Summary: Federal Housing Finance Reform Act of 2007 - Title I: Reform of Regulation of Enterprises and Federal Home Loan Banks - Subtitle A: Improvement of Safety and Soundness - (Sec. 101) Amends the Housing and Community Development Act of 1992 (Act) to establish, in place of the present Office of Federal Housing Enterprise Oversight, a Federal Housing Finance Agency (FHFA), headed by a Director (Director) possessing general supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the federal home loan banks ("the regulated entities"). (Sec. 102) Requires the Director to establish standards for each regulated entity, especially standards relating to: (1) adequacy of internal controls and information systems; (2) independence and adequacy of internal audit systems; (3) management of credit and counterparty risk; (4) management of any asset and investment portfolio; (5) investments and acquisitions; and (6) overall risk management processes, particularly adequacy of oversight by senior management and the board of directors, and of processes and policies to identify and control material risks, including reputational risks. (Sec. 103) Establishes the Federal Housing Enterprise Board to advise the Director. (Sec. 104) Instructs the Director to require a regulated entity to: (1) submit a timely report upon its discovery that it has purchased or sold a fraudulent loan or financial instrument, or if it suspects a possible fraud relating to a purchase or sale of any loan or financial instrument; (2) establish and maintain procedures designed to discover such transactions; and (3) report annually the total value of charitable contributions made to nonprofit organizations. (Sec. 106) Instructs the Director to establish and collect from the regulated entities annual assessments to provide for FHFA costs and expenses. (Sec. 107) Authorizes the Director to appoint accountants, economists, specialists in financial markets or information technology, and examiners with respect to supervision and regulation of the regulated entities. Amends the Federal Home Loan Bank Act to subject federal home loan banks to examinations by the Director. (Sec. 108) Specifies factors the Director may consider when determining (as under present law) whether to prohibit the regulated entities from providing compensation to any executive officer of an entity that is not reasonable and comparable with compensation for employment in other similar businesses involving similar duties and responsibilities. Authorizes the Director to consider any relevant factors, including any wrongdoing on the officer's part. Authorizes the Director to require a regulated entity to withhold any payment, transfer, or disbursement of compensation to an executive officer, or to place such compensation in an escrow account, during the review of the compensation's reasonableness and comparability. (Sec. 109) Revises the Director's authority to provide for review of regulated entities by a rating organization. Authorizes the Director to contract with any entity the Director considers appropriate to conduct such a review. Repeals the requirement that such entity be a nationally recognized statistical rating organization. (Sec. 110) Requires each regulated entity to: (1) establish an Office of Minority and Women Inclusion, or designate an office to be responsible for carrying out all matters relating to diversity in management, employment, and business activities; and (2) develop standards and procedures to ensure inclusion and utilization of minorities and women, and minority- and women-owned businesses, in all the regulated entity's business activities. (Sec. 112) Declares that the submission to FHFA by any person of any information for any purpose in the course of any of FHFA supervisory or regulatory process shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under federal or state law as to any person or entity other than FHFA. (Sec. 113) Revises requirements governing risk-based capital requirements. Instructs the Director to establish risk-based capital requirements (as under present law) to ensure that the regulated entities, including the federal home loan banks, operate in a safe and sound manner, maintaining sufficient capital and reserves to support the risks that arise in their operations and management. (Sec. 114) Authorizes the Director to: (1) raise the minimum and critical capital levels governing the federal home loan banks as well as the other regulated entities; (2) make temporary minimum capital increases for a regulated entity; and (3) establish additional capital and reserve requirements for a particular program or activity. Allows the Director discretion to set the critical capital level for each federal home loan bank. (Sec. 115) Instructs the Director to establish standards by which the portfolio holdings of the regulated entities, or their rate of growth, will be deemed to be consistent with their mission and the safe and sound operations. Authorizes the Director, while monitoring the portfolio of each regulated entity, to require an entity to dispose of or acquire any asset, if consistent with the purposes of the Act. (Sec. 116) Sets forth corporate governance requirements for the regulated entities. (Sec. 117) Requires each each regulated entity to register its capital stock with the Securities and Exchange Commission. (Sec. 118) Amends the Federal Financial Institutions Examination Council Act of 1978 to include one representative of the FHFA on the Federal Financial Institutions Examination Council (FFIEC). (Sec. 119) Instructs the Director to study and report to Congress on the pricing, transparency, and reporting of Fannie Mae, Freddie Mac, and the federal home loan banks with regard to guarantee fees and analogous practices, transparency and reporting requirements of other participants in the business of mortgage purchases and securitization (including advances pricing practices by the federal home loan banks). Subtitle B: Improvement of Mission Supervision - (Sec. 132) Instructs the Director to require each regulated entity to obtain the Director's approval for any regulated entity product before initially offering it. (Sec. 133) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to revise conforming loan limits. Requires loan limit adjustments for high-cost areas to: (1) the lesser of 150% of the foregoing limitation for a particular size residence; or (2) the amount equal to the median price in such area for such size residence. Applies such an adjustment only with respect to mortgages on which are based securities issued and sold by the corporation involved. Requires the Director to establish a housing price index method of assessing the national average one-family house price for use in adjusting such conforming loan limitations. Directs the Comptroller General to audit and report to Congress on the housing price index methodology established by the Director to determine whether it is accurate and appropriate. Instructs the Director to study and report in the Federal Register on: (1) the effect that restricting the conforming loan limits for high-cost areas only to mortgages on which Fannie Mae- and Freddie Mac-issued securities are based would have on the cost to borrowers for, and availability of, mortgages on housing in such high-cost areas; and (2) the extent to which Fannie Mae and Freddie Mac will be able to issue and sell securities based on such mortgages. (Sec. 134) Revises requirements for the annual housing report to specified congressional committees on the activities of each regulated entity. Requires a monthly survey of mortgage markets. Requires the Director to establish standards by which mortgages purchased and/or securitized shall be characterized as subprime solely for the purpose of complying with such report. (Sec. 135) Requires the regulated entities to study and report to Congress annually on the levels of affordable housing inventory, and their changes, throughout the United States. (Sec. 136) Requires the Director to establish standards that prohibit the regulated entities from issuing a mortgage unless the mortgagor furnishes a Social Security account number at the time of settlement. (Sec. 137) Instructs the Director (currently the Secretary) to establish, with respect to the mortgage purchases by the regulated entities, annual housing goals that measure single-family housing and multifamily special affordable housing for low-income families. Authorizes a regulated entity to petition the Director to reduce the level of any goal under specified conditions. (Sec. 138) Makes it a duty of each regulated entity to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets, including rural rental housing. (Sec. 139) Requires the Director, with respect to enforcing compliance with housing goals, to assign more than 125% credit toward achievement of housing goals for mortgage purchase activities of the regulated entities that comply with specified goal requirements and support: (1) housing that meets energy efficiency or environmental standards; or (2) housing that includes a licensed childcare center. Specifies steps the Director may take in enforcing compliance with housing goals, including cease-and-desist orders, civil money penalties, and prohibitions against an entity's offering of certain products or new activities, services, and undertakings. (Sec. 140) Requires the Director to establish and manage an affordable housing fund to provide formula grants to: (1) increase homeownership for extremely low-and very low-income families; (2) increase investment in housing in low-income areas, and areas designated as qualified census tracts or an area of chronic economic distress; (3) increase and preserve the supply of rental and owner-occupied housing for extremely low- and very low-income families; (4) increase investment in public infrastructure development in connection with housing assisted under this Act; and (5) leverage investments from other sources in affordable housing and in public infrastructure development in connection with housing assisted under this Act. Requires the Director to prohibit each regulated entity from redirecting costs of allocations to the originators of mortgages purchased or securitized by the entity. Designates permissible activities funded under the Affordable Housing Fund Grant. Restricts such grants to homebuyers who, prior to purchase, have: (1) completed a homeownership counseling program approved by the Director; and (2) demonstrated that they are lawfully present in the United States. Sets forth identification prerequisites for occupancy or assistance under the Affordable Housing Grant program. Requires all adult members of a household to provide personal identification in one of the following forms: (1) a Social Security card accompanied by a photo identification card issued by the federal or a state government; (2) a driver's license or identification card issued by a state; (3) a passport issued by the United States or a foreign government; and (4) a photo identification card issued by the Secretary of Homeland Security (acting through the Director of the United States Citizenship and Immigration Services). Directs the Secretary of Housing and Urban Development (HUD) to issue regulations establishing affordable housing needs formulas that reflect this Act. Sets forth requirements governing funding accountability and transparency. Directs the Comptroller General to study and report to Congress on the effects that the affordable housing fund will have on the availability and affordability of credit for homebuyers. (Sec. 142) Transfers certain enforcement authorities with respect to noncomplying regulated entities from the HUD Secretary to the Director. Revises grounds for issuance of charges in cease-and-desist proceedings. Grants the Director additional specified enforcement powers, including the power to impose civil money penalties. Subtitle C: Prompt Corrective Action - (Sec. 151) Requires the Director to establish: (1) capital classifications for the federal home loan banks; and (2) establish criteria for each such capital classification based on the amount and types of capital held by a bank and the risk-based, minimum, and critical capital levels for the banks. Identifies such classifications as adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Specifies grounds for discretionary reclassification by the Director (as undercapitalized, significantly undercapitalized, or critically undercapitalized) of other regulated entities (Fannie Mae and Freddie Mac). Prohibits a regulated entity from making any capital distribution if, after making the distribution, it would be undercapitalized. (Sec. 152) Sets forth supervisory actions applicable to undercapitalized and significantly undercapitalized regulated entities, including mandatory monitoring; restriction of asset growth; and prior approval of acquisitions, new products, and new activities. (Sec. 154) Revises requirements for appointment of conservators for critically undercapitalized regulated entities, extending them to all regulated entities. Retains mandatory conservatorship authority in specified circumstances, but makes such authority discretionary in others. Allows the Director, at his or her discretion, to establish a conservatorship or receivership, as appropriate, for the purpose of reorganizing, rehabilitating, or winding up the affairs of a critically undercapitalized regulated entity, including one guilty of a criminal money laundering offense. Details the powers of the Director acting as conservator or receiver. Specifies procedures for the determination of claims against entities under a conservatorship or receivership. Amends the Federal Home Loan Bank Act with respect to the succession of federal home loan banks to declare that each federal home loan bank shall have succession until it is voluntarily merged with another bank under such Act, or until it is merged, reorganized, rehabilitated, liquidated, or otherwise wound up by the Director. Subtitle D: Enforcement Actions - (Sec. 161) Revises cease-and-desist proceeding requirements governing a regulated entity. (Sec. 163) Authorizes the Director to petition the court for a prejudgment attachment. (Sec. 164) Grants the Director authority to petition a U.S. district court directly for enforcement of orders, or request the Attorney General to do so. (Currently, the Director is limited to requesting the Attorney General to do so.) (Sec. 165) Revises the current three tiers of civil money penalties, applying them to all regulated entities, and doubling them. (Sec. 166) Grants the Director removal and prohibition authority with respect to a regulated entity-affiliated party, including authority to suspend. (Sec. 167) Sets forth criminal penalties for any person who, subject to a removal or prohibition order, and without the Director's prior approval, knowingly participates in the affairs of a regulated entity. (Sec. 168) Grants the Director subpoena power. Subtitle E: General Provisions - (Sec. 181) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to reduce the membership and revise requirements governing the Fannie Mae and Freddie Mac boards of directors, respectively. Eliminates the five members of each board appointed by the U.S. President. (Sec. 182) Instructs the Director of FHFA to report to Congress regarding: (1) the safety and soundness of the portfolio operations of the regulated entities; and (2) the effects on financial and housing finance markets of alternatives to the current secondary market system for housing finance. Title II: Federal Home Loan Banks - (Sec. 202) Amends the Federal Home Loan Bank Act to revise requirements governing the board of directors, including directors' compensation. Reduces board membership from 14 to 13. (Sec. 203) Replaces the Federal Housing Finance Board with the FHFA. Transfers from HUD to the FHFA oversight authority over federal home loan banks, including monitoring and enforcing compliance with affordable housing and community investment program requirements. (Sec. 204) Permits joint activities of federal home loan banks only if the banks are otherwise authorized to perform such functions or services individually. (Sec. 205) Requires the Director to prescribe regulations to ensure that each federal home loan bank has access to information it needs to determine the nature and extent of its joint and several liability. (Sec. 206) Authorizes the merger of any two or more federal home loan banks with the approval of the Director and of the boards of directors of the banks involved. (Sec. 207) Exempts federal home loan banks from specified disclosure requirements of the Securities Exchange Act of 1934, and bank members from compliance with such requirements regarding their ownership of, or transactions in, capital stock of the banks. (Sec. 208) Increases from $500 million to $1 billion the total asset requirement for a community financial institution. Allows such institutions to use advances for community development lending and community development loans as collateral for advances. (Sec. 210) Instructs the Comptroller General to study and report to Congress and FHFA on: (1) how and the extent to which affordable housing programs of the federal home loan banks are used to assist long-term care facilities for low- and moderate-income individuals; and (2) the effectiveness and adequacy of such assistance in meeting the needs of affected communities. Title III: Transfer of Functions, Personnel, and Property of Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board, and Department of Housing and Urban Development - Subtitle A: Office of Federal Housing Enterprise Oversight - (Sec. 301) Abolishes the Office of Federal Housing Enterprise Oversight (OFHEO) of HUD, and transfers its functions, personnel, and property to FHFA.. Subtitle B: Federal Housing Finance Board - (Sec. 321) Abolishes the Federal Housing Finance Board, and transfers its functions, personnel, and property to FHFA. Subtitle C: Department of Housing and Urban Development - (Sec. 341) Directs the HUD Secretary to determine which enterprise-related functions, duties, activities, property, and personnel of the Secretary shall be transferred by this Act to FHFA. Sets forth transition procedures.

