Summary: FHA Taxpayer Protection Act of 2009 - Amends the National Housing Act to increase the downpayment requirement for a Federal Housing Administration (FHA) mortgage loan from 3.5% to 5%. Repeals the current inclusion in the principal amount of an FHA mortgage loan of any initial service charges, appraisal, inspection, and other fees that the Secretary of Housing and Urban Development (HUD) approves. Prohibits the inclusion of such charges and fees in the principal amount of an FHA mortgage loan. Directs the Comptroller General to study and report to Congress on the Mutual Mortgage Insurance Fund and the mortgage insurance programs under which the insurance obligations are obligations of such Fund.

fha taxpayer protection act amends national housing act increase downpayment requirement federal_housing_administration fha mortgage loan repeals current inclusion principal fha mortgage loan initial service charges appraisal inspection fees secretary housing_and_urban_development hud approves prohibits inclusion charges fees principal fha mortgage loan directs comptroller general study report congress mutual_mortgage_insurance_fund mortgage insurance programs insurance obligations obligations fund


Summary: Home Buyer Tax Credit Act of 2009 - Amends the Internal Revenue Code to replace the current tax credit for first-time homebuyers with a one-time credit for 10% of the purchase price of a principal residence, up to $15,000. Requires the repayment of such credit if the taxpayer sells or fails to occupy the residence within 24 months after the date of purchase. Rescinds certain discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 to cover the cost of this Act.

amends internal revenue code replace current tax credit time homebuyers time credit purchase price principal residence requires repayment credit taxpayer sells fails occupy residence months date purchase rescinds certain discretionary appropriations available division american_recovery_and_reinvestment_act cover cost act


Summary: First-Time Homebuyer Credit Continuation Act of 2009 - Amends Internal Revenue Code provisions relating to the first-time homebuyer tax credit to: (1) extend such credit and its waiver of recapture provisions through November 30, 2010; (2) extend through December 31, 2009, the election to treat, for tax purposes, a residence purchased in 2009 as having been purchased on December 31, 2008; (3) allow taxpayers to treat, for tax purposes, a residence purchased after December 31, 2009, and before December 1, 2010, as having been purchased on December 31, 2009; and (4) extend through December 31, 2009, the coordination of the first-time homebuyer tax credit for District of Columbia residents.

amends internal revenue code provisions relating time homebuyer tax credit extend credit waiver recapture provisions november extend december election treat tax purposes residence purchased having purchased december allow taxpayers treat tax purposes residence purchased december december having purchased december extend december coordination time homebuyer tax credit district_of_columbia residents


Summary: Helping Homebuyers Act of 2009 - Amends the Internal Revenue Code to allow individual taxpayers a one-time tax credit for 15% of the purchase price of a principal residence, up to $18,000. Requires repayment of such credit if the taxpayer sells the residence, or fails to occupy the residence as a principal residence, at any time within 60 months after the date of purchase.

helping homebuyers act amends internal revenue code allow individual taxpayers time tax credit purchase price principal residence requires repayment credit taxpayer sells residence fails occupy residence principal residence time months date purchase


Summary: Homebuyer Tax Credit Improvement Act of 2009 - Amends the Internal Revenue Code, with respect to the first-time homebuyer tax credit, to: (1) deny such credit to taxpayers under the age of 18; (2) require a taxpayer claiming such credit to attach to their returns a properly executed copy of the settlement statement used to purchase their residence; and (3) prohibit a credit for residences acquired from a spouse. Requires tax return preparers to file tax returns electronically unless they reasonably expect to file 100 or fewer individual income returns in a calendar year.

amends internal revenue code respect time homebuyer tax credit deny credit taxpayers age require taxpayer claiming credit attach returns properly executed copy settlement statement purchase residence prohibit credit residences acquired spouse requires tax return preparers file tax returns electronically reasonably expect file fewer individual income returns calendar year


Summary: Amends Internal Revenue Code provisions relating to the first-time homebuyer tax credit to: (1) extend such credit to all purchasers of a principal residence (currently, limited to first-time homebuyers); (2) extend such credit and its waiver of recapture provisions (for sales of principal residences before the required holding period) through June 30, 2010; (3) extend through December 31, 2009, the election to treat, for tax purposes, a residence purchased in 2009 as having been purchased on December 31, 2008; (4) allow taxpayers to treat, for tax purposes, a residence purchased after December 31, 2009, and before July 1, 2010, as having been purchased on December 31, 2009; (5) increase adjusted gross income thresholds for determining eligibility for such credit; and (6) allow a waiver of recapture for members of the Armed Forces who are relocated.

amends internal revenue code provisions relating time homebuyer tax credit extend credit purchasers principal residence currently limited time homebuyers extend credit waiver recapture provisions sales principal residences required holding period june extend december election treat tax purposes residence purchased having purchased december allow taxpayers treat tax purposes residence purchased december july having purchased december increase adjusted gross income thresholds determining eligibility credit allow waiver recapture members armed_forces relocated


Summary: First-Time Homebuyer Tax Credit Guarantee Act of 2009 - Amends the Internal Revenue Code to extend the first-time homebuyer tax credit for a 90-day period after its termination date (i.e., November 30, 2009) for taxpayers who entered into a written binding contract for the purchase of a principal residence which was in effect on November 30, 2009.

amends internal revenue code extend time homebuyer tax credit day period termination date november taxpayers entered written binding contract purchase principal residence effect november


Summary: Amends the Internal Revenue Code to extend through 2012 the period for placing in service buildings located in a disaster area that are eligible for allocations of low-income housing tax credit amounts.

amends internal revenue code extend period placing service buildings located disaster area eligible allocations low income housing tax credit amounts


Summary: Credit Card Fee Limitation and Accountability Act - Amends the Truth in Lending Act, as amended by the Credit CARD Act of 2009, to prohibit a creditor from imposing upon an open-end consumer credit account any fee related to failure of the consumer to: (1) use the credit card to obtain an extension of credit; (2) carry an outstanding balance from any billing cycle to another; and (3) obtain a minimum amount of credit under such account during any specified period. Permits a consumer to: (1) cancel an account within 45 days of receiving notice of an annual fee if no such fee existed upon the account's initial opening; and (2) pay any outstanding account balance at the time of cancellation in accordance with the terms in effect at the time of such cancellation. Prohibits a creditor, as a result of such cancellation, from taking action against a consumer which would adversely affect the consumer's ability to obtain credit under open-end consumer credit plan. Requires any annual fee that a card issuer may impose with respect to a credit card account under an open-end consumer credit plan to be reasonable. Directs the Board of Governors of the Federal Reserve System to issue final rules, within six months after the enactment of this Act, to establish standards for assessing whether the amount of any annual fee is reasonable. Amends the Fair Credit Reporting Act to prohibit a consumer credit reporting entity from taking action or making any determination based upon consumer cancellation of a credit card account which would result in a consumer credit score lower than that which would result without taking such cancellation into account.

accountability act amends truth lending act amended credit card act prohibit creditor imposing open end consumer credit account fee related failure consumer use credit card obtain extension credit carry outstanding balance billing cycle obtain minimum credit account specified period permits consumer cancel account days receiving notice annual fee fee existed account initial opening pay outstanding account balance time cancellation accordance terms effect time cancellation prohibits creditor result cancellation taking action consumer adversely affect consumer ability obtain credit open end consumer credit plan requires annual fee card issuer impose respect credit card account open end consumer credit plan reasonable directs board_of_governors federal_reserve_system issue final rules months enactment act establish standards assessing annual fee reasonable amends fair_credit_reporting_act prohibit consumer credit reporting entity taking action making determination based consumer cancellation credit card account result consumer credit score lower result taking cancellation account


Summary: Amends Internal Revenue Code provisions relating to the first-time homebuyer tax credit to: (1) extend such credit to all purchasers of a principal residence (currently, limited to first-time homebuyers); (2) extend such credit and its waiver of recapture provisions (for sales of principal residences before the required holding period) through November 30, 2010; (3) extend through December 31, 2009, the election to treat, for tax purposes, a residence purchased in 2009 as having been purchased on December 31, 2008; (4) allow taxpayers to treat, for tax purposes, a residence purchased after December 31, 2009, and before December 1, 2010, as having been purchased on December 31, 2009; (5) increase adjusted gross income thresholds for determining eligibility for such credit; and (6) allow a waiver of recapture for members of the uniformed services, the Foreign Service, or employees of the intelligence community who sell their principal residences after receiving an order for official extended duty service.

amends internal revenue code provisions relating time homebuyer tax credit extend credit purchasers principal residence currently limited time homebuyers extend credit waiver recapture provisions sales principal residences required holding period november extend december election treat tax purposes residence purchased having purchased december allow taxpayers treat tax purposes residence purchased december december having purchased december increase adjusted gross income thresholds determining eligibility credit allow waiver recapture members uniformed services foreign_service employees intelligence community sell principal residences receiving order official extended duty service


