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S. 1376, FHA Solvency Act of 2013 1 (November 18, 2013)

handle is hein.congrec/cbo11412 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE November 18, 2013 S. 1376 FHA Solvency Act of 2013 As ordered reported by the Senate Committee on Banking, Housing, and Urban Affairs on July 31, 2013 SUMMARY S. 1376 would make several changes to current law aimed at improving the financial safety and soundness of the Federal Housing Administration's (FHA's) Mutual Mortgage Insurance (MMI) fund. That fund records the transactions of two housing programs operated by FHA: the single-family mortgage guarantee program and the Home Equity Conversion Mortgage (HECM) program. The bill would require FHA to take certain corrective actions if the annual actuarial review of the MMI fund indicates that the fund's capital ratio has fallen below certain targets and would require FHA to make other administrative changes to the processes they use to oversee the single-family and HECM programs. CBO estimates that implementing S. 1376 would result in a net decrease in discretionary spending of $514 million over the 2014-2018 period, assuming enactment of appropriation laws necessary to implement the legislation's provisions. This legislation would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. S. 1376 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary impact of S. 1376 is shown in the following table. The costs of this legislation fall within budget function 370 (commerce and housing credit).

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