Foreclosure Bill: Sections Explained – hopeforhomeownersprogram.webnode.com

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Sections Explained: Summary
 Overview of Program
 
The plan combines large tax breaks for homebuilders and a $7,500 tax credit for peoplewho buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes. Help families keep their homes by increasing preForeclosure counseling funds, expanding refinancing opportunities, and amending the bankruptcy code to allow the modification of  nontraditional and sub prime mortgages on primary residences;
Help…

Sections Explained: (Sec. 112)
SECTION: 112
MAXIMUM PRINCIPAL LOAN 
OBLIGATION
`(A) not to exceed the lesser of
`(i) in the case of a 1family residence, 110 percent of the median 1family house price in the area, as determined by the Secretary; and in the case of a 2, 3, or 4family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation in effect for 2007 under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C….

Sections Explained: (Sec. 113)
 SECTION: 113
SELLERFUNDED 
DOWNPAYMENT ASSISTANCE
 
SEC. 113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLERFUNDED  DOWNPAYMENT ASSISTANCE.
Paragraph 9 of section 203(b) of the National Housing Act (12 U.S.C. 1709(b)(9)) is amended to read as follows:
(9) CASH INVESTMENT REQUIREMENT
(A) IN GENERAL A mortgage insured under this section shall be executed by a mortgagor who shall have paid, in cash, on account of the
property an amount equal to not less than 3.5…

Sections Explained: (Sec. 114)
SECTION:114
MORTGAGE INSURANCE PREMIUMS
REHABILITATION LOANS
DISCRETIONARY ACTION

 
 
MORTGAGE INSURANCE PREMIUMS.
Section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended
(1) in the matter preceding subparagraph (A), by striking `or of the General Insurance Fund’ and all that follows through `section
234(c),,’; and (2) in subparagraph (A) (A) by striking `2.25 percent’ and inserting `3 percent’; and (B) by striking `2.0 percent’ and inserting
`2.75…

Sections Explained: (Sec. 115)
SECTION: 115
MORTGAGE INSURANCE PREMIUMS
REHABILITATION LOANS
DISCRETIONARY ACTION
 
MORTGAGE INSURANCE PREMIUMS.
Section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended
(1) in the matter preceding subparagraph (A), by striking `or of the General Insurance Fund’ and all that follows through `section
234(c),,’; and (2) in subparagraph (A) (A) by striking `2.25 percent’ and inserting `3 percent’; and (B) by striking `2.0 percent’ and inserting
`2.75…

Sections Explained: (Sec. 116)
SECTION: 116 
MORTGAGE INSURANCE PREMIUMS
REHABILITATION LOANS
DISCRETIONARY ACTION

 
 
 
MORTGAGE INSURANCE PREMIUMS.
Section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended
(1) in the matter preceding subparagraph (A), by striking `or of the General Insurance Fund’ and all that follows through `section
234(c),,’; and (2) in subparagraph (A) (A) by striking `2.25 percent’ and inserting `3 percent’; and (B) by striking `2.0 percent’ and…

Sections Explained: (Sec. 117)
SECTION: 117 
Sections 117121
 
SEC. 117. INSURANCE OF CONDOMINIUMS.
(a) In General Section 234 of the National Housing Act (12 U.S.C. 1715y) is amended (1) in subsection (c), in the first sentence (A) by striking `and’ before `(2)’; and (B) by inserting before the period at the end the following: `, and (3) the project has a blanket mortgage insured by the Secretary under subsection (d)’; and (2) in subsection (g), by striking `, except that’ and all that follows and inserting…

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