Summary: TARP Sunset Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate, on December 31, 2009 (as under current law), the authority of the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP). Repeals the Secretary's authority to extend the TARP program through October 3, 2010, upon submission of a written certification to Congress.

tarp sunset act amends emergency economic stabilization act eesa terminate december current law authority secretary treasury implement troubled_asset_relief_program tarp repeals secretary authority extend tarp program october submission written certification congress


Summary: Ensure TARP Expires Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to repeal the authority of the Secretary of the Treasury to extend the Troubled Asset Relief Program (TARP) beyond December 31, 2009. Instructs the Secretary to transfer certain unobligated TARP funds to reduce the public debt.

ensure tarp expires act amends emergency economic stabilization act eesa repeal authority secretary treasury extend troubled_asset_relief_program tarp december instructs secretary transfer certain unobligated tarp funds reduce public debt


Summary: TARP Sunset and Fiscal Responsibility Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate, on December 31, 2009 (as under current law), the authority of the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP). Repeals the Secretary's authority to extend the TARP program through October 3, 2010, upon submission of a written certification to Congress. Requires all funds repaid, and profits paid, to the Secretary by TARP recipients to be used to pay down the national debt. Reduces the statutory limit on the public debt to $700 billion minus the amount of troubled assets purchased by the Secretary under TARP outstanding on December 31, 2009.

tarp sunset fiscal responsibility act amends emergency economic stabilization act eesa terminate december current law authority secretary treasury implement troubled_asset_relief_program tarp repeals secretary authority extend tarp program october submission written certification congress requires funds repaid profits paid secretary tarp recipients pay national debt reduces statutory limit public debt billion minus troubled assets purchased secretary tarp outstanding december


Summary: Borrowers' Right to Inspect Closing Documents Act of 2009 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to revise procedures governing the furnishing of closing documents to borrowers. Requires the lender to furnish to the settlement agent, at least four business days before the scheduled date of a real estate settlement, the completed promissory note, the mortgage instrument, and all other items needed to complete the uniform settlement statement, the final Truth-in-Lending Act disclosure, and the final closing instructions. Requires the settlement agent to furnish the borrower, at least three business days before the scheduled settlement date, with the completed documents and the completed uniform settlement statement, as long as the lender has timely provided the agent with those items. Shields the settlement agent from liability for the lender's noncompliance with this Act. Cites circumstances under which the settlement agent may correct the uniform settlement statement and related documents prior to the scheduled settlement date. Authorizes the Secretary of Housing and Urban Development to exempt settlements from the requirements of this Act in certain circumstances.

borrowers right inspect closing documents act amends real_estate_settlement_procedures_act respa revise procedures governing furnishing closing documents borrowers requires lender furnish settlement agent business days scheduled date real estate settlement completed promissory note mortgage instrument items needed complete uniform settlement statement final truth lending act disclosure final closing instructions requires settlement agent furnish borrower business days scheduled settlement date completed documents completed uniform settlement statement long lender timely provided agent items shields settlement agent liability lender noncompliance act cites circumstances settlement agent correct uniform settlement statement related documents prior scheduled settlement date authorizes secretary housing_and_urban_development exempt settlements requirements act certain circumstances


Summary: Reverse Mortgage Elder Protection Act - Amends the Truth in Lending Act to prohibit a creditor from taking an application for a reverse mortgage unless the creditor has provided the applicant with: (1) a specified written cautionary statement before the applicant receives any counseling regarding reverse mortgages; (2) a specified written checklist before meeting with a counseling agency about reverse mortgages; and (3) a referral to a housing counseling agency for reverse mortgage counseling approved by the Department of Housing and Urban Development (HUD). Requires a counseling agency to provide the same kind of written checklist to a consumer that seeks counseling before requesting a loan application for a reverse mortgage. Prohibits a creditor from either accepting a final application for a reverse mortgage, or from assessing any related fees, unless the creditor has received from the consumer or the consumer's authorized representative: (1) a written certification that the consumer has received counseling regarding reverse mortgages from a HUD-approved agency; and (2) a copy of the prescribed checklist signed by the agency counselor and by the consumer.

reverse mortgage elder protection act amends truth lending act prohibit creditor taking application reverse mortgage creditor provided applicant specified written cautionary statement applicant receives counseling reverse mortgages specified written checklist meeting counseling agency reverse mortgages referral housing counseling agency reverse mortgage counseling approved department_of_housing_and_urban_development hud requires counseling agency provide kind written checklist consumer seeks counseling requesting loan application reverse mortgage prohibits creditor accepting final application reverse mortgage assessing related fees creditor received consumer consumer authorized representative written certification consumer received counseling reverse mortgages hud approved agency copy prescribed checklist signed agency counselor consumer


Summary: Fair Access to Credit Scores Act of 2010 - Amends the Fair Credit Reporting Act to require consumer reporting agencies to disclose any information in the consumer's file concerning credit scores or other related risk scores or predictors when the consumer requests a free annual disclosure (credit report). Requires all consumer reporting agencies to maintain information in the consumer's file concerning such scores or predictors for at least one year from the date on which such information is placed in the file. Directs the Comptroller General to study and report to Congress on bankruptcy risk scores used by consumer reporting agencies, including an analysis of: (1) the factors used to determine such scores; (2) how bankruptcy risk scores impact the ability of consumers to receive loans; and (3) actions that consumers can take to improve such scores.

fair_access_to_credit_scores_act amends fair credit reporting act require consumer reporting agencies disclose information consumer file concerning credit scores related risk scores predictors consumer requests free annual disclosure credit report requires consumer reporting agencies maintain information consumer file concerning scores predictors year date information placed file directs comptroller general study report congress bankruptcy risk scores consumer reporting agencies including analysis factors determine scores bankruptcy risk scores impact ability consumers receive loans actions consumers improve scores


Summary: Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act of 2010 - Directs the Inspector General (IG) of the Federal Housing Finance Agency to submit quarterly reports to Congress on the IG's activities with respect to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and their activities and condition while they are in conservatorship status.

fannie_mae transparency taxpayers act directs inspector general federal_housing_finance_agency submit quarterly reports congress activities respect federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac activities condition conservatorship status


Summary: Foreclosure Mandatory Mediation Act of 2010 - Amends the Helping Families Save Their Homes Act of 2009 to require the mortgagee of certain one- to four-family residences, as a prerequisite to a foreclosure proceeding or a sheriff sale, and at the mortgagee's expense, to conduct a one-time mediation with the affected mortgagor and a housing counseling agency.

foreclosure mandatory mediation act amends helping families save homes act require mortgagee certain one- family residences prerequisite foreclosure proceeding sheriff sale mortgagee expense conduct time mediation affected mortgagor housing counseling agency


Summary: Accurate Accounting of Fannie Mae and Freddie Mac Act - Requires the receipts and disbursements of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the federal budget submitted by the President; (2) the congressional budget; or (3) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Requires the costs of purchases of mortgages, and mortgage-backed securities issued, by Fannie Mae and Freddie Mac to be calculated by adjusting a specified discount rate for market risks under the Credit Reform Act of 1990. Subjects to the statutory public debt limit the face amount of obligations issued by Fannie Mae and Freddie Mac and outstanding at one time.

accurate accounting fannie_mae freddie_mac act requires receipts disbursements federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac counted new budget authority outlays receipts deficit surplus purposes federal budget submitted president congressional budget balanced_budget emergency deficit control act gramm rudman hollings act requires costs purchases mortgages mortgage backed securities issued fannie_mae freddie_mac calculated adjusting specified discount rate market risks credit reform act subjects statutory public debt limit face obligations issued fannie_mae freddie_mac outstanding time


Summary: America Saving for Personal Investment, Retirement, and Education Act of 2010 or ASPIRE Act of 2010 - Establishes an ASPIRE Fund in the Treasury, including a Lifetime Savings Account. Makes eligible to contribute to such an account, and to receive certain federal contributions, any U.S. citizen or lawful resident alien born after December 31, 2009, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount. Prescribes requirements for distributions for higher education expenses. States that, for purposes of the Internal Revenue Code (IRC), each Lifetime Savings Account shall be treated in the same manner as a Roth IRA. Amends the IRC to require that, except in certain respects, privately managed Lifetime Savings Accounts be treated also in the same manner as a Roth IRA. Creates the ASPIRE Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each Lifetime Savings Account are allocated to investment funds in the ASPIRE Fund based on the amount of time before the account holder attains the age of 18. Subjects the Board to the same composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board. Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of Lifetime Savings Accounts.

