Mortgage Rate Reduction Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 892 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 892

To require the heads of certain agencies to disclose information about
 loans insured and guaranteed by such agencies, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 31, 2025

   Mr. Ryan introduced the following bill; which was referred to the
 Committee on Financial Services, and in addition to the Committee on
 Veterans' Affairs, 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

_______________________________________________________________________

                                 A BILL

To require the heads of certain agencies to disclose information about
 loans insured and guaranteed by such agencies, 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 ``Mortgage Rate Reduction Act''.

SEC. 2. SENSE OF THE CONGRESS.

    It is the sense of the Congress that--
            (1) the Assistant Secretary for the Office of Housing and
        Federal Housing Commissioner should, acting through the Federal
        Housing Administration, insure second mortgages under section
        203 of the National Housing Act for properties for which the
        Federal Housing Administration has insured a first mortgage, to
        facilitate the assumption of such first mortgage by a
        subsequent purchaser of such property;
            (2) the Secretary of Agriculture should guarantee loans for
        eligible housing under section 502(h) of the Housing Act of
        1949 that are second mortgages if the Secretary of Agriculture
        insures the loan that is the first mortgage against such
        eligible housing, to facilitate the assumption of such first
        mortgage by a subsequent purchaser of such eligible housing;
        and
            (3) the Secretary of Veterans Affairs should insure and
        guarantee real estate housing loans secured by second liens
        under subchapter I of chapter 37 of title 38, United States
        Code, if the Secretary of Veterans Affairs insures the first
        lien against such real estate, to facilitate the assumption of
        the first mortgage against such real estate by a subsequent
        purchaser of such real estate.

SEC. 3. INSURANCE FOR SECONDARY MORTGAGES.

    (a) Federal Housing Administration.--
            (1) In general.--Section 201(a) of the National Housing Act
        (12 U.S.C. 1707(a)) is amended--
                    (A) by striking ``a first mortgage'' each place it
                occurs and inserting ``a first mortgage or second
                mortgage''; and
                    (B) by striking ``secured thereby.'' and inserting
                the following: ``secured thereby; and the term `second
                mortgage' means, with respect to real estate against
                which there is a first mortgage that has been insured
                under section 203, such classes of second liens as are
                commonly given to secure advances on, or the unpaid
                purchase price of, real estate, under the laws of the
                State in which the real estate is located, together
                with the credit instrument, if any, secured thereby''.
            (2) Conforming amendments.--Section 203 of the National
        Housing Act (12 U.S.C. 1709) is amended by striking ``first
        mortgage'' each place it occurs and inserting ``first mortgage
        or second mortgage''.
    (b) Department of Veterans Affairs.--Section 3703(d)(3) of title
38, United States Code, is amended--
            (1) in subparagraph (A), by striking ``first lien'' and
        inserting ``first lien or second lien''; and
            (2) by adding at the end the following new subparagraph:
    ``(C) A real estate housing loan may only be secured by second lien
if the Secretary insures or guarantees the first lien on such real
estate.''.

SEC. 4. DISCLOSURE OF INFORMATION ABOUT LOANS GUARANTEED AND INSURED.

    (a) Loans Insured by the Federal Housing Administration.--The
Assistant Secretary for the Office of Housing and the Federal Housing
Commissioner shall, not later than 1 year after the date of the
enactment of this section, publish on a public website a list of all
properties for which the Federal Housing Administration has insured a
mortgage under section 203 of the National Housing Act that includes
the following information for each property insured:
            (1) The address of the property against which there is a
        mortgage insured by the Federal Housing Administration.
            (2) The date of the origination of the mortgage that is
        insured by the Federal Housing Administration.
    (b) Loans Insured by the Department of Agriculture.--The Secretary
of Agriculture shall, not later than 1 year after the date of the
enactment of this section, publish on a public website a list of all
properties for which the Department of Agriculture has guaranteed loan
under section 502(h) of the Housing Act of 1949 that includes the
following information for each loan insured:
            (1) The address of the property against which there is a
        loan guaranteed by the Department of Agriculture.
            (2) The date of the origination of the loan that is
        guaranteed by the Department of Agriculture.
    (c) Loans Insured by the Secretary of Veterans Affairs.--The
Secretary of Veterans Affairs shall, not later than 1 year after the
date of the enactment of this section, publish on a public website a
list of all properties for which the Department of Veterans Affairs has
insured or guaranteed a housing loan under subchapter I of chapter 37
of part III of title 38, United States Code, that includes the
following information for each housing loan insured or guaranteed:
            (1) The address of the property against which there is a
        housing loan insured or guaranteed by the Department of
        Veterans Affairs.
            (2) The date of the origination of the housing loan that is
        insured or guaranteed by the Department of Veterans Affairs.
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