reform act title reform regulation enterprises improvement safety soundness sec amends housing_and_community_development_act act establish place present office_of_federal_housing_enterprise_oversight federal_housing_finance_agency fhfa headed director director possessing general supervisory regulatory authority federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac federal home loan banks regulated entities sec requires director establish standards regulated entity especially standards relating adequacy internal controls information systems independence adequacy internal audit systems management credit counterparty risk management asset investment portfolio investments acquisitions overall risk management processes particularly adequacy oversight senior management board directors processes policies identify control material risks including reputational risks sec establishes advise director sec instructs director require regulated entity submit timely report discovery purchased sold fraudulent loan financial instrument suspects possible fraud relating purchase sale loan financial instrument establish maintain procedures designed discover transactions report annually total value charitable contributions nonprofit organizations sec instructs director establish collect regulated entities annual assessments provide fhfa costs expenses sec authorizes director appoint specialists financial markets information technology examiners respect supervision regulation regulated entities amends federal_home_loan_bank_act subject federal home loan banks examinations director sec specifies factors director consider determining present law prohibit regulated entities providing compensation executive officer entity reasonable comparable compensation employment similar businesses involving similar duties responsibilities authorizes director consider relevant factors including wrongdoing officer authorizes director require regulated entity withhold payment transfer disbursement compensation executive officer place compensation escrow account review compensation reasonableness comparability sec revises director authority provide review regulated entities rating organization authorizes director contract entity director considers appropriate conduct review repeals requirement entity nationally recognized statistical rating organization sec requires regulated entity establish designate office responsible carrying matters relating diversity management employment business activities develop standards procedures ensure inclusion utilization minorities women women owned businesses regulated entity business activities sec declares submission fhfa person information purpose course fhfa supervisory regulatory process shall construed waiving destroying affecting privilege person claim respect information federal state law person entity fhfa sec revises requirements governing risk based capital requirements instructs director establish risk based capital requirements present law ensure regulated entities including federal home loan banks operate safe sound manner maintaining sufficient capital reserves support risks arise operations management sec authorizes director raise minimum critical capital levels governing federal home loan banks regulated entities temporary minimum capital increases regulated entity establish additional capital reserve requirements particular program activity allows director discretion set critical capital level federal home loan bank sec instructs director establish standards portfolio holdings regulated entities rate growth deemed consistent mission safe sound operations authorizes director monitoring portfolio regulated entity require entity dispose acquire asset consistent purposes act sec sets forth corporate governance requirements regulated entities sec requires regulated entity register capital stock securities_and_exchange_commission sec amends federal_financial_institutions_examination_council_act include representative fhfa federal_financial_institutions_examination_council sec instructs director study report congress pricing transparency reporting fannie_mae freddie_mac federal home loan banks regard guarantee fees analogous practices transparency reporting requirements participants business mortgage purchases securitization including advances pricing practices federal home loan banks subtitle instructs director require regulated entity obtain director approval regulated entity product initially offering sec amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act revise conforming loan limits requires loan limit adjustments high cost areas lesser foregoing limitation particular size residence equal median price area size residence applies adjustment respect mortgages based securities issued sold corporation involved requires director establish housing price index method assessing national average family house price use adjusting conforming loan limitations directs comptroller general audit report congress housing price index methodology established director determine accurate appropriate instructs director study report federal_register effect restricting conforming loan limits high cost areas mortgages freddie_mac issued securities based cost borrowers availability mortgages housing high cost areas extent fannie_mae freddie_mac able issue sell securities based mortgages sec revises requirements annual housing report specified congressional committees activities regulated entity requires monthly survey mortgage markets requires director establish standards mortgages purchased securitized shall characterized subprime solely purpose complying report sec requires regulated entities study report congress annually levels affordable housing inventory changes united_states sec requires director establish standards prohibit regulated entities issuing mortgage mortgagor furnishes social_security account number time settlement sec instructs director currently secretary establish respect mortgage purchases regulated entities annual housing goals measure single family housing multifamily special affordable housing low income families authorizes regulated entity petition director reduce level goal specified conditions sec makes duty regulated entity increase liquidity mortgage investments improve distribution investment capital available mortgage financing underserved markets including rural rental housing sec requires director respect enforcing compliance housing goals assign credit achievement housing goals mortgage purchase activities regulated entities comply specified goal requirements support housing meets energy efficiency environmental standards housing includes licensed childcare center specifies steps director enforcing compliance housing goals including cease desist orders civil money penalties prohibitions entity offering certain products new activities services sec requires director establish manage affordable housing fund provide formula grants increase homeownership extremely low low income families increase investment housing low income areas areas designated qualified census tracts area chronic economic distress increase preserve supply rental owner occupied housing extremely low- low income families increase investment public infrastructure development connection housing assisted act leverage investments sources affordable housing public infrastructure development connection housing assisted act requires director prohibit regulated entity costs allocations originators mortgages purchased securitized entity designates permissible activities funded restricts grants homebuyers prior purchase completed homeownership counseling program approved director demonstrated lawfully present united_states sets forth identification prerequisites occupancy assistance affordable housing grant program requires adult members household provide personal identification following forms social_security card accompanied photo identification card issued federal state government driver license identification card issued state passport issued united_states foreign government photo identification card issued secretary homeland_security acting director united_states citizenship_and_immigration_services directs secretary housing_and_urban_development hud issue regulations establishing affordable housing needs formulas reflect act sets forth requirements governing funding accountability transparency directs comptroller general study report congress effects affordable housing fund availability affordability credit homebuyers sec transfers certain enforcement authorities respect noncomplying regulated entities hud secretary director revises grounds issuance charges cease desist proceedings grants director additional specified enforcement powers including power impose civil money penalties subtitle prompt corrective action sec requires director establish capital classifications federal home loan banks establish criteria capital classification based types capital held bank risk based minimum critical capital levels banks identifies classifications adequately capitalized undercapitalized significantly undercapitalized critically undercapitalized specifies grounds discretionary reclassification director undercapitalized significantly undercapitalized critically undercapitalized regulated entities fannie_mae freddie_mac prohibits regulated entity making capital distribution making distribution undercapitalized sec sets forth supervisory actions applicable undercapitalized significantly undercapitalized regulated entities including mandatory monitoring restriction asset growth prior approval acquisitions new products new activities sec revises requirements appointment critically undercapitalized regulated entities extending regulated entities retains mandatory conservatorship authority specified circumstances makes authority discretionary allows director discretion establish conservatorship receivership appropriate purpose reorganizing rehabilitating winding affairs critically undercapitalized regulated entity including guilty criminal money laundering offense details powers director acting conservator receiver specifies procedures determination claims entities conservatorship receivership amends federal_home_loan_bank_act respect succession federal home loan banks declare federal home loan bank shall succession voluntarily merged bank act merged reorganized rehabilitated liquidated wound director subtitle enforcement actions sec revises cease desist proceeding requirements governing regulated entity sec authorizes director petition court prejudgment attachment sec grants director authority petition district court directly enforcement orders request attorney general currently director limited requesting attorney general sec revises current tiers civil money penalties applying regulated entities doubling sec grants director removal prohibition authority respect regulated entity affiliated party including authority suspend sec sets forth criminal penalties person subject removal prohibition order director prior approval knowingly participates affairs regulated entity sec grants director subpoena power subtitle general provisions sec amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act reduce membership revise requirements governing fannie_mae freddie_mac boards directors respectively eliminates members board appointed president sec instructs director fhfa report congress safety soundness portfolio operations regulated entities effects financial housing finance markets alternatives current secondary market system housing finance title sec amends federal_home_loan_bank act revise requirements governing board directors including directors compensation reduces board membership sec replaces fhfa transfers hud fhfa oversight authority federal home loan banks including monitoring enforcing compliance affordable housing community investment program requirements sec permits joint activities federal home loan banks banks authorized perform functions services individually sec requires director prescribe regulations ensure federal home loan bank access information needs determine nature extent joint liability sec authorizes merger federal home loan banks approval director boards directors banks involved sec exempts federal home loan banks specified disclosure requirements securities_exchange_act bank members compliance requirements ownership transactions capital stock banks sec increases million billion total asset requirement community financial institution allows institutions use advances community development lending community development loans collateral advances sec instructs comptroller general study report congress fhfa extent affordable housing programs federal home loan banks assist long term care facilities low- moderate income individuals effectiveness adequacy assistance meeting needs affected communities title iii transfer functions personnel office_of_federal_housing_enterprise_oversight sec abolishes office_of_federal_housing_enterprise_oversight ofheo hud transfers functions personnel property fhfa subtitle sec abolishes transfers functions personnel property fhfa subtitle sec directs hud secretary determine enterprise related functions duties activities property personnel secretary shall transferred act fhfa sets forth transition procedures