america saving personal investment retirement education act establishes treasury including makes eligible contribute account receive certain federal contributions citizen lawful resident alien born december years age modified adjusted gross income applicable national median adjusted gross income prescribes requirements distributions higher education expenses states purposes internal_revenue_code irc account shall treated manner roth ira amends irc require certain respects privately managed treated manner roth ira creates establish default investment program manner similar lifecycle investment program sums allocated investment funds based time account holder attains age subjects board composition requirements duties responsibilities federal_retirement_thrift_investment_board instructs secretary treasury coordination develop programs promote financial literacy account holders


Summary: Gulf of Mexico Red Snapper Fishery Protection Act - Directs the Secretary of Commerce to conduct a benchmark stock assessment of the Gulf of Mexico red snapper fishery and report to Congress. Prohibits the Secretary from promulgating any interim rule under specified provisions of the Magnuson-Stevens Fishery Conservation and Management Act that prohibits fishing in the Gulf of Mexico red snapper fishery before such report demonstrates the need for interim or final rules. Deems any interim rule promulgated prior to enactment of this Act that decreases the number of fishing days to less than the 2009 level to have no force or effect.

gulf mexico red snapper fishery protection act directs secretary commerce conduct benchmark stock assessment gulf_of_mexico red snapper fishery report congress prohibits secretary promulgating interim rule specified provisions magnuson stevens fishery conservation management act prohibits fishing gulf_of_mexico red snapper fishery report demonstrates need interim final rules deems interim rule promulgated prior enactment act decreases number fishing days level force effect


Summary: Permanently Protecting Tenants at Foreclosure Act of 2010 - Amends the Protecting Tenants at Foreclosure Act of 2009 to repeal its sunset date December 31, 2012 (thus making the Act permanent).

permanently_protecting_tenants foreclosure act amends protecting_tenants foreclosure act repeal sunset date december making act permanent


Summary: GSE Bailout Elimination and Taxpayer Protection Act - Sets a deadline for the Director of the Federal Housing Finance Agency (FHFA) to terminate the conservatorship of either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) if the Director determines that it is financially viable. (Refers to both Fannie Mae and Freddie Mac as enterprises.) Requires the Director to appoint the FHFA immediately as receiver of either enterprise if it is found not to be financially viable. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA) to repeal: (1) its housing goals if the Director determines that an enterprise is financially viable; and (2) the new housing price index. Amends the Housing and Community Development Act of 1992 to restrict the authority of an enterprise to acquire mortgage assets following its emergence from conservatorship. Increases the minimum capital level required for each enterprise. Instructs the Director to establish minimum levels of capital for the enterprises. Authorizes the Director to: (1) establish minimum capital levels in excess of levels specified in the FHEFSSA; and (2) deem failure of an enterprise to maintain revised minimum capital levels to constitute an unsafe and unsound condition. Amends the Continuing Appropriations Resolution, 2010, the American Recovery and Reinvestment Act of 2009, and the Economic Stimulus Act of 2009 to repeal temporary increases to conforming loan limits. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities (general limit and permanent high-cost area increases). Amends the Housing and Economic Recovery Act of 2008 to repeal its conforming loan limits. Prescribes conforming loan limits for conventional mortgages that may be purchased by the enterprises. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to: (1) prohibit the enterprises from purchasing mortgages that exceed the median area price for the affected property; (2) prohibit the enterprises from purchasing mortgages if the mortgagor has paid less than the specified minimum downpayment; and (3) require the enterprises to pay state and local taxes. Instructs the Director of FHFA to assess each enterprise for the amount necessary to recoup to the federal government the full value of the benefit received from the federal guarantee of its obligations and financial viability. Directs the Comptroller General to study and report to Congress on a risk-based pricing mechanism to determine accurately the value of the benefit the enterprises receive from the federal guarantee of their obligations and financial viability. Prescribes a deadline and procedures for the wind down of operations and dissolution of an enterprise.

taxpayer protection act sets deadline director federal_housing_finance_agency fhfa terminate conservatorship federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac director determines financially viable refers fannie_mae freddie_mac enterprises requires director appoint fhfa immediately receiver enterprise found financially viable amends federal_housing_enterprises_financial_safety soundness act repeal housing goals director determines enterprise financially viable new housing price index amends housing_and_community_development_act restrict authority enterprise acquire mortgage assets following conservatorship increases minimum capital level required enterprise instructs director establish minimum levels capital enterprises authorizes director establish minimum capital levels excess levels specified deem failure enterprise maintain revised minimum capital levels constitute unsafe unsound condition amends continuing_appropriations_resolution american_recovery_and_reinvestment_act economic stimulus act repeal temporary increases conforming loan limits amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act repeal provisions governing enterprise authority purchase sell certain insured conventional mortgages engage certain lending activities general limit permanent high cost area increases amends housing_and_economic_recovery_act repeal conforming loan limits prescribes conforming loan limits conventional mortgages purchased enterprises amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act prohibit enterprises purchasing mortgages exceed median area price affected property prohibit enterprises purchasing mortgages mortgagor paid specified minimum downpayment require enterprises pay state local taxes instructs director fhfa assess enterprise necessary recoup federal government value benefit received federal guarantee obligations financial viability directs comptroller general study report congress risk based pricing mechanism determine accurately value benefit enterprises receive federal guarantee obligations financial viability prescribes deadline procedures wind operations dissolution enterprise


Summary: Mortgage Servicing Conflict Elimination Act of 2010 - Amends the Truth in Lending Act to prohibit the servicer of a residential mortgage loan (or an affiliate) from owning or holding any interest in any other residential mortgage loan secured by the same dwelling or residential real property.

mortgage servicing conflict elimination act amends truth lending act prohibit servicer residential mortgage loan affiliate owning holding interest residential mortgage loan secured dwelling residential real property


