Amendment101st Congress
Amendment altered the FHA mortgage insurance program by phasing out over five years the current 3.8% insurance premium paid at the time of settlement, and required instead that a 1.35% premium be paid at the time of settlement and that 0.6% be paid annually over the life of the loan. It prohibited the issuance of FHA mortgages exceeding the market value of a property and eliminated the rebate of unearned insurance premiums when mortgages were prepaid.
- Amendment Number
- 648
- Description
- Amendment altered the FHA mortgage insurance program by phasing out over five years the current 3.8% insurance premium paid at the time of settlement, and required instead that a 1.35% premium be paid at the time of settlement and that 0.6% be paid annually over the life of the loan. It prohibited the issuance of FHA mortgages exceeding the market value of a property and eliminated the rebate of unearned insurance premiums when mortgages were prepaid.
- Purpose
- An amendment to alter the FHA mortgage insurance program by phasing out over five years the 3.8% insurance premium paid at the time of settlement. The amendmnet would require 1.35% premium be paid at the time of settlement and 0.6% be paid annually over the life of the loan. The amendment would also prohibit the issuance of FHA mortgages that exceed the market value of a property and eliminate the rebate of unearned insurance premiums when mortgages are prepaid.
- Congress
- 101
- Type
- HAMDT
- Latest Action Date
- Jul 31, 1990
- Latest Action Text
- On agreeing to the Vento amendment (A017) Agreed to by recorded vote: 418 - 2 (Roll no. 290).
- Latest Action Time
- 19:06:59
- Submitted Date
- Jul 31, 1990
- Chamber
- House of Representatives
- Update Date
- Jul 1, 2021