Summary: Amends the Housing and Community Development Act of 1974 to deem Alton and Granite City, Illinois, to be metropolitan cities for purposes of the community development block grant (CDBG) program.

amends housing_and_community_development_act deem illinois metropolitan cities purposes community development block grant cdbg program


Summary: A Home for the Brave Act - Amends the Community Reinvestment Act of 1977 to require the appropriate federal financial supervisory agency, when assessing the record of a financial institution, to take into account capital investments, low interest loans, loan participation, technical assistance, and grants by the institution to support or enable: (1) any veteran to purchase a home for use as the principal residence of the veteran; and (2) any entity that is establishing housing opportunities or assisted living facilities for veterans to carry out such activities.

home act amends community reinvestment act require appropriate federal financial supervisory agency assessing record financial institution account capital investments low interest loans loan participation technical assistance grants institution support enable veteran purchase home use principal residence veteran entity establishing housing opportunities assisted living facilities veterans carry activities


Summary: Energy and Environment Block Grant Act of 2007 - Directs the Secretary of Energy to establish an Energy and Environment Block Grant Program to make block grants to state or local governments for: (1) energy efficiency and climate protection strategy; (2) technical consultant services to assist in the development of such strategy; (3) energy audits; (4) weatherization programs; (5) financial incentives for energy efficiency retrofits; and (6) grants to nonprofit organizations and governmental agencies for energy retrofits. Declares the purchase or leasing of equipment or vehicles for the private sector, or of pollution control equipment for private electric utilities, ineligible for funds under this Act. Requires a local government unit that is a grant recipient to submit to the Secretary a proposed Energy Efficiency and Climate Protection Strategy establishing goals for increased energy efficiency and reduction of greenhouse gas emissions. Requires a state that is a grant recipient to use at least 70% of the funds received to provide subgrants to otherwise ineligible local government units. Directs the Secretary to establish an Office of Energy and Environmental Block Grants, which shall in turn establish and implement a Research, Technical Assistance, and Education Program.

energy environment block grant act directs secretary energy establish energy environment block grant program block grants state local governments energy efficiency climate protection strategy technical consultant services assist development strategy energy audits weatherization programs financial incentives energy efficiency retrofits grants nonprofit organizations governmental agencies energy retrofits declares purchase leasing equipment vehicles private sector pollution control equipment private electric utilities ineligible funds act requires local government unit grant recipient submit secretary proposed climate protection strategy establishing goals increased energy efficiency reduction greenhouse gas emissions requires state grant recipient use funds received provide subgrants ineligible local government units directs secretary establish shall turn establish implement