Summary: FHA Reform Act of 2010 - (Sec. 2) Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to increase the maximum annual premium payments for mortgage insurance, and make the charging of them discretionary instead of mandatory. (Sec. 3) Authorizes the Secretary to require specified mortgagees to indemnify HUD for payment of a mortgage insurance claim if the mortgage was not originated or underwritten in accordance with HUD requirements. Authorizes the Secretary to require a mortgagee to indemnify HUD for loss regardless of when an insurance claim is paid if fraud or misrepresentation was involved in connection with the mortgage origination or underwriting. (Sec. 4) Authorizes the Secretary to terminate approval of a mortgagee to originate or underwrite single family mortgages if the mortgagee's rate of early defaults and claims is excessive. (Sec. 6) Establishes within the Federal Housing Administration (FHA) a Deputy Assistant Secretary for Risk Management and Regulatory Affairs responsible for all matters relating to managing and mitigating the risk to HUD mortgage insurance funds and for ensuring the performance of HUD-insured mortgages. Abolishes the position of the FHA chief risk officer. (Sec. 7) Authorizes the Secretary to use outside sources to: (1) analyze credit risk models and practices employed by HUD in connection with mortgages; (2) evaluate underwriting standards; and (3) analyze lender compliance with, and HUD enforcement of, underwriting standards. (Sec. 8) Directs the Secretary to: (1) review and identify mortgagees with a significant or rapid increase in early defaults and claims with respect to all mortgages they have originated on housing located in any particular geographic area or areas; and (2) report on such reviews to certain congressional committees. Authorizes appropriations for FY2010-FY2014 to provide additional full-time equivalent positions for HUD, or for entering into necessary contracts, to conduct such reviews, as well as to carry out other responsibilities relating to ensuring the safety and soundness of the Mutual Mortgage Insurance Fund. (Sec. 9) Authorizes the Secretary to require a mortgagee to: (1) use the Nationwide Mortgage Licensing System and Registry; (2) obtain unique company identifiers for all the mortgagee's officers or owners. Authorizes the Secretary to require each insured mortgage to include any such unique company identifier. Directs the Secretary to: (1) pursue joint protocols for information sharing with state regulatory agencies; and (2) require mortgagees of HUD-insured single-family or multifamily housing to notify HUD if they terminate or discontinue mortgage purchases from another mortgagee based upon any determination, evidence, or report of fraud or material misrepresentation in connection with the origination of such mortgages. (Sec. 11) Requires the annual independent actuarial study of the Mutual Mortgage Insurance Fund to review and evaluate any: (1) changes to the current or projected safety and soundness of the Fund since the most recent report; and (2) risks to the Fund. Requires the Secretary in quarterly reports to Congress to specify for mortgages that are obligations of the Fund any factors likely to have an impact on the Fund's financial status or cause any material changes to its safety and soundness. (Sec. 12) Prescribes conditions compelling the Secretary to review and reduce certain cash investment requirements (down payment requirements) binding upon mortgages or mortgagors. (Sec. 13) Revises eligibility requirements for mortgage insurance. Requires a mortgage to have been made to a mortgagee approved by the Secretary (as under current law) or to a person or entity authorized by the Secretary to participate in the origination of the mortgage. Applies the same new eligibility requirement to insurance of a home equity conversion mortgage (reverse mortgage) for elderly homeowners. (Sec. 14) Revises requirements for early mortgage default and foreclosure information collected by the Secretary for mortgage lender analysis. Requires such information to include, for each servicer of insured mortgages, data on the performance of mortgages originated during each calendar quarter of the collection period, disaggregated by the direct endorsement mortgagee from whom the servicer acquired such servicing rights. (Sec. 15) Authorizes the Secretary to reimburse servicers of certain HUD-insured residential mortgages for the costs of obtaining the services of specified independent third parties, including a HUD-approved housing counseling agency, to make in-person contact, at no charge, with mortgagors whose payments are 60 or more days past due, solely to provide information regarding: (1) HUD-approved housing counseling agencies; and (2) mortgage loan modification, refinance, and assistance programs. Applies confidentiality requirements to such independent third parties. Directs the Secretary, in providing reimbursements, to give priority to independent third parties serving mortgagors under covered mortgages in areas experiencing a mortgage foreclosure rate and unemployment rate higher than the national average for the most recent 12-month period for which satisfactory data are available. (Sec. 16) Directs the Comptroller General to report to Congress on single family mortgage insurance programs of HUD and the Mutual Mortgage Insurance Fund. (Sec. 17) Revises the cash investment requirement for mortgage insurance eligibility to authorize the Secretary to establish a higher minimum cash investment requirement for all mortgagors, or a certain class or classes of mortgagors, which may be based on criteria related to borrowers' credit scores or other industry standards related to borrowers' financial soundness. Requires the Secretary to report annually to certain congressional committees on the implementation of minimum cash investment requirements, including discussion and analysis of options for proposed changes to such requirements. (Sec. 18) Directs the Secretary to provide refunds of unearned premium charges paid at the time of insurance for mortgage insurance to or on behalf of mortgagors under certain mortgages on one- to four-family dwellings. Authorizes appropriations for such refunds. (Sec. 19) Revises maximum mortgage amount limits for multifamily housing that includes elevator-type structures with sound standards of construction and design. Replaces specific dollar amounts for any increase in such limits the Secretary may make with an allowed increase of 50% of the amounts specified for each unit size. Applies to projects consisting of more than four dwelling units located in an extremely high-cost area certain mortgage insurance requirements currently applying to property in Alaska, Guam, Hawaii, and the Virgin Islands. (Sec. 20) Applies through FY2011 HUD Mortgagee Letter 2002-17 (regarding "Special Forbearance: Program Changes and Updates"), relating to Type I Special Forbearance, with respect to mortgagees of certain insured mortgages secured by one- to four-family dwellings that have problem or damaging drywall products. (Sec. 21) Authorizes the Secretary to increase the maximum dollar amount limitations on the principal obligation of certain insurable mortgages for certain micropolitan counties experiencing significant population growth and meeting other specified requirements. (Sec. 22) Requires mortgagors on a one- to four-family dwelling to provide a valid Social Security Number and be: (1) a U.S. citizen; (2) a lawful permanent resident alien; or (3) a non-permanent resident alien who legally resides in and is authorized to work in the United States. (Sec. 23) Prohibits the Secretary from insuring any mortgage secured by a one- to four-family dwelling unless the mortgagor certifies, under penalty of perjury, that he or she has not been convicted of a sex offense against a minor. (Sec. 24) Prohibits the use of funds to pay the salary of any federal employee engaged in certain mortgage insurance activities who has been officially disciplined for violations of Standards of Ethical Conduct for Employees of the Executive Branch for viewing, downloading, or exchanging pornography, including child pornography, on a federal government computer or while performing official federal government duties. (Sec. 25) Prohibits the Secretary from newly insuring a mortgage secured by a one- to four-family dwelling unless the mortgagee has determined that the mortgagor has not previously engaged in any strategic default with respect to a residential mortgage loan. (Sec. 26) Directs the Secretary to use all available actions and authorized methods to protect U.S. taxpayers from financial responsibility for any obligations of the Mutual Mortgage Insurance Fund, including authority to: (1) increase insurance premiums for mortgages that are obligations of the Fund; (2) establish more stringent underwriting standards for such mortgages; and (3) increase the amount of cash or its equivalent required to be paid on account of the property subject to such a mortgage.

fha reform act sec amends national housing act authorize secretary housing_and_urban_development hud increase maximum annual premium payments mortgage insurance charging discretionary instead mandatory sec authorizes secretary require specified mortgagees indemnify hud payment mortgage insurance claim mortgage originated underwritten accordance hud requirements authorizes secretary require mortgagee indemnify hud loss regardless insurance claim paid fraud misrepresentation involved connection mortgage origination underwriting sec authorizes secretary terminate approval mortgagee originate underwrite single family mortgages mortgagee rate early defaults claims excessive sec establishes federal_housing_administration fha deputy assistant secretary risk_management_and_regulatory_affairs responsible matters relating managing mitigating risk hud mortgage insurance funds ensuring performance hud insured mortgages abolishes position fha chief risk officer sec authorizes secretary use outside sources analyze credit risk models practices employed hud connection mortgages evaluate underwriting standards analyze lender compliance hud enforcement underwriting standards sec directs secretary review identify mortgagees significant rapid increase early defaults claims respect mortgages originated housing located particular geographic area areas report reviews certain congressional committees authorizes appropriations fy2010 fy2014 provide additional time equivalent positions hud entering necessary contracts conduct reviews carry responsibilities relating ensuring safety soundness mutual_mortgage_insurance_fund sec authorizes secretary require mortgagee use nationwide_mortgage_licensing_system_and_registry obtain unique company identifiers mortgagee officers owners authorizes secretary require insured mortgage include unique company identifier directs secretary pursue joint protocols information sharing state regulatory agencies require mortgagees hud insured single family multifamily housing notify hud terminate discontinue mortgage purchases mortgagee based determination evidence report fraud material misrepresentation connection origination mortgages sec requires annual independent actuarial study mutual_mortgage_insurance_fund review evaluate changes current projected safety soundness fund recent report risks fund requires secretary quarterly reports congress specify mortgages obligations fund factors likely impact fund financial status cause material changes safety soundness sec prescribes conditions compelling secretary review reduce certain cash investment requirements payment requirements binding mortgages mortgagors sec revises eligibility requirements mortgage insurance requires mortgage mortgagee approved secretary current law person entity authorized secretary participate origination mortgage applies new eligibility requirement insurance home equity conversion mortgage reverse mortgage elderly homeowners sec revises requirements early mortgage default foreclosure information collected secretary mortgage lender analysis requires information include servicer insured mortgages data performance mortgages originated calendar quarter collection period disaggregated direct endorsement mortgagee servicer acquired servicing rights sec authorizes secretary reimburse servicers certain hud insured residential mortgages costs obtaining services specified independent parties including hud approved housing counseling agency person contact charge mortgagors payments days past solely provide information hud approved housing counseling agencies mortgage loan modification refinance assistance programs applies confidentiality requirements independent parties directs secretary providing reimbursements priority independent parties serving mortgagors covered mortgages areas experiencing mortgage foreclosure rate unemployment rate higher national average recent month period satisfactory data available sec directs comptroller general report congress single family mortgage insurance programs hud mutual_mortgage_insurance_fund sec revises cash investment requirement mortgage insurance eligibility authorize secretary establish higher minimum cash investment requirement mortgagors certain class classes mortgagors based criteria related borrowers credit scores industry standards related borrowers financial soundness requires secretary report annually certain congressional committees implementation minimum cash investment requirements including discussion analysis options proposed changes requirements sec directs secretary provide refunds unearned premium charges paid time insurance mortgage insurance behalf mortgagors certain mortgages one- family dwellings authorizes appropriations refunds sec revises maximum mortgage limits multifamily housing includes elevator type structures sound standards construction design replaces specific dollar amounts increase limits secretary allowed increase amounts specified unit size applies projects consisting dwelling units located extremely high cost area certain mortgage insurance requirements currently applying property alaska guam hawaii virgin_islands sec applies fy2011 hud mortgagee letter special forbearance program changes updates relating type special forbearance respect mortgagees certain insured mortgages secured one- family dwellings problem damaging drywall products sec authorizes secretary increase maximum dollar limitations principal obligation certain insurable mortgages certain counties experiencing significant population growth meeting specified requirements sec requires mortgagors one- family dwelling provide valid social_security number citizen lawful permanent resident alien non permanent resident alien legally resides authorized work united_states sec prohibits secretary insuring mortgage secured one- family dwelling mortgagor certifies penalty perjury convicted sex offense minor sec prohibits use funds pay salary federal employee engaged certain mortgage insurance activities officially disciplined violations viewing downloading exchanging pornography including child pornography federal government computer performing official federal government duties sec prohibits secretary newly insuring mortgage secured one- family dwelling mortgagee determined mortgagor previously engaged strategic default respect residential mortgage loan sec directs secretary use available actions authorized methods protect taxpayers financial responsibility obligations mutual_mortgage_insurance_fund including authority increase insurance premiums mortgages obligations fund establish stringent underwriting standards mortgages increase cash equivalent required paid account property subject mortgage


