Protecting American Taxpayers and Homeowners Act of 2018 2018-09-07 Introduced in House Protecting American Taxpayers and Homeowners Act of 2018

This bill revises provisions related to housing finance, mortgage-backed securities, and government-sponsored enterprises. Among other things, the bill:

  • abolishes the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), effective five years after the bill's enactment;
  • makes both the Government National Mortgage Association (Ginnie Mae) and the Federal Housing Administration (FHA) independent of the Department of Housing and Urban Development (HUD);
  • transfers certain functions from HUD and the Department of Agriculture to the FHA and otherwise revises the FHA's authority; and
  • establishes a mortgage-backed security market exchange and covered bond program.
]]> 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 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.