WASHINGTON (4/22/10)—The House Financial Services Committee announced it will conduct a mark up today of a series of bills, including The Flood Insurance Reform Priorities Act of 2010. Also scheduled for a vote:
* H.R. 2336, Green Resources for Energy Efficient Neighborhoods Act, which would amend the Housing and Community Development Act of 1992 to require the director of the Federal Housing Finance Agency to assign an additional housing credit for compliance with Federal Mortgage Insurance Association and Federal Home Loan Mortgage Corporation housing goals for energy-efficient and location-efficient mortgages. It also would require Fannie Mae and Freddie Mac to develop loan products and flexible underwriting guidelines to facilitate a secondary market for energy-efficient and location-efficient mortgages for low and moderate income families, for second and junior mortgages made for purposes of energy efficiency or renewable energy, or both, and amends the Home Mortgage Disclosure Act of 1975 to require the collection of information on energy-efficient and location-efficient mortgages, among other things; * H.R. 5017, Rural Housing Preservation and Stabilization Act, intended to ensure the availability of loan guarantees for rural homeowners; * H.R. 2555, Homeowners’ Defense Act, which would establishe the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: maintain an inventory of catastrophe risk obligations held by state reinsurance funds, state residual insurance market entities, and state-sponsored providers of natural catastrophe insurance; issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; coordinate reinsurance contracts; act as a centralized repository of state risk information accessible by certain private-market participants; and establish a database to perform research and analysis that encourages standardization of the risk-linked securities market; * The FHA Reform Act, which would amend the National Housing Act to make exceptions to the prohibition against mortgage insurance for mortgages involving a downpayment using funds furnished by: the seller or any party that benefits financially from the transaction (seller-financed downpayment); or any third party that is reimbursed by the seller or any such party; as well as make eligible for mortgage insurance, in spite of a seller-financed downpayment, any mortagors with credit scores equivalent to a FICO score of: 680 or more; at least 620 but less than 680; or 619 or less; and * H.R. 1264, Multiple Peril Insurance Act, to amend the National Flood Insurance Act to require the national flood insurance program to enable the purchase of multi-peril coverage and optional separate windstorm coverage to protect against loss resulting from physical damage or loss of real or related personal property located in the United States.