Summary: Flexible Licensing Compliance for Nonprofit Housing Employees Act of 2010 - Delays until January 1, 2011, the effective date of any regulations of the Secretary of Housing and Urban Development (HUD) regarding licensing or registration requirements under the S.A.F.E Mortgage Licensing Act of 2008 for engaging in the business of a loan originator.

flexible licensing compliance nonprofit housing employees act delays january effective date regulations secretary housing_and_urban_development hud licensing registration requirements mortgage licensing act engaging business loan originator


Summary: Amends the Internal Revenue Code to: (1) extend the first-time homebuyer tax credit through December 31, 2010; (2) extend eligibility for such credit through April 30, 2011, for taxpayers who enter into a binding contract for the purchase of a principal residence by December 31, 2010; and (3) extend eligibility for such credit through April 30, 2012, for military personnel and members of the Foreign Service and the intelligence community on qualified official extended duty outside the United States.

amends internal revenue code extend time homebuyer tax credit december extend eligibility credit april taxpayers enter binding contract purchase principal residence december extend eligibility credit april military personnel members foreign_service intelligence community qualified official extended duty outside united_states


Summary: Homeowner Tax Assistance Act - Amends the Internal Revenue Code to: (1) increase by 25% the allowable tax deduction for mortgage interest on a principal residence until 2014; and (2) waive the requirement to repay credit amounts under the first-time homebuyer tax credit for residences purchased on or after April 9, 2008.

increase allowable tax deduction mortgage interest principal residence waive requirement repay credit amounts time homebuyer tax credit residences purchased april


Summary: State Small Business Credit Initiative Act of 2010 - Establishes a seven-year State Small Business Credit Initiative (Initiative), administered by the Secretary of the Interior to allocate federal funds to participating states with capital access programs. Prescribes eligibility criteria for state capital access programs providing portfolio insurance for business loans. Requires the portfolio insurance to be based on a separate loan-loss reserve fund for each financial institution, with: (1) premiums paid by the financial institution lenders and by the business borrowers to the reserve fund to have their loans enrolled in it; and (2) state contributions to the reserve fund in amounts equal to such premium charges. Limits portfolio insurance to loans of up to $5 million to borrowers with 500 employees or fewer at the time that the loan is enrolled in the program. Requires the Secretary to approve for federal contributions any state capital access program meeting specified minimum requirements. Authorizes a participating state that establishes a new, or has an existing, eligible credit support program to apply for the Secretary's approval of a state other credit support program [sic] for federal contributions to, or for the account of, the state program. Requires a state other credit support program, among other eligibility criteria, to demonstrate that one dollar of public investment by the state program will cause and result in one dollar of new private credit, with a reasonable expectation that, when considered with all other state programs, they together have the ability to use new federal contributions to cause and result in amounts of new small business lending at least 10 times the new federal contribution amount. Requires such a program to extend credit support to borrowers with an average size of 500 or fewer employees, but in no event to borrowers with more than 750 employees. Requires such credit support to target loans with an average principal amount of $5 million or less, but in no event more than $20 million. Authorizes the reduction of federal allocations to the state or termination of further allocation transfers to the state upon its termination of participation in the program, or failure to submit timely and complete reports, or its noncompliance with the terms of the allocation agreement. Directs the Secretary to: (1) establish minimum national standards for approved state programs; and (2) provide states with technical assistance for starting programs and generally disseminating best practices.

initiative act establishes seven year initiative administered secretary interior allocate federal funds participating states capital access programs prescribes eligibility criteria state capital access programs providing portfolio insurance business loans requires portfolio insurance based separate loan loss reserve fund financial institution premiums paid financial institution lenders business borrowers reserve fund loans enrolled state contributions reserve fund amounts equal premium charges limits portfolio insurance loans million borrowers employees fewer time loan enrolled program requires secretary approve federal contributions state capital access program meeting specified minimum requirements authorizes participating state establishes new existing eligible credit support program apply secretary approval state credit support program sic federal contributions account state program requires state credit support program eligibility criteria demonstrate dollar public investment state program cause result dollar new private credit reasonable expectation considered state programs ability use new federal contributions cause result amounts new small business lending times new federal contribution requires program extend credit support borrowers average size fewer employees event borrowers employees requires credit support target loans average principal million event million authorizes reduction federal allocations state termination allocation transfers state termination participation program failure submit timely complete reports noncompliance terms allocation agreement directs secretary establish minimum national standards approved state programs provide states technical assistance starting programs generally disseminating best practices


Summary: Community Development Financing Act of 2010 - Amends the Internal Revenue Code to make permanent the tax-exemption of interest on state or local bonds guaranteed by a federal home loan bank on or after July 30, 2008.

community development financing act amends internal revenue code permanent tax exemption interest state local bonds guaranteed federal home loan bank july


Summary: Manufactured Housing Licensing Clarification Act of 2010 - Amends the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 to exclude from the definition of "loan originator" (and exempt from the requirements of the Act) an individual who performs manufactured or modular housing retail sales activities and is licensed or registered under state law, unless such individual is compensated by a lender, a mortgage broker, or other loan originator or by one of their agents. Adds to state loan originator licensing law requirements new ones declaring that the state loan originator supervisory authority: (1) has created education and testing appropriate for personal property loan originators; and (2) ensures that additional mortgage lending licensing is not required of a state-licensed personal property lender and has not created unnecessary, duplicative licensing requirements for state-licensed lenders engaged solely in making residential mortgage loans secured by personal property, such as manufactured homes.

manufactured housing licensing clarification act amends secure fair enforcement mortgage licensing act exclude definition loan originator exempt requirements act individual performs manufactured modular housing retail sales activities licensed registered state law individual compensated lender mortgage broker loan originator agents adds state loan originator licensing law requirements new ones declaring state loan originator supervisory authority created education testing appropriate personal property loan originators ensures additional mortgage lending licensing required state licensed personal property lender created unnecessary duplicative licensing requirements state licensed lenders engaged solely making residential mortgage loans secured personal property manufactured homes


Summary: Debt Settlement Consumer Protection Act of 2010 - Amends the Consumer Credit Protection Act to prohibit debt settlement providers from providing a debt settlement service or receiving a fee from a consumer without a signed written contract meeting specified requirements. Prohibits debt settlement providers from engaging in certain acts or practices, including: (1) making loans or offering credit or soliciting or accepting any note, mortgage, or negotiable instrument other than a check signed by the consumer and dated no later than the date of signature; (2) taking a confession of judgment or power of attorney to confess judgment against the consumer or appearing as the consumer or on the consumer's behalf in any judicial or non-judicial proceedings; (3) taking any release or waiver of an obligation to be performed on the part of the debt settlement provider or any right of the consumer; (4) receiving any third-party compensation for providing the consumer with a debt settlement service; or (5) purchasing debts or engaging in debt collection. Permits debt settlement providers to charge enrollment and settlement fees, but no others. Requires a debt settlement provider who receives funds from a consumer to hold them for a consumer settlement account in a properly designated trust account in a federally insured depository institution not affiliated with the provider. Permits a consumer to cancel a contract with a debt settlement provider at any time, in accordance with specified requirements and procedures. Declares void and unenforceable: (1) a consumer's waiver of any consumer protection or right provided under this Act; and (2) any contract for a debt settlement service that does not comply with this Act. Prohibits a debt settlement provider from engaging in certain advertising, marketing, or other communication practices except in accordance with specified requirements. Authorizes the Federal Trade Commission (FTC) to prescribe rules governing advertising and marketing practices, record retention, and provision of accountings to consumers, as well as debt relief service rules. Subjects a debt settlement provider to civil liability (including punitive damages) for noncompliance with this Act. Empowers the FTC to enforce this Act. Authorizes a state to bring a civil action in federal court on behalf of its residents for noncompliance with this Act.