Summary: Expand and Preserve Home Ownership Through Counseling Act - (Sec. 2) Amends the Department of Housing and Urban Development Act to establish, in the Office of the Secretary of Housing and Urban Development (HUD), the Office of Housing Counseling. Establishes the position of Director of Housing Counseling, appointed by the Secretary, to head such Office. Vests in the Director ultimate responsibility within HUD, except for the Secretary, for all activities and matters relating to homeownership and rental housing counseling. (Sec. 3) Amends the Housing and Urban Development Act of 1968 (HUDA) with regard to assistance for housing for low- and moderate-income families. Directs the Secretary to establish, coordinate, and monitor HUD administration of homeownership and rental housing counseling procedures provided in connection with any HUD program, including all related requirements, standards, and performance measures. Requires the Secretary to provide for the certification of various computer software programs for consumers to use in evaluating different residential mortgage loan proposals. States that such certified programs shall be used to supplement, not replace, housing counseling. Requires the Secretary to ensure that such programs are initially used only in connection with the assistance of such certified housing counselors. Directs the Secretary, after a period of initial availability, to take reasonable steps to make mortgage software systems certified pursuant to this Act widely available through the Internet and at public locations, including public libraries, senior-citizen centers, public housing sites, offices of public housing agencies that administer rental housing assistance vouchers, and housing counseling centers. Requires the Director to develop, implement, and conduct national public service multimedia campaigns designed to make persons facing mortgage foreclosure, persons considering a subprime mortgage loan to purchase a home, elderly persons, persons who face language barriers, low-income persons, and other potentially vulnerable consumers aware that: (1) it is advisable, before seeking or maintaining a residential mortgage loan, to obtain homeownership counseling from unbiased and reliable sources; and (2) such homeownership counseling is available. Requires each multimedia campaign segment to publicize the toll-free telephone number and the HUD website through which individuals can locate a HUD-certified housing counseling agency in their state which can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages. Authorizes appropriations for FY2008-FY2010. Requires the Secretary to provide advice and technical assistance to states, local governments, and nonprofit organizations regarding establishment and operation of educational programs to inform consumers, particularly those most vulnerable (such as elderly persons, persons facing language barriers, and low-income persons), regarding home mortgages, mortgage refinancing, home equity loans, and home repair loans. (Sec. 4) Amends HUDA to require the Secretary to: (1) make financial assistance available to states, local governments, and nonprofit organizations providing homeownership or rental counseling; and (2) establish standards and guidelines for eligibility of organizations (including governmental and nonprofit organizations) to receive such assistance. Authorizes appropriations for FY2008-FY2011. (Sec. 5) Amends HUDA to revise the requirement that organizations receiving HUD assistance for counseling activities to provide such counseling only through counselors certified by the Secretary. Requires any homeownership counseling or rental housing counseling provided in connection with any HUD-administered program to be provided only by organizations or counselors certified competent to provide it. Requires the Secretary to take appropriate action to ensure that individuals and organizations providing homeownership or rental housing counseling are aware of HUDA certification requirements and standards and HUDA training and certification programs. (Sec. 6) Directs the Secretary to study and report to Congress on: (1) the root causes of the default and foreclosure of home loans; and (2) the role of escrow accounts in helping prime and nonprime borrowers to avoid defaults and foreclosures. (Sec. 8) Amends the Real Estate Settlement Procedures Act of 1974 to revise requirements for HUD booklets designed to help consumers applying for federally related mortgage loans to understand the nature and costs of real estate settlement services.

expand sec amends department_of_housing_and_urban_development_act establish office_of_the_secretary housing_and_urban_development hud establishes position director housing counseling appointed secretary head office vests director ultimate responsibility hud secretary activities matters relating homeownership rental housing counseling sec amends housing_and_urban_development_act regard assistance housing low- moderate income families directs secretary establish coordinate monitor hud administration homeownership rental housing counseling procedures provided connection hud program including related requirements standards performance measures requires secretary provide certification computer software programs consumers use evaluating different residential mortgage loan proposals states certified programs shall supplement replace housing counseling requires secretary ensure programs initially connection assistance certified housing counselors directs secretary period initial availability reasonable steps mortgage software systems certified pursuant act widely available internet public locations including public libraries senior citizen centers public housing sites offices public housing agencies administer rental housing assistance vouchers housing counseling centers requires director develop implement conduct national public service multimedia campaigns designed persons facing mortgage foreclosure persons considering subprime mortgage loan purchase home elderly persons persons face language barriers low income persons potentially vulnerable consumers aware advisable seeking maintaining residential mortgage loan obtain homeownership counseling unbiased reliable sources homeownership counseling available requires multimedia campaign segment publicize toll free telephone number hud website individuals locate hud certified housing counseling agency state provide advice buying home renting defaults foreclosures credit issues reverse mortgages authorizes appropriations fy2008 fy2010 requires secretary provide advice technical assistance states local governments nonprofit organizations establishment operation educational programs inform consumers particularly vulnerable elderly persons persons facing language barriers low income persons home mortgages mortgage refinancing home equity loans home repair loans sec amends require secretary financial assistance available states local governments nonprofit organizations providing homeownership rental counseling establish standards guidelines eligibility organizations including governmental nonprofit organizations receive assistance authorizes appropriations fy2008 fy2011 sec amends revise requirement organizations receiving hud assistance counseling activities provide counseling counselors certified secretary requires homeownership counseling rental housing counseling provided connection hud administered program provided organizations counselors certified competent provide requires secretary appropriate action ensure individuals organizations providing homeownership rental housing counseling aware certification requirements standards training certification programs sec directs secretary study report congress root causes default foreclosure home loans role escrow accounts helping prime borrowers avoid defaults foreclosures sec amends real_estate_settlement_procedures_act revise requirements hud designed help consumers applying federally related mortgage loans understand nature costs real estate settlement services


Summary: Housing Assistance Authorization Act of 2007 - Authorizes the Secretary of Housing and Urban Development (HUD) to make a grant to the National Urban League to provide technical and financial assistance to local non-profit organizations to undertake community development and affordable housing projects and programs serving low- and moderate-income households, particularly through organizations located in neighborhoods with substantial populations of African American income-disadvantaged households. Authorizes the Secretary also to make a grant to the Raza Development Fund to provide technical and financial assistance to local nonprofit organizations to undertake similar projects and programs serving low- and moderate-income households, particularly through organizations in neighborhoods with substantial populations of income-disadvantaged households of Hispanic origin. Authorizes the Secretary to make a grant to the Housing Partnership Network to create, sustain, and improve access to affordable housing and community facilities benefiting very low-, low-, and moderate-income households and communities. Authorizes the Secretary to make a grant to the National Community Renaissance Program to undertake affordable housing projects benefitting very low-, low-, and moderate-income households.

housing assistance authorization act authorizes secretary housing_and_urban_development hud grant provide technical financial assistance local non profit organizations undertake community development affordable housing projects programs serving low- moderate income households particularly organizations located neighborhoods substantial populations african american income disadvantaged households authorizes secretary grant provide technical financial assistance local nonprofit organizations undertake similar projects programs serving low- moderate income households particularly organizations neighborhoods substantial populations income disadvantaged households hispanic origin authorizes secretary grant create sustain improve access affordable housing community facilities benefiting low- low- moderate income households communities authorizes secretary grant undertake affordable housing projects benefitting low- low- moderate income households


Summary: Community Economic Development Expertise Enhancement Act of 2007 - Authorizes the Secretary of Housing and Urban Development to make grants to increase the capacity and expertise of qualifying community-based economic development organizations. Directs the Secretary to: (1) conduct an assessment of such organizations' capability needs; and (2) establish the Advisory Council on Community Economic Development. Directs the President to include with each annual budget request a report regarding federal financial support for community economic development.

authorizes secretary housing_and_urban_development grants increase capacity expertise qualifying community based economic development organizations directs secretary conduct assessment organizations capability needs establish directs president include annual budget request report federal financial support community economic development


Summary: Community Building Code Administration Grant Act of 2008 - Requires the Secretary of Housing and Urban Development to award $1 million grants, on a competitive basis and with federal matching funds, to qualified local building code enforcement departments to increase staffing, provide staff training, increase staff competence and professional qualifications, support individual certification or departmental accreditation, or for capital expenditures specifically dedicated to department administration. Allows the Secretary to waive specified non-federal matching fund requirements and to institute new ones, by regulation, based upon the level of economic distress of the local jurisdiction in which the local building code enforcement department seeking such grant is located. Sets forth criteria for rating and ranking of grant proposals. Authorizes appropriations for FY2009-FY2013.

community building code administration grant act requires secretary housing_and_urban_development award million grants competitive basis federal matching funds qualified local building code enforcement departments increase staffing provide staff training increase staff competence professional qualifications support individual certification departmental accreditation capital expenditures specifically dedicated department administration allows secretary waive specified non federal matching fund requirements institute new ones regulation based level economic distress local jurisdiction local building code enforcement department seeking grant located sets forth criteria rating ranking grant proposals authorizes appropriations fy2009 fy2013


Summary: Helping Communities Act of 2008 - Directs the Secretary of the Treasury to make grants to states for providing foreclosure-mitigation counseling to homeowners of owner-occupied single family homes with mortgage loans in default or in danger of default. Requires each state recipient to provide at least 95% of the grant amounts to nonprofit entities. Authorizes additional FY2008 appropriations for community development block grant assistance under the Housing and Community Development Act of 1974.

helping communities act directs secretary treasury grants states providing foreclosure mitigation counseling homeowners owner occupied single family homes mortgage loans default danger default requires state recipient provide grant amounts nonprofit entities authorizes additional fy2008 appropriations community development block grant assistance housing_and_community_development_act


