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S. 1452 (es) To modernize the requirements under the National Manufactured Housing [Engrossed in Senate] ...


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        adaptations for lease-purchase agreements.
    (e) Assistance Payments Sent to Lender.--The Secretary shall remit 
assistance payments under this section directly to the mortgagee of the 
dwelling unit purchased by the disabled family receiving such 
assistance payments.
    (f) Inapplicability of Certain Provisions.--Assistance under this 
section shall not be subject to the requirements of the following 
provisions:
            (1) Subsection (c)(3)(B) of section 8 of the United States 
        Housing Act of 1937.
            (2) Subsection (d)(1)(B)(i) of section 8 of the United 
        States Housing Act of 1937.
            (3) Any other provisions of section 8 of the United States 
        Housing Act of 1937 governing maximum amounts payable to owners 
        and amounts payable by assisted families.
            (4) Any other provisions of section 8 of the United States 
        Housing Act of 1937 concerning contracts between public housing 
        agencies and owners.
            (5) Any other provisions of the United States Housing Act 
        of 1937 that are inconsistent with the provisions of this 
        section.
    (g) Reversion to Rental Status.--
            (1) Non-fha mortgages.--If a disabled family receiving 
        assistance under this section defaults under a mortgage not 
        insured under the National Housing Act, the disabled family may 
        not continue to receive rental assistance under section 8 of 
        the United States Housing Act of 1937 unless it complies with 
        requirements established by the Secretary.
            (2) All mortgages.--A disabled family receiving assistance 
        under this section that defaults under a mortgage may not 
        receive assistance under this section for occupancy of another 
        dwelling unit owned by 1 or more members of the disabled 
        family.
            (3) Exception.--This subsection shall not apply if the 
        Secretary determines that the disabled family receiving 
        assistance under this section defaulted under a mortgage due to 
        catastrophic medical reasons or due to the impact of a 
        federally declared major disaster or emergency.
    (h) Regulations.--Not later than 90 days after the date of the 
enactment of this Act, the Secretary shall issue regulations to 
implement this section. Such regulations may not prohibit any public 
housing agency providing tenant-based assistance on behalf of an 
eligible family under section 8 of the United States Housing Act of 
1937 from participating in the pilot program under this section.
    (i) Definition of Disabled Family.--For the purposes of this 
section, the term ``disabled family'' has the meaning given the term 
``person with disabilities'' in section 811(k)(2) of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 8013(k)(2)).

SEC. 303. FUNDING FOR PILOT PROGRAMS.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated such sums as may be necessary for fiscal year 2001 for 
assistance in connection with the existing homeownership pilot programs 
carried out under the demonstration program authorized under to section 
555(b) of the Quality Housing and Work Responsibility Act of 1998 
(Public Law 105-276; 112 Stat. 2613).
    (b) Use.--Subject to subsection (c), amounts made available 
pursuant to this section shall be used only through such homeownership 
pilot programs to provide, on behalf of families participating in such 
programs, amounts for downpayments in connection with dwellings 
purchased by such families using assistance made available under 
section 8(y) of the United States Housing Act of 1937 (42 U.S.C. 
1437f(y)). No such downpayment grant may exceed 20 percent of the 
appraised value of the dwelling purchased with assistance under such 
section 8(y).
    (c) Matching Requirement.--The amount of assistance made available 
under this section for any existing homeownership pilot program may not 
exceed twice the amount donated from sources other than this section 
for use under the program for assistance described in subsection (b). 
Amounts donated from other sources may include amounts from State 
housing finance agencies and Neighborhood Housing Services of America.

   TITLE IV--PRIVATE MORTGAGE INSURANCE CANCELLATION AND TERMINATION

SEC. 401. SHORT TITLE.

    This title may be cited as the ``Private Mortgage Insurance 
Technical Corrections and Clarification Act''.

SEC. 402. CHANGES IN AMORTIZATION SCHEDULE.

