H.R. 2034 · 111th Congress
Rural Homeowners Protection Act of 2009
- Stage
- Passed a chamber
- Sponsor
- Wm. Clay
- Introduced
- 2009-04-22
- Latest action
- 2009-07-30 · Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Summary
Rural Homeowners Protection Act of 2009 - Amends the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Act and the Housing Act of 1949 to: (1) increase from 1% to 2% the guarantee fee on loans for housing and buildings on adequate farms; and (2) authorize the Secretary of Agriculture to guarantee a loan made to refinance one made by a private lender to an individual to acquire or construct a single-family residence located in a rural area.
Requires the Secretary to charge a guarantee fee for refinancing such a loan at levels necessary, but no higher than needed, to allow such class of loans to be guaranteed without resulting in a need for an appropriation for a credit subsidy.