Expanding American Homeownership Act of 2007
Sponsor: MAXINE WATERS (D-CA)
Expanding American Homeownership Act of 2007 - (Sec. 3) Amends the National Housing Act (Act) to: (1) modify requirements governing the maximum principal loan obligation, changing it to 125% of the median one-family house price in the area; and (2) extend the mortgage term from 35 to 40 years. (Sec. 5) Revises eligibility criteria for cash down payment for mortgage insurance. Alters the formula for determining the principal obligation to set the loan-to-value (LTV) for a Federal Housing Administration (FHA) single family home at 97.75 % of the appraised value of the property (plus the amount of the mortgage insurance premium paid at the time the mortgage is insured, as under current law).
Housing and Community Development Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 2.7% of U.S. adults whose member did not vote, voted “present,” or whose seat was vacant.
| Side | Outcome | Votes | Share of U.S. adults |
|---|---|---|---|
| Nay | Won | 276 | 62.3% |
| Yea | Lost | 147 | 35.1% |
| Not represented on this question | No position taken | 0 | 2.7% |