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H.R. 4462 (113th): Housing Financial Literacy Act of 2014

The text of the bill below is as of Apr 10, 2014 (Introduced).


I

113th CONGRESS

2d Session

H. R. 4462

IN THE HOUSE OF REPRESENTATIVES

April 10, 2014

(for herself, Mr. Stivers, Mr. Hinojosa, Ms. Waters, Mrs. Carolyn B. Maloney of New York, Mr. Clay, Mr. Meeks, Mr. Rangel, Ms. Fudge, Mr. Gutiérrez, Ms. Linda T. Sánchez of California, Mr. Cárdenas, Ms. Sewell of Alabama, Mr. Connolly, Mr. Heck of Washington, Mr. Swalwell of California, Ms. Lee of California, Ms. Jackson Lee, Ms. Eddie Bernice Johnson of Texas, Ms. Edwards, Mr. Ryan of Ohio, and Mr. Johnson of Georgia) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.

1.

Short title

This Act may be cited as the Housing Financial Literacy Act of 2014 .

2.

Discount on mortgage insurance premium payments for first-time homebuyers who complete financial literacy housing counseling programs

The second sentence of subparagraph (A) of section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended by striking not exceed 2.75 percent of the amount of the original insured principal obligation of the mortgage and inserting be 25 basis points lower than the premium payment amount established by the Secretary under the first sentence of this subparagraph.