“To require a study on the feasibility and potential impacts of portable Federally backed mortgage loans, and for other purposes.”
No CRS summary available for this bill.
This section directs the Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency to jointly conduct a study on the feasibility and potential impacts of mortgage loan portability for federally backed mortgage loans (i.e., FHA-insured, VA-guaranteed, USDA-assisted, or Fannie Mae/Freddie Mac-purchased or securitized loans secured by 1-4 family residential properties). The study must analyze (1) administrative and operational feasibility; (2) effects on the housing market; (3) required rulemaking and regulatory changes; (4) number of current borrowers who would benefit; (5) budgetary impacts on the federal government; (6) safety and soundness implications for federal mortgage programs and Fannie Mae and Freddie Mac; (7) necessary statutory changes; (8) recommendations for a limited demonstration program; (9) other relevant information; and (10) alternatives if portability is not feasible. The agencies may consult Fannie Mae, Freddie Mac, FHA, VA, USDA, mortgage lenders and servicers, and other entities.
This section directs the Secretary and the Director to submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, not later than 180 days after the date of enactment of this Act, a joint report containing (1) the findings of the study required under section 2; (2) policy recommendations, if any; (3) an assessment of risks and benefits to taxpayers and financial markets; and (4) any dissenting views from either agency.