H.R. 5387 — Saving the American Dream Act

This section directs the Secretary of Housing and Urban Development, the Secretary of Agriculture, the Secretary of Veterans Affairs, the Secretary of the Treasury, and the Director of the Federal Housing Finance Agency to establish a memorandum of understanding, or other appropriate interagency agreement, not later than one year after enactment of this section, to share and coordinate relevant housing-related research and market data that facilitates evidence-based policymaking.

This section directs the Secretary of Housing and Urban Development, Secretary of Agriculture, Secretary of Veterans Affairs, Secretary of the Treasury, and Director of the Federal Housing Finance Agency to jointly submit to designated congressional committees a report, not later than one year after enactment, outlining policy proposals addressing (1) federal housing finance programs and coordination; (2) opportunities to lower mortgage origination and servicing costs by aligning underwriting and servicing standards; (3) housing construction costs, production barriers, and development incentives; (4) local regulatory barriers to housing production; (5) insurance costs and availability affecting housing markets; (6) down payment assistance and housing transaction incentives; and (7) disaster resilience and housing recovery coordination. The designated committees are the Senate Committees on Banking, Housing, and Urban Affairs, Veterans’ Affairs, and Finance; and the House Committees on Financial Services, Ways and Means, and Veterans’ Affairs.