Summary: Neighborhood Rescue and Stabilization Act of 2008 - Authorizes for FY2008 appropriations for assistance to states and local governmental units for the redevelopment of abandoned and foreclosed homes. Requires the Secretary of Housing and Urban Development (HUD) to allocate the funds among the states according to a funding formula reflecting the ratio that home mortgage foreclosures occurring in a state bears to the aggregate number of such foreclosures occurring in all states. Requires states to allocate funds to qualified metropolitan cities according to a similar formula. Requires states and local governmental units to give priority to those metropolitan areas, metropolitan cities, urban areas, rural areas, low- and moderate-income areas, and other areas with the greatest need, including those: (1) with the greatest percentage of home foreclosures; (2) with the highest percentage of homes financed by a subprime mortgage related loan; or (3) identified as likely to face a significant rise in the rate of home foreclosures. Cites eligible uses and redevelopment financing mechanisms. Sets forth low- and moderate-income requirements for the use of all funds made available under this Act.

stabilization act authorizes fy2008 appropriations assistance states local governmental units redevelopment abandoned foreclosed homes requires secretary housing_and_urban_development hud allocate funds states according funding formula reflecting ratio home mortgage foreclosures occurring state bears aggregate number foreclosures occurring states requires states allocate funds qualified metropolitan cities according similar formula requires states local governmental units priority metropolitan areas metropolitan cities urban areas rural areas low- moderate income areas areas greatest need including greatest percentage home foreclosures highest percentage homes financed subprime mortgage related loan identified likely face significant rise rate home foreclosures cites eligible uses redevelopment financing mechanisms sets forth low- moderate income requirements use funds available act


Summary: Neighborhood Stabilization Act of 2008 - (Sec. 3) Directs the Secretary of Housing and Urban Development (HUD) to make grants and loans to qualified states, metropolitan cities, and urban counties, in accordance with HUD-approved plans, to carry out eligible housing stimulus activities. Requires such program to be administered through HUD's Office of Community Planning and Development (or any successor office responsible for administering the community development block grant program under the Housing and Community Development Act of 1974). (Sec. 4) Specifies the contents of a grant or loan applicant's plan, which must be submitted for the Secretary's approval. Requires a plan, among other things, to give priority emphasis and consideration to metropolitan areas, metropolitan cities, urban areas, rural areas, low- and moderate-income areas, census tracts and other areas having the greatest need. (Sec. 5) Prescribes formulas for distribution of foreclosure grant amounts and foreclosure loan authority amounts to a qualified state, metropolitan city, or urban county (allocation recipient), based on ratios reflecting the number of foreclosures on mortgages for single family housing and subprime mortgage loans for such housing over 90 days delinquent which have occurred in the state during the most recently completed four calendar quarters for which such information is available. Requires the Secretary to establish or select an index to account for differences between qualified states in the medium price of single family housing in such states. (Sec. 6) Authorizes the use of such loans by the allocation recipient, a local government or its entity, or any other entity, as provided in the allocation recipient's HUD-approved plan. States that, upon the Secretary's entering a binding commitment to make a loan for use in the recipient's area, the loan authority allocated to each recipient shall be decreased by the principal amount of such a loan, but be increased again by such amount upon repayment of the loan. Requires such loans: (1) to bear no interest; (2) be non-recourse; (3) have a maturity of three years if a loan made to purchase (or finance the purchase of) qualified foreclosed housing for homeownership, and of five years if a loan to purchase (or finance the purchase of) such housing for rental property; (4) not provide for amortization of the principal obligation; and (5) require payment of the original principal obligation only. Requires an allocation recipient to repay 90% or more under all previous loans before being eligible to reborrow. Authorizes the Secretary to waive such requirement upon allocation recipient request, if the borrower has demonstrated satisfactory progress in utilizing outstanding loans and sufficient capacity to utilize additional loan amounts effectively. Sunsets this program for new loans after 48 months. (Sec. 7) Authorizes the use of grant amounts for eligible housing stimulus activities by the allocation recipient, a local government or its entity, or a nonprofit organization. (Sec. 8) Limits the use of such loans to homeownership housing, rental housing, and housing rehabilitation, subject to specified requirements. Allows the use of such a loan for purchasing, or financing the purchase of, qualified foreclosed housing for resale as housing for homeownership to families having incomes of up to 140% of the median income for the area in which the housing is located. Allows the use of such a loan also for rental, lease-purchase, or rent-to-own housing, but only for families whose incomes do not exceed 100% of the area median income. Prohibits rents from exceeding market rents for comparable dwelling units located in the area. Requires such rents to accord with any requirements of the Secretary intended to ensure that rents are established in a fair, objective, and arms-length manner. Allows the use of such a loan also for rehabilitation of qualified foreclosed property as necessary to: (1) comply with applicable laws, codes, and other requirements relating to housing safety, quality, and habitability; or (2) make improvements to increase the housing's energy efficiency or its conservation, or to provide a renewable energy source (or sources) for it for the purpose of reselling it within three months at a price as close as possible to its acquisition price. Limits the use of grants to: (1) property holding and operating costs; (2) property-related acquisition costs; (3) allocation recipient-related administrative costs; (4) certain state planning costs; (5) housing rehabilitation activities; and (6) demolition costs, but only if the Secretary determines that the neighborhood or other area in which the housing is located has a high incidence of vacant and abandoned housing (or other vacant and abandoned structures), and is experiencing a significant decline in population. Prohibits the use of grant amounts to provide assistance of any kind (including grants, loans, and closing cost financing) for downpayments for any homebuyers of single family housing. Requires the Secretary, by regulation, to prohibit the use of such grants or loans for: (1) political activities; (2) advocacy; (3) direct or indirect lobbying; (4) counseling services; (5) travel expenses; or (6) preparing or providing advice on tax returns. Requires the use of: (1) 50% of such grants to provide housing only for very low-income families (whose incomes do not exceed 50% of the median income in the area); and (2) 50% of such grants to provide housing only for extremely low-income families (whose income does not exceed 30% of such median income). Authorizes the Secretary, with respect to families with extremely low incomes, to allow an eligibility ceiling greater than 30%, but less than 50%, in specified circumstances if the higher ceiling will not result in an overall loss of housing affordable to families whose income does not exceed 30% of the area median income. Requires an allocation recipient that includes rural areas to use a portion of its grant or loan amount for eligible activities located in rural areas proportionate to the identified need for such activities there. Requires a qualified state, or at its election, a qualified metropolitan city or qualified urban county, to record a lien in the Secretary's name on any qualified foreclosed housing purchased or financed with a loan under this Act. Declares that this Act may not be construed to prevent the resale of qualified foreclosed housing to a prior owner or occupant who meets income requirements. Prohibits a loan or grant recipient from discriminating against a prospective tenant because the individual holds a voucher or certificate of eligibility under section 8 (public housing rental assistance) of the United States Housing Act of 1937. Subjects the owner (and any successor in interest) to the lease and to the housing assistance payments contract for the occupied unit, in the case of any qualified foreclosed housing: (1) for which funds made available under this Act are used; and (2) in which a recipient of section 8 rental assistance resides at the time of acquisition or financing of such property. Subjects any successor in interest in any foreclosed property (such as a subsequent purchaser) to: (1) the requirement of delivering a 90-day notice to vacate to any bona fide tenant; and (2) the tenant's rights. Prohibits the use of such grant or loan amounts to demolish any public housing. (Sec. 9) Prohibits the use of such grant or loan amounts for any qualified foreclosed housing unless binding agreements are entered into that ensure that the federal government, upon any sale or disposition of the property by the owner acquiring the housing pursuant to assistance under this Act, shall receive at least 20% or, in the case of a for-profit owner, 50% of the difference between the net proceeds from its sale or disposition and the cost of its acquisition, after deductions for certain expenditures. (Sec. 10) Establishes deadlines by which an allocation recipient must obligate and spend grant and loan authority amounts. (Sec. 11) Requires the servicer of a federally related mortgage loan to: (1) notify the local government in which the property securing the mortgage is located upon becoming responsible for a qualified foreclosed property; and (2) provide it with the name and 24-hour contact information of a representative authorized to negotiate purchases. (Sec. 12) Sets forth reporting and contingent reimbursement requirements for allocation recipients. (Sec. 14) Authorizes appropriations. (Sec. 15) Declares that nothing in this Act shall affect the right to bear arms under the Second Amendment of the Constitution. (Sec. 16) Makes illegal aliens ineligible for financial assistance under this Act.

