H.R. 5884 · 112th Congress
Homeownership Preservation Education Act of 2012
- Stage
- In committee
- Sponsor
- Karen Bass
- Introduced
- 2012-06-01
- Latest action
- 2012-07-11 · Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Summary
Homeownership Preservation Education Act of 2012 - Directs the Secretary of Housing and Urban Development (HUD) to carry out a pilot program to evaluate the effectiveness, in reducing defaults on residential mortgages, of reducing up-front premiums for mortgage insurance made available by the Secretary pursuant to the National Housing Act for first-time homebuyers who complete a homeownership counseling program providing for one-on-one prepurchase counseling.
Requires reduced premiums for mortgages secured by a 1- to 4-family dwelling that is an obligation of the Mutual Mortgage Insurance Fund for a first-time homebuyer who completes a HUD-approved program of counseling on the responsibilities and financial management involved in homeownership that provides for one-on-one prepurchase counseling of the homebuyer by a HUD-approved nonprofit housing counseling agency.