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December 14, 2007, 12:00 am ET - Amendment SA 3853 proposed by Senator Schumer for Senator Dodd.
December 14, 2007, 12:00 am ET - Amendment SA 3853 agreed to in Senate by Unanimous Consent.
Full Text of this Amendment
SA 3853. Mr. SCHUMER (for Mr. DODD (for himself and Mr. SHELBY)) proposed an amendment to the bill S. 2338, to modernize and update the National Housing Act and enable the Federal Housing Administration to more effectively reach underserved borrowers, and for other purposes; as follows:
At the end of title I, insert the following:
SEC. 123. MORATORIUM ON IMPLEMENTATION OF RISK-BASED PREMIUMS.
For the 12-month period beginning on the date of enactment of this Act, the Secretary of Housing and Urban Development shall not enact, execute, or take any action to make effective the planned implementation of risk-based premiums, which are designed for mortgage lenders to offer borrowers an FHA-insured product that provides a range of mortgage insurance premium pricing, based on the risk the insurance contract represents, as such planned implementation
was set forth in the Notice published in the Federal Register on September 20, 2007 (Vol. 72, No. 182, Page 53872).
(As printed in the Congressional Record for the Senate on Dec 14, 2007.)
At the end of title I, insert the following:
SEC. 123. MORATORIUM ON IMPLEMENTATION OF RISK-BASED PREMIUMS.
For the 12-month period beginning on the date of enactment of this Act, the Secretary of Housing and Urban Development shall not enact, execute, or take any action to make effective the planned implementation of risk-based premiums, which are designed for mortgage lenders to offer borrowers an FHA-insured product that provides a range of mortgage insurance premium pricing, based on the risk the insurance contract represents, as such planned implementation
was set forth in the Notice published in the Federal Register on September 20, 2007 (Vol. 72, No. 182, Page 53872).
(As printed in the Congressional Record for the Senate on Dec 14, 2007.)
