Motion to concur in House amendment to Senate amendment to House amendments to Senate amendment to the bill with an amendment (SA 5103) withdrawn by Unanimous Consent.
7/28/2008
Message on Senate action sent to the House.
9/8/2008
Hearing Held by Subcommittee on Energy and Environment Prior to Introduction and Referral (April 26, 2007)..
9/27/2008
Hearings Held by Subcommittee on Energy and Environment Prior to Introduction and Referral (05/15/2007)..
9/27/2008
Hearing Held by Subcommittee on Energy and Environment Prior to Introduction adn Referral (05/15/2008)..
9/27/2008
Hearing Held by Subcommittee on Engery and Environment Prior to Introduction and Referral (06/14/2007)..
9/27/2008
Hearing Held by Subcommittee on Energy and Environment Prior to Introduction and Referral (06/19/2008)..
8/4/2007
On passage Passed by recorded vote: 241 - 172 (Roll no. 832).
4/10/2008
Passed Senate with an amendment and an amendment to the Title by Yea-Nay Vote. 84 - 12. Record Vote Number: 96. (text: CR 4/16/2008 S3087-3102)
 
Titles:

New Direction for Energy Independence, National Security, and Consumer Protection Act
Advanced Geothermal Energy Research and Development Act of 2007
Biofuels Research and Development Enhancement Act
Biomass Research and Development Act of 2000
Carbon-Neutral Government Act of 2007
Department of Energy Carbon Capture and Storage Research, Development, and Demonstration Act of 2007
Energy Efficiency Improvement Act of 2007
Energy Policy Reform and Revitalization Act of 2007
Federal Consistency Appeals Decision Refinement Act
Global Change Research and Data Management Act of 2007
Global Warming Wildlife Survival Act
Green Jobs Act of 2007
International Climate Cooperation Re-engagement Act of 2007
Marine Renewable Energy Research and Development Act of 2007
National Carbon Dioxide Storage Capacity Assessment Act of 2007
National Integrated Coastal and Ocean Observation Act of 2007
Royalty Relief for American Consumers Act of 2007
Small Energy Efficient Businesses Act
Smart Grid Facilitation Act of 2007
Solar Energy Research and Advancement Act of 2007
Sustainable Energy Institutional Infrastructure Act of 2007
Transportation Energy Security and Climate Change Mitigation Act of 2007
United States-Israel Energy Cooperation Act
American Housing Rescue and Foreclosure Prevention Act of 2008
Housing and Economic Recovery Act of 2008
New Direction for Energy Independence, National Security, and Consumer Protection Act
Renewable Energy and Energy Conservation Tax Act of 2007
Advanced Geothermal Energy Research and Development Act of 2007
Biofuels Research and Development Enhancement Act
Carbon-Neutral Government Act of 2007
Department of Energy Carbon Capture and Storage Research, Development, and Demonstration Act of 2007
Emergency Mortgage Loan Modification Act of 2008
Energy Efficiency Improvement Act of 2007
Energy Policy Reform and Revitalization Act of 2007
Expand and Preserve Home Ownership Through Counseling Act
Expanding American Homeownership Act of 2008
Federal Consistency Appeals Decision Refinement Act
Federal Housing Finance Reform Act of 2008
FHA Housing Stabilization and Homeownership Retention Act of 2008
FHA Manufactured Housing Loan Modernization Act of 2008
Global Change Research and Data Management Act of 2007
Global Warming Wildlife Survival Act
Green Jobs Act of 2007
Housing Tax Credit Coordination Act of 2008
International Climate Cooperation Re-engagement Act of 2007
Marine Renewable Energy Research and Development Act of 2007
National Carbon Dioxide Storage Capacity Assessment Act of 2007
National Integrated Coastal and Ocean Observation Act of 2007
Royalty Relief for American Consumers Act of 2007
Small Energy Efficient Businesses Act
Smart Grid Facilitation Act of 2007
Solar Energy Research and Advancement Act of 2007
Sustainable Energy Institutional Infrastructure Act of 2007
Telework Enhancement Act of 2007
Transportation Energy Security and Climate Change Mitigation Act of 2007
United States-Israel Energy Cooperation Act
Foreclosure Prevention Act of 2008
Housing and Economic Recovery Act of 2008
Building American Homeownership Act of 2008
Clean Energy Tax Stimulus Act of 2008
FHA Manufactured Housing Loan Modernization Act of 2008
FHA Modernization Act of 2008
Mortgage Disclosure Improvement Act of 2008
REIT Investment Diversification and Empowerment Act of 2008
Housing and Economic Recovery Act of 2008
Building American Homeownership Act of 2008
Federal Housing Finance Regulatory Reform Act of 2008
FHA Manufactured Housing Loan Modernization Act of 2008
FHA Modernization Act of 2008
Foreclosure Prevention Act of 2008
HOPE for Homeowners Act of 2008
Housing Assistance Tax Act of 2008
Housing Tax Credit Coordination Act of 2008
Mortgage Disclosure Improvement Act of 2008
S.A.F.E. Mortgage Licensing Act of 2008
Secure and Fair Enforcement for Mortgage Licensing Act of 2008
Small Public Housing Authorities Paperwork Reduction Act
Moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure.
Moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation.
A bill to provide needed housing reform and for other purposes.
 
Committee:
Referral
Referral
Referral
Referral
Referral
Referral
Referral, Hearings
Referral
Referral
Referral
Referral
Referral
 
Related Bill Details:

 
Amendments

 
 
 
 
about govit
 
|
 
contact us
 
|
 
terms of use
 
|
 
privacy policy
 
Govit™ 2008