FHA Solvency Act of 2013
Latest action. Placed on Senate legislative calendarThe list of measures reported out of committee and eligible for floor action. Being on the calendar is not a promise of a vote.Read the full definition (opens a new tab) under General Orders. Calendar No. 275.
FHA Solvency Act of 2013 - (Sec. 2) Amends the National Housing Act with respect to mortgage insurance.
Requires the Secretary of Housing and Urban Development (Secretary) (HUD) (who currently is merely authorized) to establish and collect annual premium payments in an amount between 0.55% and 2.0% (currently, not exceeding 1.5%) of the remaining insured principal balance.
Directs the Secretary to review annually the amount of the annual and up-front premiums collected and the expected losses to the Mutual Mortgage Insurance (MMI) Fund.
(Sec. 3) Prohibits the Secretary from insuring, or entering into a commitment to insure, a mortgage executed by a mortgagor who is the mortgagor under any two mortgages on one- to four-family residential properties that have previously been foreclosed upon.
Sec. 4) Authorizes the Secretary to require a mortgagee to indemnify HUD for the loss if a mortgage executed by an approved or insured mortgagee contains such a material defect that the mortgage should not have been approved or endorsed for insurance, and a loan becomes delinquent within 36 months of such approval or endorsement leading to a default, or the Secretary pays a claim within 36 months after such approval or endorsement, regardless of whether the violation caused the mortgage default. Requires the Secretary to deposit any indemnified amounts collected in the MMI Fund .
Directs the Secretary, if fraud or misrepresentation was involved in connection with the origination, to require the mortgagee approved under the direct endorsement program or the mortgagee delegated authority to indemnify the Secretary for the loss regardless of when an insurance claim is paid. Excepts a mortgagee from mandatory indemnification, however, if: (1) the fraud or misrepresentation was committed not by the mortgagee but by a third party; and (2) the mortgagee had implemented adequate quality control and review procedures to deter, detect, and identify such fraud or misrepresentation.
Requires the Secretary to issue regulations establishing: (1) appropriate requirements and procedures governing indemnification by mortgagees, including public reporting; and (2) an appeals process to appeal any determination of indemnification made by the Secretary.
The summary continues for 28 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Reported to Senate with amendment(s)" stage on December 19, 2013. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on December 19, 2013: Placed on Senate Legislative Calendar under General Orders. Calendar No. 275.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 113th Congress (2013-14), 296 of the 9,091 bills and joint resolutions introduced became law, about 3.3 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
TIM JOHNSON (D-SD) introduced it on July 25, 2013, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 25, 2013, 4795 days ago. The most recent recorded action was 4648 days ago, on December 19, 2013.
Measures do not carry over. Anything the 113th Congress has not finished by January 3, 2015 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers