The purpose of this legislation, known as the Mortgage Insurance Freedom Act, is to change the rules regarding the collection of annual mortgage insurance premiums for certain home loans. Specifically, it aims to stop the collection of these premiums when the remaining mortgage balance falls to 78 percent or less of the home's value. The key provision of this law states that once a homeowner's mortgage balance is at or below 78 percent of the home's original sales price or appraised value, the Secretary of Housing and Urban Development cannot collect annual mortgage insurance premiums.