neighborhood stabilization act sec directs secretary housing_and_urban_development hud grants loans qualified states metropolitan cities urban counties accordance hud approved plans carry eligible housing stimulus activities requires program administered hud successor office responsible administering community development block grant program housing_and_community_development_act sec specifies contents grant loan applicant plan submitted secretary approval requires plan things priority emphasis consideration metropolitan areas metropolitan cities urban areas rural areas low- moderate income areas census tracts areas having greatest need sec prescribes formulas distribution foreclosure grant amounts foreclosure loan authority amounts qualified state metropolitan city urban county allocation recipient based ratios reflecting number foreclosures mortgages single family housing subprime mortgage loans housing days delinquent occurred state recently completed calendar quarters information available requires secretary establish select index account differences qualified states medium price single family housing states sec authorizes use loans allocation recipient local government entity entity provided allocation recipient hud approved plan states secretary entering binding commitment loan use recipient area loan authority allocated recipient shall decreased principal loan increased repayment loan requires loans bear interest non recourse maturity years loan purchase finance purchase qualified foreclosed housing homeownership years loan purchase finance purchase housing rental property provide amortization principal obligation require payment original principal obligation requires allocation recipient repay previous loans eligible authorizes secretary waive requirement allocation recipient request borrower demonstrated satisfactory progress utilizing outstanding loans sufficient capacity utilize additional loan amounts effectively sunsets program new loans months sec authorizes use grant amounts eligible housing stimulus activities allocation recipient local government entity nonprofit organization sec limits use loans homeownership housing rental housing housing rehabilitation subject specified requirements allows use loan purchasing financing purchase qualified foreclosed housing resale housing homeownership families having incomes median income area housing located allows use loan rental lease purchase rent housing families incomes exceed area median income prohibits rents exceeding market rents comparable dwelling units located area requires rents accord requirements secretary intended ensure rents established fair objective arms length manner allows use loan rehabilitation qualified foreclosed property necessary comply applicable laws codes requirements relating housing safety quality improvements increase housing energy efficiency conservation provide renewable energy source sources purpose months price close possible acquisition price limits use grants property holding operating costs property related acquisition costs allocation recipient related administrative costs certain state planning costs housing rehabilitation activities demolition costs secretary determines neighborhood area housing located high incidence vacant abandoned housing vacant abandoned structures experiencing significant decline population prohibits use grant amounts provide assistance kind including grants loans closing cost financing homebuyers single family housing requires secretary regulation prohibit use grants loans political activities advocacy direct indirect lobbying counseling services travel expenses preparing providing advice tax returns requires use grants provide housing low income families incomes exceed median income area grants provide housing extremely low income families income exceed median income authorizes secretary respect families extremely low incomes allow eligibility ceiling greater specified circumstances higher ceiling result overall loss housing affordable families income exceed area median income requires allocation recipient includes rural areas use portion grant loan eligible activities located rural areas proportionate identified need activities requires qualified state election qualified metropolitan city qualified urban county record lien secretary qualified foreclosed housing purchased financed loan act declares act construed prevent resale qualified foreclosed housing prior owner occupant meets income requirements prohibits loan grant recipient discriminating prospective tenant individual holds voucher certificate eligibility section public housing rental assistance united_states housing act subjects owner successor interest lease housing assistance payments contract occupied unit case qualified foreclosed housing funds available act recipient section rental assistance resides time acquisition financing property subjects successor interest foreclosed property subsequent purchaser requirement delivering day notice vacate bona fide tenant tenant rights prohibits use grant loan amounts demolish public housing sec prohibits use grant loan amounts qualified foreclosed housing binding agreements entered ensure federal government sale disposition property owner acquiring housing pursuant assistance act shall receive case profit owner difference net proceeds sale disposition cost acquisition deductions certain expenditures sec establishes deadlines allocation recipient obligate spend grant loan authority amounts sec requires servicer federally related mortgage loan notify local government property securing mortgage located responsible qualified foreclosed property provide hour contact information representative authorized negotiate purchases sec sets forth reporting contingent reimbursement requirements allocation recipients sec authorizes appropriations sec declares act shall affect right bear arms second amendment constitution sec makes illegal aliens ineligible financial assistance act


Summary: Emergency Neighborhood Reclamation Act of 2008 - Requires the Secretary of Housing and Urban Development (HUD) to make grants to eligible units of general local government for neighborhood reclamation. Specifies grant applicant eligibility requirements, including a comprehensive plan for the demolition of all vacant and abandoned housing and other structures within the local government's jurisdiction that will increase the stability of neighborhoods, or promote the rational utilization of land within that jurisdiction. Requires the use of such grant to fund: (1) the demolition of vacant and abandoned housing, and other vacant and abandoned structures, located in areas that are primarily residential in character; (2) the abatement, before demolition, of any health and safety hazards within such housing or structures, or on the site upon which such housing or other structures are located; and (3) the capping or removal, after demolition, of utility connections and public infrastructure, including street pavements and sewer lines, and the rehabilitation of a site for use as public open space, inclusion in a land bank, or for sale. Prohibits the use of funds made available under this Act to demolish public housing.

emergency neighborhood reclamation act requires secretary housing_and_urban_development hud grants eligible units general local government neighborhood reclamation specifies grant applicant eligibility requirements including comprehensive plan demolition vacant abandoned housing structures local government jurisdiction increase stability neighborhoods promote utilization land jurisdiction requires use grant fund demolition vacant abandoned housing vacant abandoned structures located areas primarily residential character abatement demolition health safety hazards housing structures site housing structures located capping removal demolition utility connections public infrastructure including street pavements sewer lines rehabilitation site use public open space inclusion land bank sale prohibits use funds available act demolish public housing


Summary: Federal Housing Enterprises Transparency and Accountability Act of 2008 - Directs the Federal Housing Board to require each Federal Home Loan Bank, and the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), to carry out a pilot program to reduce risk through the use of electronic platforms to conduct transactions in interest rate swaps and forward rate agreements.

accountability act directs require federal_home_loan_bank director office_of_federal_housing_enterprise_oversight department_of_housing_and_urban_development require federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac carry pilot program reduce risk use electronic platforms conduct transactions interest rate swaps forward rate agreements


Summary: Federal Housing Finance Regulatory Reform Act of 2008 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to replace the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) with the Federal Housing Finance Agency (Agency), headed by a Director with regulatory authority over the following entities: (1) the Office of Finance; and (2) the Federal Home Loan Banks (FHLBs); (3) the Federal National Mortgage Association (Fannie Mae); and (4) the Federal Home Loan Mortgage Corporation (Freddie Mac).Establishes the Federal Housing Finance Oversight Board to advise the Director.Authorizes the Director to require such entities to submit regular reports of condition.Establishes within the Agency: (1) an Office of Inspector General; and (2) Office of the Ombudsman. Requires the Director to: (1) collect from such entities assessments to provide for Agency expenses; (2) establish criteria to ensure that entity portfolios are backed by sufficient capital; and (3) establish risk-based capital requirements to maintain sufficient capital and reserves to support risks in enterprise operations and management. Amends the Securities Exchange Act of 1934 to set forth entity registration requirements. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to: (1) cite factors pertinent to prohibitions and withholding of executive compensation, including golden parachutes and indemnification payments; and (2) require reporting of fraudulent loans transactions. Requires the Director to assume additional HUD responsibilities, including prior Director approval of entity products. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase conforming loan limitations for Fannie Mae and Freddie Mac, respectively. Expresses the sense of Congress to encourage Fannie Mae and Freddie Mac to securitize mortgages acquired under the increased conforming loan limits established by this Act. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to instruct the Director to establish annual housing goals for mortgage purchases by the entities, including: (1) single-family housing and refinance goals; and (2) multifamily special affordable housing goals. Requires each enterprise to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets and rural markets by purchasing or securitizing mortgage investments. Prescribes a prompt corrective action program, including: (1) critical capital levels for the FHLBs; and (2) capital classifications for the entities, including restrictions on capital distributions. Prescribes supervisory actions over undercapitalized regulated entities.Empowers the Agency to serve as conservator or receiver of critically undercapitalized regulated entities. Sets forth enforcement actions. Requires the Director of the Office of Thrift Supervision (OTS) to establish housing goals related to the purchase of mortgages by the FHLBs.Includes community development financial institutions within the FHLB system. Requires the OTS Director to: (1) share information with FHLBs regarding the condition of another FHLB; and (2) establish a public use database incorporating census tract level data regarding mortgages purchased. Exempts the FHLBs from compliance with specified SEC regulations.Authorizes voluntary mergers among the FHLBs, including reduction of FHLB districts.Instructs the OTS Director to study and report to Congress on: (1) securitization of home mortgage loans purchased from member financial institutions under the Acquired Member Assets programs; and (2) the extent to which loans and securities used as collateral to support FHLB advances are consistent with interagency guidance on nontraditional mortgage products.Establishes FHLB refinancing authority for specified residential mortgage loans.Abolishes: (1) the Office of Federal Housing Enterprise Oversight of HUD; and (2) the Federal Housing Finance Board.

