Sec. 12. Publication of final rules relating to limiting seller contributions towards purchase related expenses
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Not later than 90 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall— issue and publish its final rule to implement the proposed rule entitled Federal Housing Administration
(FHA)Risk Management Initiatives: Revised Seller Concessions (77 Fed. Reg. 10695 (February 23, 2012)); and ensure that the final rule required under paragraph (1)— limits the amount a seller or interested third party, or both, may contribute towards the purchase-related expenses of a borrower without reducing the maximum insured amount of a mortgage insured under title II of the National Housing Act ( 12 U.S.C. 1707 et seq. ); and defines the acceptable types of expenses that a seller or interested third party, or both, may contribute under subparagraph (A), such as closing costs, prepaid expenses, discount points, up-front mortgage insurance premiums, and interest rate buydowns. If the Secretary of Housing and Urban Development fails to issue a final rule by the end of the period described under subsection (a), the Secretary and the Director of Office of Management and Budget shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives to provide testimony explaining the failure to comply with the requirements of this section.
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- 77 FR 10695
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Sec. 12
Publication of final rules relating to limiting seller contributions towards purchase related expenses
Fed. Reg.77 FR 10695
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