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1 1 (August 5, 2019)

handle is hein.congrec/hsfinlit0001 and id is 1 raw text is: Congressional Budget Office Cost Estimate August 5, 2019 By Fiscal Year, Millions of Dollars 2019 2019-2024 2019-2029 Direct Spending (Outlays) 0 0 0 Revenues Deficit Effect 0 0 0 0 0 0 Summary For this estimate, CBO assumes that H.R. 2162 will be enacted near the end of fiscal year 2019, before fiscal year 2020 appropriations for the Federal Housing Administration (FHA) have been enacted but late enough in the year that the act's provisions would not apply to mortgage guarantees made in 2019. If H.R. 2162 were enacted after 2020 appropriations were completed, any budgetary effect for 2020 would be treated as a change in direct spending. H.R. 2162 would require FHA to provide a form of risk-based pricing by offering a discount of 25 basis points on the up-front premium charged to first-time homebuyers receiving FHA- insured mortgages who have completed an agency-approved mortgage-counseling program.' (A basis point is one-hundredth of a percentage point.) To qualify for the discount, homebuyers would need to complete the counseling before applying for a mortgage. CBO estimates that implementing the act would have no significant effect on discretionary offsetting collections from the FHA mortgage insurance program in any year over the 2020- 2024 period. 1. Risk-based pricing means that borrowers with lower risk of default pay lower fees or interest rates for mortgage credit or guarantees and borrowers with higher risk of default pay higher fees or interest rates. See also CBO's Cost Estimates Explained, www.cbo.gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo.gov/publication/42904.

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