H.R. 6460 (111th): Transparency and Security in Mortgage Registration Act of 2010

Introduced:
Nov 30, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Marcy Kaptur
Representative for Ohio's 9th congressional district
Party
Democrat
Text
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Last Updated
Nov 30, 2010
Length
13 pages
Related Bills
H.R. 2425 (112th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jul 06, 2011

 
Status

This bill was introduced on November 30, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 30, 2010
Referred to Committee Nov 30, 2010
 
Full Title

To prohibit Fannie Mae, Freddie Mac, and Ginnie Mae from owning or guaranteeing any mortgage that is assigned to the Mortgage Electronic Registration Systems or for which MERS is the mortgagee of record.

Summary

No summaries available.

Cosponsors
2 cosponsors (2D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Citation

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


11/30/2010--Introduced.
Transparency and Security in Mortgage Registration Act of 2010 - Amends the National Housing Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from purchasing, acquiring, newly lending on the security of, newly investing in securities consisting of, or otherwise newly dealing in any Mortgage Electronic Registration System, Inc. (MERS) mortgage or mortgages.
Prohibits the Government National Mortgage Association (Ginnie Mae) from newly guaranteeing the payment of principal of or interest on any trust certificate or other security based or backed by a trust or pool that contains, or purchase or acquire, any MERS mortgage.
Directs Fannie Mae, Freddie Mac, and Ginnie Mae to require all their current MERS mortgages to be assigned to the proper servicer, holder, or creditor.
Directs the Secretary of Housing and Urban Development (HUD) to study and report to Congress to analyze and determine:
(1) the impacts of the lack of electronic records and uniform standards found in local land title recordation systems currently used in the various states;
(2) any progress states have made in developing electronic land title recordation systems containing uniform standards;
(3) the current oversight role of the federal government in the transfer and recordation of land titles; and
(4) the feasibility of creating a federal land title recordation system for property transfers that would maintain all previous records of the land-property without invalidating, interfering with, or preempting state real property law governing the transfer and perfection of land title.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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