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H.R.5640

American Homeownership and Economic Opportunity Act of 2000 (Engrossed as Agreed to or Passed by House)

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-

(1) APPOINTMENT- The Commission shall be composed of 12 members, appointed not later than 90 days after the date of the enactment of this Act as follows:

(A) Four members shall be appointed by the President.

(B) Four members shall be appointed by the Chairperson of the Committee on Banking and Financial Services of the House of Representatives.

(C) Four members shall be appointed by the Chairperson of the Committee on Banking, Housing, and Urban Affairs of the Senate.

(2) QUALIFICATIONS-

(A) MEMBERS OF TRIBES- At all times, not less than eight of the members of the Commission shall be members of federally recognized Indian tribes.

(B) EXPERIENCE IN LAND TITLE MATTERS- All members of the Commission shall have experience in and knowledge of land title matters relating to Indian trust lands.

(3) CHAIRPERSON- The Chairperson of the Commission shall be one of the members of the Commission appointed under paragraph (1)(C), as elected by the members of the Commission.

(4) VACANCIES- Any vacancy on the Commission shall not affect its powers, but shall be filled in the manner in which the original appointment was made.

(5) TRAVEL EXPENSES- Members of the Commission shall serve without pay, but each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with sections 5702 and 5703 of title 5, United States Code.

(c) INITIAL MEETING- The Chairperson of the Commission shall call the initial meeting of the Commission. Such meeting shall be held within 30 days after the Chairperson of the Commission determines that sums sufficient for the Commission to carry out its duties under this Act have been appropriated for such purpose.

(d) DUTIES- The Commission shall analyze the system of the Bureau of Indian Affairs of the Department of the Interior for maintaining land ownership records and title documents and issuing certified title status reports relating to Indian trust lands and, pursuant to such analysis, determine how best to improve or replace the system--

(1) to ensure prompt and accurate responses to requests for title status reports;

(2) to eliminate any backlog of requests for title status reports; and

(3) to ensure that the administration of the system will not in any way impair or restrict the ability of Native Americans to obtain conventional loans for purchase of residences located on Indian trust lands, including any actions necessary to ensure that the system will promptly be able to meet future demands for certified title status reports, taking into account the anticipated complexity and volume of such requests.

(e) REPORT- Not later than the date of the termination of the Commission under subsection (h), the Commission shall submit a report to the Committee on Banking and Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the analysis and determinations made pursuant to subsection (d).

(f) POWERS-

(1) HEARINGS AND SESSIONS- The Commission may, for the purpose of carrying out this section, hold hearings, sit and act at times and places, take testimony, and receive evidence as the Commission considers appropriate.

(2) STAFF OF FEDERAL AGENCIES- Upon request of the Commission, the head of any Federal department or agency may detail, on a reimbursable basis, any of the personnel of that department or agency to the Commission to assist it in carrying out its duties under this section.

(3) OBTAINING OFFICIAL DATA- The Commission may secure directly from any department or agency of the United States information necessary to enable it to carry out this section. Upon request of the Chairperson of the Commission, the head of that department or agency shall furnish that information to the Commission.

(4) MAILS- The Commission may use the United States mails in the same manner and under the same conditions as other departments and agencies of the United States.

(5) ADMINISTRATIVE SUPPORT SERVICES- Upon the request of the Commission, the Administrator of General Services shall provide to the Commission, on a reimbursable basis, the administrative support services necessary for the Commission to carry out its duties under this section.

(6) STAFF- The Commission may appoint personnel as it considers appropriate, subject to the provisions of title 5, United States Code, governing appointments in the competitive service, and shall pay such personnel in accordance with the provisions of chapter 51 and subchapter III of chapter 53 of that title relating to classification and General Schedule pay rates.

(g) AUTHORIZATION OF APPROPRIATIONS- There is authorized to be appropriated to carry out this section such sums as may be necessary, and any amounts appropriated pursuant to this subsection shall remain available until expended.

(h) TERMINATION- The Commission shall terminate 1 year after the date of the initial meeting of the Commission.

SEC. 502. LOAN GUARANTEES.

Section 184(i) of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z-13a(i)) is amended--

(1) in paragraph (5), by striking subparagraph (C) and inserting the following new subparagraph:

`(C) LIMITATION ON OUTSTANDING AGGREGATE PRINCIPAL AMOUNT- Subject to the limitations in subparagraphs (A) and (B), the Secretary may enter into commitments to guarantee loans under this section in each fiscal year with an aggregate outstanding principal amount not exceeding such amount as may be provided in appropriation Acts for such fiscal year.'; and

(2) in paragraph (7), by striking `each of fiscal years 1997, 1998, 1999, 2000, and 2001' and inserting `each fiscal year'.

SEC. 503. NATIVE AMERICAN HOUSING ASSISTANCE.

(a) RESTRICTION ON WAIVER AUTHORITY-

(1) IN GENERAL- Section 101(b)(2) of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4111(b)(2)) is amended by striking `if the Secretary' and all that follows through the period at the end and inserting the following: `for a period of not more than 90 days, if the Secretary determines that an Indian tribe has not complied with, or is unable to comply with, those requirements due to exigent circumstances beyond the control of the Indian tribe.'.

