3.0.0 6487 2023-01-11T13:33:55Z 2023-01-11T13:33:55Z House HR 2016-12-08 114 [Congressional Record Volume 162, Number 177 (Thursday, December 8, 2016)][Pages H7569-H7570]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. ROYCE:H.R. 6487.Congress has the power to enact this legislation pursuantto the following:[[Page H7570]]Article I, section 8, clause 1 (relating to the generalwelfare of the United States);]]> hsag00 Agriculture Committee House Standing hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee Referred to 2016-12-16T15:56:24Z Referred to 2016-12-08T14:03:10Z hswm00 Ways and Means Committee House Standing Referred to 2016-12-08T14:03:15Z hsba00 Financial Services Committee House Standing Referred to 2016-12-08T14:03:05Z 2016-12-16 hsag22 Commodity Markets, Digital Assets, and Rural Development Subcommittee 1 House committee actions Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. Committee 2016-12-08 Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-12-08 Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsag00 Agriculture Committee 2016-12-08 Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2016-12-08 Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-12-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-12-08 Introduced in House IntroReferral 1000 9 Library of Congress R000487 Rep. Royce, Edward R. [R-CA-39] ED ROYCE R CA 39 N M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2016-12-08 True Housing and Community Development Commodities markets Congressional oversight Government corporations and government-sponsored enterprises Housing finance and home ownership Interest, dividends, interest rates Securities User charges and fees Housing and Community Development 00 2016-12-08 Introduced in House 2017-07-06T15:06:15Z Taxpayer Protections and Market Access for Mortgage Finance Act of 2016

This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Federal Housing Finance Agency (FHFA) to establish guidelines to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to engage in significant and increasing credit risk transfer transactions.

A "risk transfer transaction" provides for: (1) the sale, disposition, retention, or transfer within the private sector of credit risk on any single-family residential mortgage loan or a pool of such loans that back securities on which the enterprise guarantees the timely payment of principal and interest; or (2) the retention by the private sector of any such credit risk in connection with the sale of any such loan or security to an enterprise.

The enterprises may set and publish guarantee fees commensurate with the reduced credit risk resulting from any new risk transfer transactions. The bill exempts certain swaps entered into for the purpose of transferring or sharing credit risk in connection with a risk transfer transaction from the Commodity Exchange Act.

The FHFA must also require Fannie Mae and Freddie Mac to: (1) establish a five-year pilot program under which each enterprise must annually engage in at least one front-end (before or simultaneous with the acquisition of the loan or security by the enterprise) risk sharing transaction for which both bank and non-bank mortgage originators having under $10 billion in assets are eligible participants, and (2) jointly establish a pilot program to increase the amount of risk that is transferred by the enterprises using private mortgage insurance.

]]> Taxpayer Protections and Market Access for Mortgage Finance Act of 2016 Display Title Taxpayer Protections and Market Access for Mortgage Finance Act of 2016 Official Title as Introduced To require Fannie Mae and Freddie Mac to engage in credit risk transfer transactions, and for other purposes. Introduced in House IH Short Titles as Introduced Taxpayer Protections and Market Access for Mortgage Finance Act of 2016 Introduced in House 2016-12-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr6487ih/xml/BILLS-114hr6487ih.xml 2016-12-16 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. 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.