    (a) Treatment of Adjustable Rate Mortgages.--The Homeowners 
Protection Act of 1998 (12 U.S.C. 4901 et seq.) is amended--
            (1) in section 2--
                    (A) in paragraph (2)(B)(i), by striking 
                ``amortization schedules'' and inserting ``the 
                amortization schedule then in effect'';
                    (B) in paragraph (16)(B), by striking 
                ``amortization schedules'' and inserting ``the 
                amortization schedule then in effect'';
                    (C) by redesignating paragraphs (6) through (16) 
                (as amended by the preceding provisions of this 
                paragraph) as paragraphs (8) through (18), 
                respectively; and
                    (D) by inserting after paragraph (5) the following 
                new paragraph:
            ``(6) Amortization schedule then in effect.--The term 
        `amortization schedule then in effect' means, with respect to 
        an adjustable rate mortgage, a schedule established at the time 
        at which the residential mortgage transaction is consummated 
        or, if such schedule has been changed or recalculated, is the 
        most recent schedule under the terms of the note or mortgage, 
        which shows--
                    ``(A) the amount of principal and interest that is 
                due at regular intervals to retire the principal 
                balance and accrued interest over the remaining 
                amortization period of the loan; and
                    ``(B) the unpaid balance of the loan after each 
                such scheduled payment is made.''; and
            (2) in section 3(f)(1)(B)(ii), by striking ``amortization 
        schedules'' and inserting ``the amortization schedule then in 
        effect''.
    (b) Treatment of Balloon Mortgages.--Paragraph (1) of section 2 of 
the Homeowners Protection Act of 1998 (12 U.S.C. 4901(1)) is amended by 
adding at the end the following new sentence: ``A residential mortgage 
that (A) does not fully amortize over the term of the obligation, and 
(B) contains a conditional right to refinance or modify the unamortized 
principal at the maturity date of the term, shall be considered to be 
an adjustable rate mortgage for purposes of this Act.''.
    (c) Treatment of Loan Modifications.--
            (1) In general.--Section 3 of the Homeowners Protection Act 
        of 1998 (12 U.S.C. 4902) is amended--
                    (A) by redesignating subsections (d) through (f) as 
                subsections (e) through (g), respectively; and
                    (B) by inserting after subsection (c) the following 
                new subsection:
    ``(d) Treatment of Loan Modifications.--If a mortgagor and 
mortgagee (or holder of the mortgage) agree to a modification of the 
terms or conditions of a loan pursuant to a residential mortgage 
transaction, the cancellation date, termination date, or final 
termination shall be recalculated to reflect the modified terms and 
conditions of such loan.''.
            (2) Conforming amendments.--Section 4(a) of the Homeowners 
        Protection Act of 1998 (12 U.S.C. 4903(a)) is amended--
                    (A) in paragraph (1)--
                            (i) in the matter preceding subparagraph 
                        (A), by striking ``section 3(f)(1)'' and 
                        inserting ``section 3(g)(1)'';
                            (ii) in subparagraph (A)(ii)(IV), by 
                        striking ``section 3(f)'' and inserting 
                        ``section 3(g)''; and
                            (iii) in subparagraph (B)(iii), by striking 
                        ``section 3(f)'' and inserting ``section 
                        3(g)''; and
                    (B) in paragraph (2), by striking ``section 
                3(f)(1)'' and inserting ``section 3(g)(1)''.

SEC. 403. DELETION OF AMBIGUOUS REFERENCES TO RESIDENTIAL MORTGAGES.

    (a) Termination of Private Mortgage Insurance.--Section 3 of the 
Homeowners Protection Act of 1998 (12 U.S.C. 4902) is amended--
            (1) in subsection (c), by inserting ``on residential 
        mortgage transactions'' after ``imposed''; and
            (2) in subsection (g) (as so redesignated by the preceding 
        provisions of this title)--
                    (A) in paragraph (1), in the matter preceding 
                subparagraph (A), by striking ``mortgage or'';
                    (B) in paragraph (2), by striking ``mortgage or''; 
                and
                    (C) in paragraph (3), by striking ``mortgage or'' 
                and inserting ``residential mortgage or residential''.
    (b) Disclosure Requirements.--Section 4 of the Homeowners 
Protection Act of 1998 (12 U.S.C. 4903(a)) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (1)--
                            (i) by striking ``mortgage or'' the first 
                        place it appears; and
                            (ii) by striking ``mortgage or'' the second 
                        place it appears and inserting ``residential''; 
                        and
                    (B) in paragraph (2), by striking ``mortgage or'' 
                and inserting ``residential'';
            (2) in subsection (c), by striking ``paragraphs (1)(B) and 
        (3) of subsection (a)'' and inserting ``subsection (a)(3)''; 
        and
            (3) in subsection (d), by inserting before the period at 
        the end the following: ``, which disclosures shall relate to 
        the mortgagor's rights under this Act''.
    (c) Disclosure Requirements for Lender-Paid Mortgage Insurance.--
Section 6 of the Homeowners Protection Act of 1998 (12 U.S.C. 4905) is 
amended--
            (1) in subsection (c)--
                    (A) in the matter preceding paragraph (1), by 
                striking ``a residential mortgage or''; and
                    (B) in paragraph (2), by inserting ``transaction'' 
                after ``residential mortgage''; and
            (2) in subsection (d), by inserting ``transaction'' after 
        ``residential mortgage''.

SEC. 404. CANCELLATION RIGHTS AFTER CANCELLATION DATE.

