[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2117 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 2117

To amend the Federal National Mortgage Association Charter Act and the 
     Federal Home Loan Mortgage Corporation Act to remove certain 
   competitive advantages granted to the housing-related government-
   sponsored enterprises relative to other secondary mortgage market 
                  enterprises, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 2003

  Mr. Stark introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal National Mortgage Association Charter Act and the 
     Federal Home Loan Mortgage Corporation Act to remove certain 
   competitive advantages granted to the housing-related government-
   sponsored enterprises relative to other secondary mortgage market 
                  enterprises, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Secondary Mortgage Market Fair 
Competition Act''.

SEC. 2. REPEAL OF EXEMPTION FROM STATE AND LOCAL TAXATION.

    (a) Fannie Mae.--Section 309(c) of the Federal National Mortgage 
Association Charter Act (12 U.S.C. 1723a(c)) is amended--
            (1) by striking paragraph (2); and
            (2) by striking ``(1)''.
    (b) Freddie Mac.--Section 303 of the Federal Home Loan Mortgage 
Corporation Act (12 U.S.C. 1452) is amended by striking subsection (e).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>