To amend the Housing and Urban Development Act of 1968 to provide reforms to housing counseling and financial literacy programs.

This bill changes federal housing counseling programs run by the Department of Housing and Urban Development (HUD). It requires HUD to review the performance of all participating counseling agencies and allows HUD to compare individual counselors' results to loan default rates of counseled borrowers. HUD could require more training, retesting, or permanently suspend a counselor's certification, and could deny renewal of funding to agencies that do not follow program rules after 60 days' written notice and a chance for an informal conference. The bill also requires that borrowers who are 30 days or more behind on certain federally backed home loans be offered housing counseling, with costs for FHA-insured loans paid by the Mutual Mortgage Insurance Fund.

Full text and official record on Congress.gov

Sponsors

• 2 cosponsors