What is House Bill H.R. 2162?
Cost of House Bill H.R. 2162
In-Depth: Rep. Joyce Beatty (D-OH) reintroduced this bill from the 115th Congress to increase first-time homebuyers’ knowledge:
“Right now, too many Americans lack the basic knowledge and know-how to fully understand the long-term financial obligations and implications of purchasing a home. Motivating first-time homebuyers to seek vital pre-purchase counseling and equipping them with the much-needed financial skills and tools to make informed financial decisions benefits their families, the surrounding neighborhood, and entire U.S. economy—and that is precisely why the Housing Financial Literacy Act is so desperately needed.”
After this bill passed the House Financial Services Committee, Rep. Beatty said:
“Motivating first-time homebuyers to seek vital pre-purchase counseling and equipping them with the much-needed financial skills and tools to make informed financial decisions benefits their families, the surrounding neighborhood, and our entire economy. I am pleased to see my bill move one step closer to becoming law, and many thanks to my Democratic and Republican colleagues for their support.”
This bill has passed the House Financial Services Committee by a 53-6 vote with the support of two bipartisan cosponsors. Last Congress, this bill had 24 bipartisan cosponsors (23 Democrats and one Republican) and didn’t receive a committee vote.
Of Note: Rep. Beatty’s office notes that homebuyers who receive pre-purchase housing counseling are nearly 33% less likely to fall behind on their mortgages as compared to those who don’t receive pre-purchase housing counseling. Therefore, such homebuyers face a reduced risk of foreclosure.
- Sponsoring Rep. Joyce Beatty (D-OH) Press Release
- Sponsoring Rep. Joyce Beatty (D-OH) Press Release After House Financial Services Committee Passage
- Sponsoring Rep. Joyce Beatty (D-OH) Remarks at House Financial Services Committee Markup (Video)
- The Beat DC
Summary by Lorelei Yang(Photo Credit: iStockphoto.com / urbazon)
Housing Financial Literacy Act of 2019
To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.
- Not enactedThe President has not signed this bill
- The senate has not voted
Committee on Banking, Housing, and Urban Affairs
- senate Committees
- The house has not voted
Committee on Financial ServicesIntroducedApril 9th, 2019
- house Committees