debt settlement consumer protection act amends consumer credit protection act prohibit debt settlement providers providing debt settlement service receiving fee consumer signed written contract meeting specified requirements prohibits debt settlement providers engaging certain acts practices including making loans offering credit soliciting accepting note mortgage negotiable instrument check signed consumer dated later date signature taking judgment power attorney judgment consumer appearing consumer consumer behalf judicial non judicial proceedings taking release waiver obligation performed debt settlement provider right consumer receiving party compensation providing consumer debt settlement service purchasing debts engaging debt collection permits debt settlement providers charge enrollment settlement fees requires debt settlement provider receives funds consumer hold consumer settlement account properly designated trust account federally insured depository institution affiliated provider permits consumer cancel contract debt settlement provider time accordance specified requirements procedures declares void unenforceable consumer waiver consumer protection right provided act contract debt settlement service comply act prohibits debt settlement provider engaging certain advertising marketing communication practices accordance specified requirements authorizes federal_trade_commission ftc prescribe rules governing advertising marketing practices record retention provision consumers debt relief service rules subjects debt settlement provider civil liability including punitive damages noncompliance act empowers ftc enforce act authorizes state bring civil action federal court behalf residents noncompliance act


Summary: Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 to state that, in the case of a gift certificate, store gift card, or general-use prepaid card produced before April 1, 2010, the effective date of certain disclosure requirements under the Electronic Funds Transfer Act pertaining to fees shall be delayed until January 31, 2011. Requires the issuer of such a certificate or card, as a condition of such delayed effective date, to: (1) comply with a specified prohibition against and certain requirements for the imposition of any dormancy, inactivity, or service fees; (2) consider any such certificate or card for which funds expire to have no expiration date with respect to the underlying funds; (3) replace, at consumer request, any such certificate or card that has funds remaining at no cost to the consumer; and (4) comply with certain consumer rights disclosure requirements.

amends credit_card_accountability_responsibility disclosure act state case gift certificate store gift card general use prepaid card produced april effective date certain disclosure requirements electronic funds transfer act pertaining fees shall delayed january requires issuer certificate card condition delayed effective date comply specified prohibition certain requirements imposition dormancy inactivity service fees consider certificate card funds expire expiration date respect underlying funds replace consumer request certificate card funds remaining cost consumer comply certain consumer rights disclosure requirements


Summary: Aiding Those Facing Foreclosure Act of 2010 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to use otherwise unobligated amounts under the Troubled Asset Relief Program (TARP) to enable nonprofit counseling intermediaries and nonprofit legal organizations to provide legal assistance to homeowners of owner-occupied homes consisting of from one to four dwelling units whose mortgages are in default or delinquency, in danger of default or delinquency, or subject to or at risk of foreclosure (including any deed in lieu of foreclosure or short sale).

act amends emergency economic stabilization act eesa authorize secretary treasury use unobligated amounts troubled_asset_relief_program tarp enable nonprofit counseling intermediaries nonprofit legal organizations provide legal assistance homeowners owner occupied homes consisting dwelling units mortgages default delinquency danger default delinquency subject risk foreclosure including deed lieu foreclosure short sale


Summary: Fannie Mae and Freddie Mac Transparency Act of 2010 - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to provide that, during any period in which either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) is under conservatorship or receivership, it shall be considered an agency subject to the public information disclosure requirements of the Freedom of Information Act.

fannie_mae freddie_mac transparency act amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act provide period federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac conservatorship receivership shall considered agency subject public information disclosure requirements freedom information act


Summary: Homebuyer Assistance and Improvement Act of 2010 - Amends the Internal Revenue Code to: (1) extend eligibility for the first-time homebuyer tax credit until September 30, 2010, for taxpayers who entered into a binding contract to purchase a principal residence before May 1, 2010; (2) extend the penalty for tendering a bad check to the Internal Revenue Service to tendering any instrument in payment, by any commercially acceptable means; and (3) authorize the Secretary of the Treasury to disclose prisoner tax return information to state agencies charged with the responsibility for administration of prisons. Amends the Immigration and Nationality Act to extend through FY2015 the authority of the Secretary of Homeland Security (DHS) to collect a fee for the use of the electronic travel authorization system. Amends the Travel Promotion Act of 2009 to extend the implementation of such Act until after the collection of fees for use of the electronic travel authorization system and extend until FY2015 the authority of the Secretary of the Treasury to transfer such fees to the Corporation for Travel Promotion. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

improvement act amends internal revenue code extend eligibility time homebuyer tax credit september taxpayers entered binding contract purchase principal residence extend penalty bad check internal_revenue_service instrument payment commercially acceptable means authorize secretary treasury disclose prisoner tax return information state agencies charged responsibility administration prisons amends immigration nationality act extend fy2015 authority secretary homeland_security dhs collect fee use electronic travel authorization system amends extend implementation act collection fees use electronic travel authorization system extend fy2015 authority secretary treasury transfer fees provides compliance budgetary effects act statutory pay act


Summary: Protecting Homeowners' Credit History Act of 2010 - Amends the Fair Credit Reporting Act to prohibit a person from furnishing to a consumer reporting agency any negative information resulting from the modification of the terms of a consumer loan secured by one to four units of residential real property, including any agreement to reduce the amount of the payments for the loan or to reduce the principal amount of such loan. Prohibits a person, in calculating any consumer's credit score, from producing a less favorable credit score on the basis of any information resulting from the modification of the terms of a consumer loan secured by one to four units of residential real property, including any such agreement as well.

credit history act amends fair credit reporting act prohibit person furnishing consumer reporting agency negative information resulting modification terms consumer loan secured units residential real property including agreement reduce payments loan reduce principal loan prohibits person calculating consumer credit score producing favorable credit score basis information resulting modification terms consumer loan secured units residential real property including agreement


Summary: Anti-Redlining and Anti-Mortgage Fraud Act of 2010 - Makes it unlawful for any person or entity to extend credit, provide funds, or collect any payments in connection with an extension of credit secured by a single-family residence unless the originator has recorded the credit application with the clearinghouse established under this Act. Directs the Secretary of the Treasury, acting through the Director of the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury, to: (1) establish a mortgage application recordation system which includes a clearinghouse, managed by a private sector entity, to record single-family residence mortgage applications; and (2) require mortgage originators to record such credit applications with the clearinghouse. Prescribes criteria for the clearinghouse operator, which shall bear all clearinghouse costs. Authorizes the Secretary to guarantee repayment of principal and interest on a loan to the clearinghouse operator sufficient to cover clearinghouse costs. Requires the clearinghouse to collect information using an Internet-based electronic system. Makes all information collected by the clearinghouse is property of the Secretary.

anti mortgage fraud act makes unlawful person entity extend credit provide funds collect payments connection extension credit secured single family residence originator recorded credit application clearinghouse established act directs secretary treasury acting director financial_crimes_enforcement_network fincen department_of_the_treasury establish mortgage application recordation system includes clearinghouse managed private sector entity record single family residence mortgage applications require mortgage originators record credit applications clearinghouse prescribes criteria clearinghouse operator shall bear clearinghouse costs authorizes secretary guarantee repayment principal interest loan clearinghouse operator sufficient cover clearinghouse costs requires clearinghouse collect information internet based electronic system makes information collected clearinghouse property secretary


Summary: Amends the National Housing Act with respect to requirements for the insurance of mortgages secured by a one- to four-family dwelling which are obligations of the Mutual Mortgage Insurance Fund. (Sec. 1) Authorizes the Secretary of Housing and Urban Development (HUD) to establish and collect annual premium payments of up to 1.5% of the remaining insured principal balance on such a dwelling. (Currently the Secretary is required to establish and collect annual premium payments of up to .5% of the remaining insured principal balance.) Authorizes an annual premium of up to 1.55% of the remaining insured principal balance of any 30-year mortgage on such a dwelling involving an original principal obligation greater than 95% percent of such value. (Currently, an annual premium of up to 0.55% of the remaining insured principal balance on such a mortgage is required.) Authorizes the Secretary to adjust the amount of any initial or annual premium through notice published in the Federal Register or mortgagee letter, which shall establish the effective date of any such adjustment. (Sec. 2) Directs the Assistant Secretary of HUD who is the Federal Housing Commissioner to appear before specified congressional committees within 270 days after the enactment of this Act to discuss the finances, including premiums, of the Federal Housing Administration (FHA).

amends national housing act respect requirements insurance mortgages secured one- family dwelling obligations mutual_mortgage_insurance_fund sec authorizes secretary housing_and_urban_development hud establish collect annual premium payments remaining insured principal balance dwelling currently secretary required establish collect annual premium payments remaining insured principal balance authorizes annual premium remaining insured principal balance year mortgage dwelling involving original principal obligation greater percent value currently annual premium remaining insured principal balance mortgage required authorizes secretary adjust initial annual premium notice published federal_register mortgagee letter shall establish effective date adjustment sec directs assistant secretary hud federal_housing commissioner appear specified congressional committees days enactment act discuss finances including premiums federal_housing_administration fha