    Section 3 of the Homeowners Protection Act of 1998 (12 U.S.C. 4902) 
is amended--
            (1) in subsection (a)--
                    (A) in the matter preceding paragraph (1), by 
                inserting after ``cancellation date'' the following: 
                ``or any later date that the mortgagor fulfills all of 
                the requirements under paragraphs (1) through (4)'';
                    (B) in paragraph (2), by striking ``and'' at the 
                end;
                    (C) by redesignating paragraph (3) as paragraph 
                (4); and
                    (D) by inserting after paragraph (2) the following 
                new paragraph:
            ``(3) is current on the payments required by the terms of 
        the residential mortgage transaction; and''; and
            (2) in subsection (e)(1)(B) (as so redesignated by the 
        preceding provisions of this title), by striking ``subsection 
        (a)(3)'' and inserting ``subsection (a)(4)''.

SEC. 405. CLARIFICATION OF CANCELLATION AND TERMINATION ISSUES AND 
              LENDER PAID MORTGAGE INSURANCE DISCLOSURE REQUIREMENTS.

    (a) Good Payment History.--Section 2(4) of the Homeowners 
Protection Act of 1998 (12 U.S.C. 4901(4)) is amended--
            (1) in subparagraph (A)--
                    (A) by inserting ``the later of (i)'' before ``the 
                date''; and
                    (B) by inserting ``, or (ii) the date that the 
                mortgagor submits a request for cancellation under 
                section 3(a)(1)'' before the semicolon; and
            (2) in subparagraph (B)--
                    (A) by inserting ``the later of (i)'' before ``the 
                date''; and
                    (B) by inserting ``, or (ii) the date that the 
                mortgagor submits a request for cancellation under 
                section 3(a)(1)'' before the period at the end.
    (b) Automatic Termination.--Paragraph (2) of section 3(b) of the 
Homeowners Protection Act of 1998 (12 U.S.C. 4902(b)(2)) is amended to 
read as follows:
            ``(2) if the mortgagor is not current on the termination 
        date, on the first day of the first month beginning after the 
        date that the mortgagor becomes current on the payments 
        required by the terms of the residential mortgage 
        transaction.''
    (c) Premium Payments.--Section 3 of the Homeowners Protection Act 
of 1998 (12 U.S.C. 4902) is amended by adding at the end the following 
new subsection:
    ``(h) Accrued Obligation for Premium Payments.--The cancellation or 
termination under this section of the private mortgage insurance of a 
mortgagor shall not affect the rights of any mortgagee, servicer, or 
mortgage insurer to enforce any obligation of such mortgagor for 
premium payments accrued prior to the date on which such cancellation 
or termination occurred.''.

SEC. 406. DEFINITIONS.

    (a) Refinanced.--Section 6(c)(1)(B)(ii) of the Homeowners 
Protection Act of 1998 (12 U.S.C. 4905(c)(1)(B)(ii)) is amended by 
inserting after ``refinanced'' the following: ``(under the meaning 
given such term in the regulations issued by the Board of Governors of 
the Federal Reserve System to carry out the Truth in Lending Act (15 
U.S.C. 1601 et seq.))''.
    (b) Midpoint of the Amortization Period.--Section 2 of the 
Homeowners Protection Act of 1998 (12 U.S.C. 4901) is amended by 
inserting after paragraph (6) (as added by the preceding provisions of 
this title) the following new paragraph:
            ``(7) Midpoint of the amortization period.--The term 
        `midpoint of the amortization period' means, with respect to a 
        residential mortgage transaction, the point in time that is 
        halfway through the period that begins upon the first day of 
        the amortization period established at the time a residential 
        mortgage transaction is consummated and ends upon the 
        completion of the entire period over which the mortgage is 
        scheduled to be amortized.''.
    (c) Original Value.--Section 2(12) of the Homeowners Protection Act 
of 1998 (12 U.S.C. 4901(10)) (as so redesignated by the preceding 
provisions of this title) is amended--
            (1) by inserting ``transaction'' after ``a residential 
        mortgage''; and
            (2) by adding at the end the following new sentence: ``In 
        the case of a residential mortgage transaction for refinancing 
        the principal residence of the mortgagor, such term means only 
        the appraised value relied upon by the mortgagee to approve the 
        refinance transaction.''.
    (d) Principal Residence.--Section 2 of the Homeowners Protection 
Act of 1998 (12 U.S.C. 4901) is amended--
            (1) in paragraph (14) (as so redesignated by the preceding 
        provisions of this title) by striking ``primary'' and inserting 
        ``principal''; and
            (2) in paragraph (15) (as so redesignated by the preceding 
        provisions of this title) by striking ``primary'' and inserting 
        ``principal'';

                 TITLE V--NATIVE AMERICAN HOMEOWNERSHIP

                  Subtitle A--Native American Housing

SEC. 501. LANDS TITLE REPORT COMMISSION.

    (a) Establishment.--Subject to sums being provided in advance in 
appropriations Acts, there is established a Commission to be known as 
the Lands Title Report Commission (hereafter in this section referred 
to as the ``Commission'') to facilitate home loan mortgages on Indian 
trust lands. The Commission will be subject to oversight by the 
Committee on Banking and Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate.
    (b) Membership.--

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