regulatory reform act amends federal_housing_enterprises_financial_safety soundness act replace office_of_federal_housing_enterprise_oversight department_of_housing_and_urban_development hud federal_housing_finance_agency agency headed director regulatory authority following entities federal_home_loan_banks federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation advise director authorizes director require entities submit regular reports condition establishes agency office_of_inspector_general office ombudsman requires director collect entities assessments provide agency expenses establish criteria ensure entity portfolios backed sufficient capital establish risk based capital requirements maintain sufficient capital reserves support risks enterprise operations management amends securities_exchange_act set forth entity registration requirements amends federal_housing_enterprises_financial_safety soundness act cite factors pertinent prohibitions withholding executive compensation including golden indemnification payments require reporting fraudulent loans transactions requires director assume additional hud responsibilities including prior director approval entity products amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act increase conforming loan limitations fannie_mae freddie_mac respectively expresses sense congress encourage fannie_mae freddie_mac securitize mortgages acquired increased conforming loan limits established act amends federal_housing_enterprises_financial_safety soundness act instruct director establish annual housing goals mortgage purchases entities including single family housing refinance goals multifamily special affordable housing goals requires enterprise increase liquidity mortgage investments improve distribution investment capital available mortgage financing underserved markets rural markets purchasing mortgage investments prescribes prompt corrective action program including critical capital levels capital classifications entities including restrictions capital distributions prescribes supervisory actions undercapitalized regulated entities empowers agency serve conservator receiver critically undercapitalized regulated entities sets forth enforcement actions requires director office_of_thrift_supervision ots establish housing goals related purchase mortgages includes community development financial institutions system requires ots director share information condition establish public use database incorporating census tract level data mortgages purchased exempts compliance specified sec regulations authorizes voluntary mergers including reduction districts instructs ots director study report congress securitization home mortgage loans purchased member financial institutions acquired member assets programs extent loans securities collateral support advances consistent interagency guidance nontraditional mortgage products establishes refinancing authority specified residential mortgage loans abolishes office_of_federal_housing_enterprise_oversight hud


Summary: Community Assistance Act for Persons with Mental Illness - Authorizes the use of specified funds, by state and local governments under the community development, mental health services, and substance abuse prevention and treatment block grant programs of the Housing and Community Development Act of 1974 and the Public Health Service Act, to provide housing counseling and financial counseling for individuals before their release from institutions for individuals with mental illness. Amends the Public Health Service Act to include in a state plan for comprehensive community-based mental health systems: (1) housing counseling; (2) financial counseling; and (3) support services for individuals released from inpatient or residential institutions.

community assistance act persons mental illness authorizes use specified funds state local governments community development mental health services substance abuse prevention treatment block grant programs housing_and_community_development_act public_health_service_act provide housing counseling financial counseling individuals release institutions individuals mental illness amends public_health_service_act include state plan comprehensive community based mental health systems housing counseling financial counseling support services individuals released inpatient residential institutions


Summary: Amends the Internal Revenue Code to limit the application of tax-exempt bond financing for properties located in the Gulf Opportunity Zone (GO Zone) counties of Colbert and Dallas, Alabama, for which neither the acquisition occurred, nor the construction, reconstruction, or renovation was begun, before the enactment of the Housing Assistance Tax Act of 2008 (i.e., July 30, 2008).

amends internal revenue code limit application tax exempt bond financing properties located zone counties alabama acquisition occurred construction reconstruction renovation begun enactment july


Summary: Housing Assistance Council Authorization Act of 2007 - Authorizes the Secretary of Housing and Urban Development to provide financial assistance to the Housing Assistance Council to develop the capacity of community-based housing development organizations to undertake community development and affordable housing projects and programs in rural areas. Authorizes the Council to use such assistance for rural community-based housing development organizations to acquire: (1) technical assistance, training, support, and advice to develop business and administrative capabilities; and (2) loans, grants, or other financial assistance to carry out community development and affordable housing activities for low- and moderate-income families.

authorizes secretary housing_and_urban_development provide financial assistance housing_assistance_council develop capacity community based housing development organizations undertake community development affordable housing projects programs rural areas authorizes council use assistance rural community based housing development organizations acquire technical assistance training support advice develop business administrative capabilities loans grants financial assistance carry community development affordable housing activities low- moderate income families


Summary: Directs the Secretary of Housing and Urban Development to take specified actions to allow the Department of Housing and Urban Development (HUD) to better serve persons with limited English proficiency by providing technical assistance to recipients of federal funds. Requires the Secretary to convene a task force to identify vital documents for translation to improve the access of such individuals to federally conducted and federally assisted programs and activities. Requires the Secretary to: (1) produce such translations and make them available on the HUD website; (2) develop and carry out a plan for providing HUD resources to assist federal funds recipients to improve the access of such individuals to programs and activities; and (3) develop a housing information resource center, with a 24-hour toll-free interpretation service telephone line, which may provide vital documents from competent translation services for housing services providers. Requires the center to: (1) operate a document clearinghouse; (2) evaluate best-practices models; and (3) provide information relating to culturally and linguistically competent housing services for populations with limited English proficiency.

directs secretary housing_and_urban_development specified actions allow department_of_housing_and_urban_development hud better serve persons limited english proficiency providing technical assistance recipients federal funds requires secretary convene task force identify vital documents translation improve access individuals federally conducted federally assisted programs activities requires secretary produce available hud website develop carry plan providing hud resources assist federal funds recipients improve access individuals programs activities develop housing information resource center hour toll free interpretation service telephone line provide vital documents competent translation services housing services providers requires center operate document clearinghouse evaluate best practices models provide information relating culturally linguistically competent housing services populations limited english proficiency


Summary: Fire-Safe Communities Act - Requires the Director of the National Institute of Standards and Technology (NIST) to publish a federal model ordinance for municipalities at risk (subdivisions located in a fire hazard area) that includes specified elements regarding fire prevention and management, such as: (1) specifications for construction materials and techniques for use in such communities; and (2) standards for roads, culverts, and bridges.Authorizes the Under Secretary for Federal Emergency Management of the Department of Homeland Security (DHS) to modify, for a municipality at risk, the requirements of the Fire Management Assistance Grant Program related to the provision of a non-federal share of funds, so that if such a municipality has adopted an applicable model ordinance and is making significant progress toward implementing it, the Under Secretary may reduce the required non-federal share to 10% of the grant amount.Directs the Under Secretary to provide grants to: (1) municipalities at risk to encourage responsible development in state-identified fire-prone regions and to mitigate the catastrophic effects of fires; and (2) states to create or update fire-hazard assessment maps.Amends the Cooperative Forestry Assistance Act of 1978 to: (1) include as a purpose of the Community and Private Land Fire Assistance Program to enhance the capacity of local governments to integrate fire-resistant community and home design into local planning, zoning, building code, and brush clearing ordinances; and (2) authorize a pilot program to assess the feasibility and advisability of providing assistance to fire-safe communities located near federal land.

director national_institute_of_standards_and_technology nist publish federal model ordinance municipalities risk subdivisions located fire hazard area includes specified elements fire prevention management specifications construction materials techniques use communities standards roads bridges authorizes secretary department_of_homeland_security dhs modify municipality risk requirements related provision non federal share funds municipality adopted applicable model ordinance making significant progress implementing secretary reduce required non federal share grant directs secretary provide grants municipalities risk encourage responsible development state identified fire prone regions mitigate catastrophic effects fires states create update fire hazard assessment maps amends cooperative_forestry_assistance_act include purpose enhance capacity local governments integrate fire resistant community home design local planning zoning building code brush clearing ordinances authorize pilot program assess feasibility advisability providing assistance fire safe communities located near federal land


Summary: Community Foreclosure Assistance Act of 2007 - Makes appropriations for additional emergency Community Development Block Grant (CDBG) assistance to states, metropolitan cities, and urban counties to carry out CDBG programs under the Housing and Urban Development Act of 1974: (1) for necessary expenses related to the impact of housing foreclosures, and other related economic and community development activities; and (2) to provide foreclosure-based rental assistance for individual renters in the form of relocation assistance. Prohibits the direct or indirect provision of such funds, except for certified housing counseling services, to an individual homeowner for foreclosure prevention purposes, including refinancing assistance, loans, or any other form of financial assistance. Increases from 15% to 25% the maximum amount of CDBG funds a local government may use for public services under the Housing and Urban Development Act of 1974, including those concerned with employment, crime prevention, child care, health, drug abuse, education, energy conservation, welfare or recreation needs. Requires at least 50% of CDBG funds appropriated or otherwise made available under this Act to benefit primarily persons of low- and moderate-income.