Summary: Making Home Affordable Improvements Act - Directs the Secretary of the Treasury to provide assistance in specified amounts to the National Foreclosure Mitigation Counseling Program (Program) of the Neighborhood Reinvestment Corporation (NRC) for foreclosure mitigation counseling activities in connection with the Home Affordable Modification Program (HAMP) of the Making Home Affordable initiative. Directs the Program to distribute funds to grantee housing counseling agencies in good standing. Directs the NRC to establish a procedure by which the Program shall direct funds to such agencies. Directs the Secretary of the Treasury to: (1) revise HAMP guidelines to provide for monthly collection by the Secretary of the Treasury from each participating mortgage servicer and lender of comprehensive data on its activities; and (2) report such data to the Secretary of Housing and Urban Development (HUD), report it to Congress, and make it publicly available on the Treasury World Wide Web site.

making home affordable improvements act directs secretary treasury provide assistance specified amounts neighborhood_reinvestment_corporation nrc foreclosure mitigation counseling activities connection home_affordable_modification_program hamp making home affordable initiative directs program distribute funds grantee housing counseling agencies good standing directs nrc establish procedure program shall direct funds agencies directs secretary treasury revise hamp guidelines provide monthly collection secretary treasury participating mortgage servicer lender comprehensive data activities report data secretary housing_and_urban_development hud report congress publicly available web site


Summary: American Eagle Palladium Bullion Coin Act of 2010 - Authorizes the Secretary of the Treasury to mint and issue a $25 palladium bullion investment coin bearing designs that are close likenesses of the work of American coin designer and medallic artist Adolph Alexander Weinman. Requires the obverse to bear a high-relief likeness of the "Winged Liberty" design used on the obverse of the "Mercury dime," and the reverse a high-relief version of the reverse design of the 1907 American Institute of Architects medal. Requires the coin also to bear other inscriptions, including "Liberty," "In God We Trust," and "United States of America." Allows any U.S. Mint other than the one at West Point, New York, to strike the coins, unless the Secretary of the Treasury decides to issue a proof version, which shall be struck only at West Point. Conditions the minting and issuance of palladium bullion coins upon submission to the Secretary and Congress of a marketing study by a reputable, independent third party: (1) analyzing the market for palladium bullion investments; and (2) demonstrating that there would be adequate demand for such coins to ensure that they could be minted and issued at no net cost to taxpayers.

authorizes secretary treasury issue palladium bullion investment coin bearing designs close likenesses work american coin designer artist requires bear high relief liberty design mercury reverse high relief version reverse design medal requires coin bear including liberty god trust allows new_york strike coins secretary treasury decides issue proof version shall conditions minting issuance palladium bullion coins submission secretary congress marketing study reputable independent party analyzing market palladium bullion investments demonstrating adequate demand coins ensure issued net cost taxpayers


Summary: Housing Opportunity and Mortgage Equity Act of 2010 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence; (2) is owned or guaranteed by the particular GSE; and (3) was originated on or before enactment of this Act. Specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage. Requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance. Prohibits any requirement of a property appraisal.

directs federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses carry year program providing refinancing qualified single family housing mortgages owns refinancing mortgage purchase securitization refinancing mortgages accordance act policies procedures federal_housing_finance_agency defines qualified mortgage regardless mortgagor current payments default existing mortgage purchase refinancing mortgage one- family dwelling including condominium share cooperative ownership housing association occupied mortgagor principal residence owned guaranteed particular gse originated enactment act specifies terms conditions refinancing mortgage including year term maturity prohibition borrower fees requires waiver forgiveness fees penalties related default delinquency original mortgage requires gse pay fee servicer qualified mortgage refinance prohibits requirement property appraisal


Summary: Investment in Commercial Real Estate Act of 2010 - Exempts servicers of commercial mortgage loans from liability for entering into a loan modification or workout plan if certain requirements are met. Amends the Internal Revenue Code to: (1) reduce the recovery period for depreciation of residential rental and nonresidential real property (thus accelerating such depreciation); and (2) extend from two to five years the carryback period for deducting net operating losses. Requires federal banking agencies to implement a system of dynamic provisioning for investment and loan loss reserves that meets specified requirements and is applicable to all depository institutions before January 1, 2011. Requires depository institutions that make or hold permanent commercial mortgage loans to submit to the Board of Governors of the Federal Reserve System in each calendar quarter the aggregate amount of permanent commerical mortgage loans that matured during the quarter but did not fully amortize, were current prior to maturity, had adequate cash flows to continue paying interest and principal, and were not renewed at maturity or were renewed at a lower principal balance. Terminates this requirement after March 31, 2013. Requires the Secretary of the Treasury to conduct a study and report to Congress on commercial mortgage credit.

investment commercial real estate act exempts servicers commercial mortgage loans liability entering loan modification workout plan certain requirements met amends internal revenue code reduce recovery period depreciation residential rental nonresidential real property accelerating depreciation extend years carryback period deducting net operating losses requires federal banking agencies implement system dynamic investment loan loss reserves meets specified requirements applicable depository institutions january requires depository institutions hold permanent commercial mortgage loans submit board_of_governors federal_reserve_system calendar quarter aggregate permanent mortgage loans matured quarter fully amortize current prior maturity adequate cash flows continue paying interest principal renewed maturity renewed lower principal balance terminates requirement march requires secretary treasury conduct study report congress commercial mortgage credit


Summary: Stephanie Tubbs Jones Assets for Independence Reauthorization Act of 2010 - Amends the Assets for Independence Act, which provides for demonstration projects designed to provide individuals and families of limited means with an incentive to save a portion of their earned income and thereby accumulate assets, increase their economic self-sufficiency, and stabilize such families and the communities in which they live. Expresses the sense of Congress that a qualified entity conducting a demonstration project under the Act should, to the maximum extent practicable, increase: (1) the rate at which it matches contributions by participating individuals; or (2) the number of such participating individuals. States that multiple households may share a single residence. Specifies public housing agencies and tribally designated housing entities as entities qualified to participate in a demonstration project. Repeals the requirement that state or local government or other public agencies apply jointly with a tax-exempt not-for-profit charitable organization or collaborate with certain kinds of local community-based organizations. Includes among postsecondary educational expenses any expenses for preparatory courses, room and board, and transportation. Revises requirements for: (1) applications for new and renewals of existing projects; (2) limitations on uses of the Reserve Fund; and (3) the adjusted gross household income eligibility test, requiring regulations for transfers from one project to another for individuals who move because of major disasters or emergencies, to find employment, or to a community where no project is available. Revises requirements for deposits by qualified entities in the individual development accounts (IDAs) of participating individuals to: (1) increase maximum deposits per individual and per household; (2) facilitate withdrawal of funds from an IDA, with formal approval, during the year following the end of a demonstration project; and (3) require disposal of funds remaining in an IDA at the end of that year. Requires the Secretary of Health and Human Services (HHS), acting through the Director of Community Services, to make every effort, 90 days after terminating the authority of one qualified entity to operate a demonstration project, to identify another qualified entity (or entities), in the same or a different community, willing and able to conduct one or more demonstration projects. Specifies criteria for giving priority consideration to candidate entities. Revises requirements for contracting with independent research organizations to evaluate demonstration projects. Authorizes the Secretary to: (1) use certain funds to cover the necessary costs of training for a qualified entity conducting a demonstration project, including costs of travel, accommodations, and meals; and (2) waive any requirement of the Act in certain circumstances.

stephanie tubbs jones assets amends assets independence act provides demonstration projects designed provide individuals families limited means incentive save portion earned income accumulate assets increase economic self sufficiency stabilize families communities live expresses sense congress qualified entity conducting demonstration project act maximum extent practicable increase rate matches contributions participating individuals number participating individuals states multiple households share single residence specifies public housing agencies tribally designated housing entities entities qualified participate demonstration project repeals requirement state local government public agencies apply jointly tax exempt profit charitable organization collaborate certain kinds local community based organizations includes postsecondary educational expenses expenses preparatory courses room board transportation revises requirements applications new renewals existing projects limitations uses adjusted gross household income eligibility test requiring regulations transfers project individuals major disasters emergencies find employment community project available revises requirements deposits qualified entities individual development accounts idas participating individuals increase maximum deposits individual household facilitate withdrawal funds ida formal approval year following end demonstration project require disposal funds remaining ida end year requires secretary health_and_human_services hhs acting director effort days terminating authority qualified entity operate demonstration project identify qualified entity entities different community willing able conduct demonstration projects specifies criteria giving priority consideration candidate entities revises requirements contracting independent research organizations evaluate demonstration projects authorizes secretary use certain funds cover necessary costs training qualified entity conducting demonstration project including costs travel accommodations meals waive requirement act certain circumstances


