Homeowners' Defense Act of 2007

[AI summary unavailable — showing source text] Homeowners' Defense Act of 2007 - Declares that the purposes of this Act is to provide a federal backstop for state-sponsored insurance programs to help homeowners prepare for and recover from the damages caused by natural catastrophes. Establishes a nonprofit National Catastrophe Risk Consortium, which shall not be an agency or instrumentality of the U.S. government, to: (1) gather an inventory of catastrophe risk obligations held by participating states' reinsurance funds, risk pools, or primary insurance corporations; (2) issue securities and other financial instruments linked to the catastrophe risk in the capital markets; (3) enter into reinsurance contracts with private parties, on a conduit basis; (4) act as a centralized repository of state risk information accessible by private-market participants interested in underwriting risk-linked securities or entering into reinsurance contracts; and (5) use an acquired catastrophe risk database to perform research and analysis that encourages standardization of the risk-linked securities market. Makes the Consortium eligible for discretionary federal grants, contracts, gifts, contributions, or technical assistance. Directs the Secre…