community foreclosure assistance act makes appropriations additional emergency community development block grant cdbg assistance states metropolitan cities urban counties carry cdbg programs housing_and_urban_development_act necessary expenses related impact housing foreclosures related economic community development activities provide foreclosure based rental assistance individual form relocation assistance prohibits direct indirect provision funds certified housing counseling services individual homeowner foreclosure prevention purposes including refinancing assistance loans form financial assistance increases maximum cdbg funds local government use public services housing_and_urban_development_act including concerned employment crime prevention child care health drug abuse education energy conservation welfare recreation needs requires cdbg funds appropriated available act benefit primarily persons low- moderate income


Summary: Depository Institution Community Development Investments Enhancement Act - Amends the Home Owners' Loan Act to revise requirements for community development investments by federal savings associations. Authorizes a federal savings association to make investments, directly or indirectly, each of which is designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments). Permits such investments to be made directly or by purchase of interests in an entity primarily engaged in making such investments. Prohibits a federal savings association from making an investment which would subject it to unlimited liability to any person. Requires the Director of the Office of Thrift Supervision to establish: (1) the amount any savings association may invest in any one project; and (2) the aggregate amount of investment of any savings association. Restricts the aggregate amount of investment of any savings association, subject to specified determinations made by the Director. Prohibits the maximum aggregate amount of investments of any savings association from exceeding the same 15% of its capital stock actually paid in and unimpaired and 15% of its unimpaired surplus as imposed by this Act on national banking associations and state member banks.

revise requirements community development investments federal savings associations authorizes federal savings association investments directly indirectly designed primarily promote public welfare including welfare low- moderate income communities families provision housing services jobs community development investments permits investments directly purchase interests entity primarily engaged making investments prohibits federal savings association making investment subject unlimited liability person requires director office_of_thrift_supervision establish savings association invest project aggregate investment savings association restricts aggregate investment savings association subject specified determinations director prohibits maximum aggregate investments savings association exceeding capital stock actually paid unimpaired unimpaired surplus imposed act national banking associations state member banks


Summary: Foreclosure Prevention Act of 2008 - Amends the Internal Revenue Code to: (1) authorize use of the proceeds of a qualified mortgage bond issue to refinance a mortgage on a residence originally financed through a qualified subprime loan; (2) raise the ceiling and volume cap imposed upon certain state housing bonds; and (3) exclude from the meaning of tax preference item private activity bonds, for purposes of the alternative minimum tax, qualified mortgage bonds or veterans' mortgage bonds issued after enactment of this Act and before January 1, 2011. Makes FY2008 appropriations for: (1) emergency needs of states and local governmental units to redevelop certain abandoned and foreclosed homes; and (2) the Neighborhood Reinvestment Corporation for foreclosure mitigation activities, including grants for housing counseling. Helping Families Save Their Homes in Bankruptcy Act of 2008 - Authorizes a bankruptcy plan for individuals with regular income to: (1) modify an allowed secured claim secured by the debtor's principal residence if the debtor's income is insufficient to retain possession of the residence by curing a default and maintaining payments while the case is pending; (2) provide for payment of such claim for a period of up to 30 years; (3) set conditions for the addition of certain fees, costs, or charges to secured debt; and (4) waive any prepayment penalty on a claim secured by a debtor's principal residence. Waives the counseling requirement upon certification that a debtor's principal residence is scheduled for a foreclosure sale. Permits the debtor, in lieu of the trustee, to proceed as the real party in interest in certain state or federal actions respecting a claim or defense. Authorizes the bankruptcy court, in core proceedings involving an individual debtor with primarily consumer debts, to conduct the proceeding and enter orders and judgments in lieu of arbitration. Creates a principal residence homestead exemption for debtors over 55 years of age. Directs the bankruptcy court to disallow claims or interests subject to any remedy for damages or rescission due to noncompliance with state or federal consumer protection law, notwithstanding a prior foreclosure judgment. Mortgage Disclosure Improvement Act of 2008 - Amends the Truth in Lending Act to set forth additional disclosure requirements governing any extensions of credit (not only mortgages) secured by the dwelling of a consumer. Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a flat damages amount of $5,000, adjusted annually for inflation. Amends the Internal Revenue Code to: (1) set forth carryback rules for net operating losses for specified taxable years; and (2) suspend through taxable year 2008 the 90% of alternative minimum taxable income limit for certain adjustments to the alternative (minimum) tax net operating loss deduction.

foreclosure prevention act amends internal revenue code authorize use proceeds qualified mortgage bond issue refinance mortgage residence originally financed qualified subprime loan raise ceiling volume cap imposed certain state housing bonds exclude meaning tax preference item private activity bonds purposes alternative minimum tax qualified mortgage bonds veterans mortgage bonds issued enactment act january makes fy2008 appropriations emergency needs states local governmental units redevelop certain abandoned foreclosed homes neighborhood_reinvestment_corporation foreclosure mitigation activities including grants housing counseling helping families save homes bankruptcy act authorizes bankruptcy plan individuals regular income modify allowed secured claim secured debtor principal residence debtor income insufficient retain possession residence curing default maintaining payments case pending provide payment claim period years set conditions addition certain fees costs charges secured debt waive prepayment penalty claim secured debtor principal residence waives counseling requirement certification debtor principal residence scheduled foreclosure sale permits debtor lieu trustee proceed real party interest certain state federal actions respecting claim defense authorizes bankruptcy court core proceedings involving individual debtor primarily consumer debts conduct proceeding enter orders judgments lieu arbitration creates principal residence exemption debtors years age directs bankruptcy court disallow claims interests subject remedy damages rescission noncompliance state federal consumer protection law notwithstanding prior foreclosure judgment mortgage disclosure improvement act amends truth lending act set forth additional disclosure requirements governing extensions credit mortgages secured dwelling consumer increases actual damages creditor liable noncompliance act case individual action relating credit transaction open end credit plan secured real property dwelling replaces current range damages flat damages adjusted annually inflation amends internal revenue code set forth carryback rules net operating losses specified taxable years suspend taxable year alternative minimum taxable income limit certain adjustments alternative minimum tax net operating loss deduction


Summary: Home Heating Fuels Cost Relief Act of 2009 - Amends the Internal Revenue Code to allow an income-based refundable tax credit for up to $1,000 ($2,000 in the case of a joint return) of the cost of heating oil, natural gas, and propane to heat a principal residence. Terminates such credit after 2009.Directs the Secretary of the Treasury to make grants to states to create revolving loan funds for home weatherization loans.

home heating fuels cost relief act amends internal revenue code allow income based refundable tax credit case joint return cost heating oil natural gas propane heat principal residence terminates credit secretary treasury grants states create revolving loan funds home weatherization loans


Summary: American Heroes' Homeownership Assistance Act of 2009 - Amends the Internal Revenue Code to allow current or former members of the Uniformed Services who perform duty in a combat zone between 2001 and 2010, or their surviving spouses, a one-time tax credit for 10% of the purchase price of a principal residence, up to $7,500. Limits such credit to residences purchased before January 1, 2011.

amends internal revenue code allow current members uniformed_services perform duty combat zone surviving spouses time tax credit purchase price principal residence limits credit residences purchased january


Summary: Community Partners Next Door Act of 2009 - Amends the National Housing Act to provide: (1) a 50% discount for teachers, teacher assistants, administrators, and public safety officers purchasing certain eligible asset properties for use as their primary residence; (2) a $100 downpayment on any related insured mortgage; and (3) a higher Federal Housing Administration (FHA) loan limit for such purchases in high-cost areas. Authorizes such sales directly to a qualifying individual or to a unit of local government or a nonprofit organization for resale to such individual. Directs the Secretary of Housing and Urban Development (HUD) to carry out a program to inform teachers and public safety officers about such program.

community partners amends national housing act provide discount teachers teacher assistants administrators public safety officers purchasing certain eligible asset properties use primary residence downpayment related insured mortgage higher federal_housing_administration fha loan limit purchases high cost areas authorizes sales directly qualifying individual unit local government nonprofit organization resale individual directs secretary housing_and_urban_development hud carry program inform teachers public safety officers program


Summary: FHA Seller-Financed Downpayment Reform Act of 2009 - Amends the National Housing Act to make exceptions to the prohibition against mortgage insurance for mortgages involving a downpayment using funds furnished by: (1) the seller or any party that benefits financially from the transaction (seller-financed downpayment); or (2) any third party that is reimbursed by the seller or any such party. Makes eligible for mortgage insurance, in spite of a seller-financed downpayment, any mortagors with credit scores equivalent to a FICO score of: (1) 680 or more; (2) at least 620 but less than 680; or (3) 619 or less. Prescribes conditions for mortgage insurance in the latter two situations.

amends national housing act exceptions prohibition mortgage insurance mortgages involving downpayment funds furnished seller party benefits financially transaction seller financed downpayment party reimbursed seller party makes eligible mortgage insurance seller financed downpayment credit scores equivalent score prescribes conditions mortgage insurance situations