HR 5017: The Entire Text is shorter than my last status and it has sat in the Senate for over a month now.

Mortgage and Lending with Icon Mortgage NMLS #134262

Rural Housing Preservation and Stabilization Act of 2010 (Introduced in House)

HR 5017 IH


2d Session

H. R. 5017
To ensure the availability of loan guarantees for rural homeowners.


April 14, 2010
Mr. KANJORSKI (for himself, Mr. HODES, Mr. WILSON of Ohio, Mr. HINOJOSA, and Mr. COURTNEY) introduced the following bill; which was referred to the Committee on Financial Services


To ensure the availability of loan guarantees for rural homeowners.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,


This Act may be cited as the `Rural Housing Preservation and Stabilization Act of 2010'.


(a) Fees-

(1) UP-FRONT AND ANNUAL FEES- Paragraph (8) of section 502(h) of the Housing Act of 1949 (42 U.S.C. 1472(h)(8)) is amended to read as follows:

`(8) GUARANTEE FEES- With respect to a guaranteed loan under this subsection, the Secretary may collect from the lender--

`(A) at the time of issuance of the guarantee, a fee equal to not more than 3.5 percent of the principal obligation of the loan; and

`(B) an annual fee during the term of the loan equal to not more than 0.5 percent of the outstanding principal balance of the loan.'.

(2) CONFORMING AMENDMENT- Section 739 of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriation Act, 2001 (as enacted by Public Law 106-387; 114 Stat. 1549A-34) is hereby repealed.

(b) Authorization of Amount of Loan Guarantees- Section 513 of the Housing Act of 1949 (42 U.S.C. 1483) is amended by adding at the end the following new subsection:

`(f) Authorization for Loan Guarantees- The Secretary may, to the extent approved in appropriation Acts, guarantee loans under section 502(h) in aggregate amounts not to exceed $30,000,000,000 for fiscal year 2010 and for each fiscal year thereafter.'.

More Pressing Issues on the Senate's Mind


What to do now?

Simple! Help us get the program refunded and continue funding independent from appropriations for the life of the program.

How, you ask? Again, Simple but it will take a few moments of your time and a couple of long distance minutes on next month's phone bill.

The bill in question is HR 5017, or S3266. Call Any or Preferrably ALL of the following individuals and DEMAND attention on this important issue. You can also look for my soon coming blog that will provide a form letter that you can send to each of these people via their website, and oh yes...I WILL provide links.

Debbie Stabenow (202) 224-4822. Your trusted local Michigan Senator that doesn't even realize that Michigan accounts for 28% of ALL Rural Housing Loans or that in Michigan- 31% of all mortgage loans originated are Rural Housing loans, or that 45% of First Time Home buyers in Michigan rely on USDA Guaranteed Financing.

BTW-Carl Levin, no matter how you feel about him, was an original co-sponsor of the bill.

 United States Senate Committee on Banking, Housing, and Urban Affairs. (202) 224-739.

These are the people who are so busy passing pet project regulatory legislation that will be obsolete in 2 years that they have ignored this pertinent issue and now are just so drained that they want to recess until after the Memorial Day Holiday. DEMAND that they don't, We need your support.

 Members of the Banking and Housing Committee that were original supporters of this bill. Be nice to these ones, they were trying to do well, but were met with Senator Dodd's opposition.

Bennet (CO) (202) 224-5852
Johanns (NE) 202) 224-4224
Brown (OH) 202) 224-2315...

Jon Tester (D-MT) (202) 224-2644

All of the Senate Housing and Banking Committee:

Christopher J. Dodd Chairman (D-CT) (202) 224-2823

Richard C. Shelby Ranking Member (R-AL) (202) 224-5744

Tim Johnson (D-SD) (202) 224-5842

Jack Reed (D-RI)(202) 224-4642

Charles E. Schumer (D-NY) 202-224-6542

Evan Bayh (D-IN) (202) 224-5623

Robert Menendez (D-NJ) 202.224.4744

Daniel K. Akaka (D-HI (202) 224-6361

Sherrod Brown (D-OH) 202-224-2315

Jon Tester (D-MT) (202) 224-2644

Herb Kohl (D-WI) (202) 224-5653

Mark Warner (D-VA) 202-224-2023

Jeff Merkley (D-OR) 202-224-3753

Michael Bennet (D-CO) (202) 224-5852

Robert F. Bennett (R-UT) (202) 224-5444

Jim Bunning (R-KY) 202.224.4343

Mike Crapo (R-ID) (202) 224-6142

Bob Corker (R-TN) 202-224-3344

Jim DeMint (R-SC) 202-224-6121

David Vitter (R-LA) (202) 224-4623

Mike Johanns (R-NE) (202) 224-4224

Kay Bailey Hutchison (R-TX) 202-224-5922

Judd Gregg (R-NH) (202) 224-3324

Senate Majority Leader Harry Reid 202-224-3542
The Big Dog....

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Comments (1)

Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

It is like we are all being led by the lowest and dumbest of the people available 

Jan 18, 2012 11:18 PM