3.0.0 1834 2019-02-20T23:20:42Z 2019-02-24T00:36:42Z Senate S S 2011-11-09 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings by 2011-11-15T17:52:11Z Referred to 2011-11-09T19:52:43Z 2011-11-15 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-408. Committee 2011-11-09 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2011-11-09 Introduced in Senate IntroReferral 10000 9 Library of Congress C001071 Sen. Corker, Bob [R-TN] Bob Corker R TN N C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA 2012-02-07 False Housing and Community Development Administrative law and regulatory procedures Department of Agriculture Department of Housing and Urban Development Department of the Treasury Farm Credit Administration Federal Deposit Insurance Corporation (FDIC) Federal Housing Finance Agency Federal Reserve System Federal Trade Commission (FTC) Government corporations and government-sponsored enterprises Government information and archives Housing finance and home ownership National Credit Union Administration Securities Securities and Exchange Commission (SEC) Housing and Community Development 00 2011-11-09 Introduced in Senate 2012-01-25T18:00:22Z Residential Mortgage Market Privatization and Standardization Act of 2011 - Amends the National Housing Act and the Federal Home Loan Mortgage Corporation Act to require the Director of the Federal Housing Finance Agency (FHFA) to begin reducing by at least 10% per year the percentage of the value of a trust certificate or other security that may be guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs).

Covers single-family or multifamily residential mortgage loans originated, serviced, or subserviced, in whole or in part, owned directly or indirectly, or securitized or resecuritized, by an entity, affiliate, or subsidiary regulated by any one of specified federal agencies. Directs each such agency to require that all entities they regulate put into the public domain reasonably accurate and complete data relating to covered mortgage loans.

Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the FHFA Director to establish a program to encourage the development of a deliverable residential mortgage (DRM) futures market (for forward contracts for the sale of mortgage-backed securities collateralized exclusively by DRMs) that: (1) compliments the TBA market (for forward contracts for the sale of mortgage-backed securities that do not specify the particular mortgage-backed securities that will be delivered to the buyer); (2) creates incentives for trading by participants in the TBA market; and (3) has the potential to replace the TBA market.

Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to exempt from regulation and registration requirements any mortgage-backed security collateralized exclusively by DRMs.

Requires the Director, as conservator of the GSEs, to: (1) identify any GSE property that would be of value to nongovernmental entities; and (2) sell it to them.

Directs the federal banking agencies to: (1) establish jointly specific minimum standards for mortgage underwriting; and (2) review, and if necessary revise, them every five years.

Makes it a violation of federal law: (1) for any mortgage loan originator to fail to comply with such minimum standards in originating a residential mortgage loan; (2) for any company to maintain an extension of credit on a revolving basis to any person to fund a residential mortgage loan, unless the company reasonably determines that the loan was subject to no less stringent underwriting standards; or (3) for any company to purchase, fund by assignment, or guarantee a residential mortgage loan, unless the company also reasonably determines that the loan was subject to no less stringent underwriting standards.

Authorizes the federal banking agencies to issue rules jointly to exempt from specified downpayment requirements tax-exempt charitable organizations that are also mortgage loan originators.

Amends the Securities Exchange Act of 1934 to repeal credit risk retention and qualified residential mortgage (QRM) rules.

Requires the Director to develop a uniform pooling and servicing agreement (PSA) to: (1) address all issues relating to the pool trustee; and (2) create uniform loss mitigation standards, including standards for a single point of contact for troubled borrowers, an industry wide net-present-value model for determining when to conduct a loan modification rather than foreclosure, and national standards for the foreclosure process.

Requires the FHFA Director to establish a Mortgage Electronic Registration System to incorporate a single national database for all mortgage title transfers.

Requires the Comptroller of the Currency, the Chairperson of the Federal Deposit Insurance Corporation (FDIC), the Chairman of the Board of Governors of the Federal Reserve System, and the Director of the Consumer Financial Protection Bureau (CFPB) to develop jointly, under FHFA direction, uniform regulatory practices for the mortgage market.

]]> Residential Mortgage Market Privatization and Standardization Act of 2011 Short Titles as Introduced Residential Mortgage Market Privatization and Standardization Act of 2011 Display Title Residential Mortgage Market Privatization and Standardization Act of 2011 Official Title as Introduced A bill to restore and repair the United States mortgage markets by making them transparent, bringing in private capital, winding down the Government-sponsored enterprises, and for other purposes. Introduced in Senate 2011-11-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1834is/xml/BILLS-112s1834is.xml 2011-11-15 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-408. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.