Summary: Red Flag Program Clarification Act of 2010 - Amends the Fair Credit Reporting Act, with respect to federal agency (red flag) guidelines regarding identity theft and the users of consumer reports, to define creditor to mean one that regularly and in the ordinary course of business: (1) obtains or uses consumer reports, directly or indirectly, in connection with a credit transaction; (2) furnishes information to certain consumer reporting agencies in connection with a credit transaction; or (3) advances funds to or on behalf of a person, based on the person's obligation to repay the funds or on repayment from specific property pledged by or on the person's behalf. Includes in the definition any other type of creditor as the federal agency (banking agency, National Credit Union Administration, or the Federal Trade Commission [FTC]) having authority over that creditor may determine appropriate, if the creditor offers or maintains accounts subject to a reasonably foreseeable risk of identity theft. Excludes from the definition of creditor, however, any creditor that advances funds on behalf of a person for expenses incidental to a service the creditor provides to that person.

amends fair credit reporting act respect federal agency red flag guidelines identity theft users consumer reports define creditor mean regularly ordinary course business obtains uses consumer reports directly indirectly connection credit transaction furnishes information certain consumer reporting agencies connection credit transaction advances funds behalf person based person obligation repay funds repayment specific property pledged person behalf includes definition type creditor federal agency banking agency national_credit_union_administration federal_trade_commission ftc having authority creditor determine appropriate creditor offers maintains accounts subject reasonably foreseeable risk identity theft excludes definition creditor creditor advances funds behalf person expenses incidental service creditor provides person


Summary: Transparency and Security in Mortgage Registration Act of 2010 - Amends the National Housing Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from purchasing, acquiring, newly lending on the security of, newly investing in securities consisting of, or otherwise newly dealing in any Mortgage Electronic Registration System, Inc. (MERS) mortgage or mortgages. Prohibits the Government National Mortgage Association (Ginnie Mae) from newly guaranteeing the payment of principal of or interest on any trust certificate or other security based or backed by a trust or pool that contains, or purchase or acquire, any MERS mortgage. Directs Fannie Mae, Freddie Mac, and Ginnie Mae to require all their current MERS mortgages to be assigned to the proper servicer, holder, or creditor. Directs the Secretary of Housing and Urban Development (HUD) to study and report to Congress to analyze and determine: (1) the impacts of the lack of electronic records and uniform standards found in local land title recordation systems currently used in the various states; (2) any progress states have made in developing electronic land title recordation systems containing uniform standards; (3) the current oversight role of the federal government in the transfer and recordation of land titles; and (4) the feasibility of creating a federal land title recordation system for property transfers that would maintain all previous records of the land-property without invalidating, interfering with, or preempting state real property law governing the transfer and perfection of land title.

transparency security mortgage registration act amends national housing act prohibit federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac purchasing acquiring newly lending security newly investing securities consisting newly dealing mortgage mortgages prohibits government_national_mortgage_association ginnie_mae newly guaranteeing payment principal interest trust certificate security based backed trust pool contains purchase acquire mortgage directs fannie_mae freddie_mac ginnie_mae require current mortgages assigned proper servicer holder creditor directs secretary housing_and_urban_development hud study report congress analyze determine impacts lack electronic records uniform standards found local land title recordation systems currently states progress states developing electronic land title recordation systems containing uniform standards current oversight role federal government transfer recordation land titles feasibility creating federal land title recordation system property transfers maintain previous records land property invalidating interfering preempting state real property law governing transfer land title


Summary: Homeowner Protection and Wall Street Accountability Act of 2009 - Expresses the sense of Congress that Congress should enact, and the President should sign, legislation to: (1) stabilize the housing market and assist homeowners by imposing a temporary moratorium on foreclosures, removing impediments to the modification of distressed mortgages, creating tax and other incentives to help prevent foreclosures and encourage refinancing into affordable and sustainable mortgage solutions, and pursuing other foreclosure-prevention policies through the Troubled Asset Relief Program (TARP) or other programs; (2) ensure the safety and soundness of the U.S. financial system for investors by reforming the financial-regulatory system, strengthening systemic-risk regulation, enhancing market transparency, and increasing consumer protections in financial regulation to prevent predatory lending practices; (3) ensure credit-card accountability, responsibility, and disclosure; and (4) stabilize credit markets for small-business lenders to enhance their ability to make loans to small firms, and stimulate the small-business loan markets by temporarily streamlining and investing in the loan programs of the Small Business Administration (SBA).

wall street accountability act expresses sense congress congress enact president sign legislation stabilize housing market assist homeowners imposing temporary moratorium foreclosures removing impediments modification distressed mortgages creating tax incentives help prevent foreclosures encourage refinancing affordable sustainable mortgage solutions pursuing foreclosure prevention policies troubled_asset_relief_program tarp programs ensure safety soundness financial system investors reforming financial regulatory system strengthening systemic risk regulation enhancing market transparency increasing consumer protections financial regulation prevent predatory lending practices ensure credit card accountability responsibility disclosure stabilize credit markets small business lenders enhance ability loans small firms stimulate small business loan markets temporarily streamlining investing loan programs small_business_administration sba


Summary: Helping Families Save their Homes in Bankruptcy Act of 2009 - Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income). Excludes from computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the current value of that residence is less than the secured debt limit; or (2) debts secured or formerly secured by debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the current value of such real property is less than the secured debt limit. Declares the credit counseling requirement inapplicable to a Chapter 13 debtor who certifies that he or she has received notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on the debtor's principal residence. Requires the court to disallow a claim that is subject to any remedy for damages or rescission due to violations of state or federal consumer protection law, including the Truth in Lending Act, notwithstanding the prior entry of a foreclosure judgment. Allows modification of the rights of claim holders, in the event of a foreclosure notice for a chapter 13 debtor, among other means by: (1) reducing a claim to equal the value of the debtor's interest in the residence securing such claim, and any adjustments to a related adjustable rate of interest; (2) waiving early repayment or prepayment penalties; and (3) extending the repayment period. Denies debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements. Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of such claim as reduced and modified or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith. Excludes from final discharge of a debtor from all debts: (1) any payments to claim holders whose rights are modified under this Act; and (2) any unpaid portion of a claim as reduced.

helping families save homes bankruptcy act amends federal bankruptcy law governing chapter debtor adjustment debts individual regular income excludes computation debts secured unsecured portions debts secured debtor principal residence current value residence secured debt limit debts secured secured debtor principal residence sold foreclosure surrendered creditor current value real property secured debt limit declares credit counseling requirement inapplicable chapter debtor certifies received notice holder claim secured debtor principal residence commence foreclosure debtor principal residence requires court disallow claim subject remedy damages rescission violations state federal consumer protection law including truth lending act notwithstanding prior entry foreclosure judgment allows modification rights claim holders event foreclosure notice chapter debtor means reducing claim equal value debtor interest residence securing claim adjustments related adjustable rate interest waiving early repayment prepayment penalties extending repayment period denies debtor liability certain fees charges incurred bankruptcy case pending arising debt secured debtor principal residence claim holder observes specified requirements adds conditions court confirmation plan bankruptcy holder claim secured debtor principal residence retain lien securing claim later payment claim reduced modified discharge debtor debts plan modifies claim good faith excludes final discharge debtor debts payments claim holders rights modified act unpaid portion claim reduced


Summary: Systematic Foreclosure Prevention and Mortgage Modification Act - Directs the Chairperson of the Federal Deposit Insurance Corporation (FDIC) to establish a systematic foreclosure prevention and mortgage modification program by: (1) paying mortgage servicers $1,000 to cover expenses for each loan modified according to specified standards; and (2) sharing up to 50% of any losses incurred if a modified loan should subsequently re-default.

systematic foreclosure prevention mortgage modification act directs chairperson federal_deposit_insurance_corporation fdic establish systematic foreclosure prevention mortgage modification program paying mortgage servicers cover expenses loan modified according specified standards sharing losses incurred modified loan subsequently default


Summary: Student Credit Card Protection Act of 2009 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred.Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval.States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened.Prohibits a creditor from opening a credit card account for, or issue any credit card to, any college student who: (1) has no verifiable annual gross income; and (2) already maintains a credit card account under an open end consumer credit plan with the same creditor or any affiliate. Directs the Board of Governors of the Federal Reserve System to promulgate implementing regulations.

amends truth lending act limit specified formula total credit extended creditor calendar year time traditional aged college student college student credit card account parent legal guardian spouse student assumes joint liability debts incurred prohibits increasing credit limit account parent guardian spouse assumed joint liability person written approval states creditor require adequate proof income income history credit history college student credit card account opened prohibits creditor opening credit card account issue credit card college student verifiable annual gross income maintains credit card account open end consumer credit plan creditor affiliate directs board_of_governors federal_reserve_system promulgate implementing regulations