[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5837 Introduced in House (IH)]

<DOC>






118th CONGRESS
  1st Session
                                H. R. 5837

    To provide additional requirements for the purchase and sale of 
   conventional mortgages by the enterprises, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 29, 2023

     Mr. Garbarino (for himself and Mr. Vicente Gonzalez of Texas) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
    To provide additional requirements for the purchase and sale of 
   conventional mortgages by the 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 ``Protecting America's Property Rights 
Act''.

SEC. 2. FANNIE MAE CHARTER AMENDMENTS.

    (a) Purchase and Sale of Conventional Mortgages.--Section 302(b)(2) 
of the Federal National Mortgage Association Charter Act (12 U.S.C. 
1717(b)(2)) is amended by inserting ``No such purchase of a 
conventional mortgage secured by a property comprising one- to four-
family dwelling units shall be made unless the mortgage is secured by 
real property and the priority of the lien of the mortgage is insured 
by a title insurance company licensed and authorized to do business in 
the State, territory, or district in which the property securing the 
mortgage is located.'' after the first sentence.
    (b) Approval of New Activities and Risk.--Section 302(b)(6) of the 
Federal National Mortgage Association Charter Act (12 U.S.C. 
1717(b)(6)) is amended to read as follows:
            ``(6) Prior approval of director and secretary for new 
        programs.--
                    ``(A) In general.--The corporation may not 
                implement any new program, activity, product, or type 
                of risk unless the corporation first obtains the 
                approval of the Director of the Federal Housing Finance 
                Agency and the Secretary of the Treasury.
                    ``(B) Hearings.--The Director of the Federal 
                Housing Finance Agency shall appear before the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate and the Committee on Financial Services of the 
                House of Representatives on a semi-annual basis 
                regarding any new program, activity, product, or type 
                of risk approved under subparagraph (A).''.
    (c) Secondary Market Operations.--Section 304(a) of the Federal 
National Mortgage Association Charter Act (12 U.S.C. 1719(a)) is 
amended--
            (1) in paragraph (1), in the first sentence, by inserting 
        ``and for which the priority of the lien of the mortgage is 
        insured by a title insurance companies licensed and authorized 
        to do business in the State, territory, or district in which 
        the property securing the mortgage is located'' before the 
        period at the end; and
            (2) in paragraph (2), in the second sentence, by striking 
        ``or (B) to originate mortgage loans'' and inserting ``(B) to 
        originate mortgage loans; or (C) to purchase mortgages for 
        which the priority of the lien of the mortgage is insured by a 
        title insurance company licensed and authorized to do business 
        in the State, territory, or district in which the property 
        securing the mortgage is located''.

SEC. 3. FREDDIE MAC CHARTER AMENDMENTS.

    (a) Purchase and Sale of Conventional Mortgages.--Section 305(a)(2) 
of the Federal Home Loan Corporation Act (12 U.S.C. 1454(a)(2)) is 
amended by inserting ``The Corporation may not purchase a conventional 
mortgage secured by a property comprising one- to four-family dwelling 
units unless the mortgage is secured by real property and the priority 
of the lien of the mortgage is insured by a title insurance company 
licensed and authorized to do business in the State in which the 
property securing the mortgage is located.'' after the second sentence.
    (b) Approval of New Activities and Risk.--Section 305(c) of the 
Federal Home Loan Corporation Act (12 U.S.C. 1454(c)) is amended to 
read as follows:
    ``(c) Prior Approval of Director and Secretary for New Programs.--
            ``(1) In general.--The Corporation may not implement any 
        new program, activity, product, or type of risk unless the 
        Corporation first obtains the approval of the Director of the 
        Federal Housing Finance Agency and the Secretary of the 
        Treasury.
            ``(2) Hearings.--The Director of the Federal Housing 
        Finance Agency shall appear before the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and the Committee on 
        Financial Services of the House of Representatives on a semi-
        annual basis regarding any new program, activity, product, or 
        type of risk approved under paragraph (1).''.
    (c) Secondary Market Operations.--Section 305(a) of the Federal 
Home Loan Corporation Act (12 U.S.C. 1454(a)) is amended--
            (1) in paragraph (1), in the first sentence, by inserting 
        ``for which the priority of the lien of the mortgage is insured 
        by a title insurance companies licensed and authorized to do 
        business in the State in which the property securing the 
        mortgage is located'' before the period at the end; and
            (2) in paragraph (5), in the third sentence, by striking 
        ``or (B) to originate mortgage loans'' and inserting ``(B) to 
        originate mortgage loans; or (C) to purchase mortgages for 
        which the priority of the lien of the mortgage is insured by a 
        title insurance company licensed and authorized to do business 
        in the State in which the property securing the mortgage is 
        located''.

SEC. 4. DEFINITION OF CONFORMING MORTGAGE.

    Section 1303(26) of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4502(26)) is amended--
            (1) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively, and adjusting the margins 
        accordingly;
            (2) by striking ``mortgage having'' and inserting 
        ``mortgage--
                    ``(A) having'';
            (3) in subparagraph (A)(ii), as so redesignated, by 
        striking the period at the end and inserting ``; and''; and
            (4) by adding at the end the following:
                    ``(B) for which the priority of the lien of the 
                mortgage is insured by a title insurance company 
                licensed and authorized to do business in the State in 
                which the property securing the mortgage is located.''.
                                 <all>