(2) LOCAL COOPERATION AGREEMENT- Section 101(c) of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4111(c)) is amended by adding at the end the following: `The Secretary may waive the requirements of this subsection and subsection (d) if the recipient has made a good faith effort to fulfill the requirements of this subsection and subsection (d) and agrees to make payments in lieu of taxes to the appropriate taxing authority in an amount consistent with the requirements of subsection (d)(2) until such time as the matter of making such payments has been resolved in accordance with subsection (d).'.

(b) ASSISTANCE TO FAMILIES THAT ARE NOT LOW-INCOME- Section 102(c) of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4112(c)) is amended by adding at the end the following:

`(6) CERTAIN FAMILIES- With respect to assistance provided under section 201(b)(2) by a recipient to Indian families that are not low-income families, evidence that there is a need for housing for each such family during that period that cannot reasonably be met without such assistance.'.

(c) ELIMINATION OF WAIVER AUTHORITY FOR SMALL TRIBES- Section 102 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4112) is amended--

(1) by striking subsection (f); and

(2) by redesignating subsection (g) as subsection (f).

(d) ENVIRONMENTAL COMPLIANCE- Section 105 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4115) is amended by adding at the end the following:

`(d) ENVIRONMENTAL COMPLIANCE- The Secretary may waive the requirements under this section if the Secretary determines that a failure on the part of a recipient to comply with provisions of this section--

`(1) will not frustrate the goals of the National Environmental Policy Act of 1969 (42 U.S.C. 4331 et seq.) or any other provision of law that furthers the goals of that Act;

`(2) does not threaten the health or safety of the community involved by posing an immediate or long-term hazard to residents of that community;

`(3) is a result of inadvertent error, including an incorrect or incomplete certification provided under subsection (c)(1); and

`(4) may be corrected through the sole action of the recipient.'.

(e) OVERSIGHT-

(1) REPAYMENT- Section 209 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4139) is amended to read as follows:

`SEC. 209. NONCOMPLIANCE WITH AFFORDABLE HOUSING REQUIREMENT.

`If a recipient uses grant amounts to provide affordable housing under this title, and at any time during the useful life of the housing the recipient does not comply with the requirement under section 205(a)(2), the Secretary shall take appropriate action under section 401(a).'.

(2) AUDITS AND REVIEWS- Section 405 of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4165) is amended to read as follows:

`SEC. 405. REVIEW AND AUDIT BY SECRETARY.

`(a) REQUIREMENTS UNDER CHAPTER 75 OF TITLE 31, UNITED STATES CODE- An entity designated by an Indian tribe as a housing entity shall be treated, for purposes of chapter 75 of title 31, United States Code, as a non-Federal entity that is subject to the audit requirements that apply to non-Federal entities under that chapter.

`(b) ADDITIONAL REVIEWS AND AUDITS-

`(1) IN GENERAL- In addition to any audit or review under subsection (a), to the extent the Secretary determines such action to be appropriate, the Secretary may conduct an audit or review of a recipient in order to--

`(A) determine whether the recipient--

`(i) has carried out--

`(I) eligible activities in a timely manner; and

`(II) eligible activities and certification in accordance with this Act and other applicable law;

`(ii) has a continuing capacity to carry out eligible activities in a timely manner; and

`(iii) is in compliance with the Indian housing plan of the recipient; and

`(B) verify the accuracy of information contained in any performance report submitted by the recipient under section 404.

`(2) ON-SITE VISITS- To the extent practicable, the reviews and audits conducted under this subsection shall include on-site visits by the appropriate official of the Department of Housing and Urban Development.

`(c) REVIEW OF REPORTS-

`(1) IN GENERAL- The Secretary shall provide each recipient that is the subject of a report made by the Secretary under this section notice that the recipient may review and comment on the report during a period of not less than 30 days after the date on which notice is issued under this paragraph.

`(2) PUBLIC AVAILABILITY- After taking into consideration any comments of the recipient under paragraph (1), the Secretary--

`(A) may revise the report; and

`(B) not later than 30 days after the date on which those comments are received, shall make the comments and the report (with any revisions made under subparagraph (A)) readily available to the public.

`(d) EFFECT OF REVIEWS- Subject to section 401(a), after reviewing the reports and audits relating to a recipient that are submitted to the Secretary under this section, the Secretary may adjust the amount of a grant made to a recipient under this Act in accordance with the findings of the Secretary with respect to those reports and audits.'.

(f) ALLOCATION FORMULA- Section 302(d)(1) of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4152(d)(1)) is amended--

(1) by striking `The formula,' and inserting the following:

`(A) IN GENERAL- Except with respect to an Indian tribe described in subparagraph (B), the formula'; and

(2) by adding at the end the following:

(g) HEARING REQUIREMENT- Section 401(a) of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4161(a)) is amended--

(1) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and realigning such subparagraphs (as so redesignated) so as to be indented 4 ems from the left margin;

(2) by striking `Except as provided' and inserting the following:

`(1) IN GENERAL- Except as provided';

(3) by striking `If the Secretary takes an action under paragraph (1), (2), or (3)' and inserting the following:

`(2) CONTINUANCE OF ACTIONS- If the Secretary takes an action under subparagraph (A), (B), or (C) of paragraph (1)'; and

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