HOUSE 2162116th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Housing Financial Literacy Act of 2019

Last Action: 7/10/2019

Actions

2019-07-10Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2019-07-09Motion to reconsider laid on the table Agreed to without objection.
2019-07-09On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5278)
2019-07-09Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H5278)
2019-07-09DEBATE - The House proceeded with forty minutes of debate on H.R. 2162.
2019-07-09Considered under suspension of the rules. (consideration: CR H5278-5280)
2019-07-09Ms. Waters moved to suspend the rules and pass the bill, as amended.
2019-06-11Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 6.
2019-06-11Committee Consideration and Mark-up Session Held.
2019-04-09Referred to the House Committee on Financial Services.
2019-04-09Introduced in House
2019-04-09Introduced in House

CRS Summary

As of 2019-07-09 (53)

Housing Financial Literacy Act of 2019

This bill modifies the discount given by the Federal Housing Administration (FHA) on single-family mortgage-insurance premium payments for first-time homebuyers who complete a financial-management counseling program. Under current law, the maximum premium amount for such homebuyers is 2.75% of the original insured principal obligation of the mortgage (compared to 3% for other homebuyers). The bill instead requires that the premium amount for such homebuyers be 25 basis points (0.25% of the original insured principal obligation of mortgage) lower than the amount otherwise established by the FHA. The bill also specifies that first-time homebuyers must complete the financial-management counseling program prior to applying for a mortgage or entering into a sales agreement.

Cosponsors (2)

Steve Stivers (R-OH)
David Scott (D-GA)

Subjects

Financial literacy
Housing finance and home ownership
Life, casualty, property insurance

Read on Congress.gov

Sourced from Congress.gov (public domain).

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