H.R. 2767: Protecting American Taxpayers and Homeowners Act of 2013

Introduced:
Jul 22, 2013
Status:
Reported by Committee on Jul 24, 2013
Prognosis
20% chance of being enacted
Track this bill

The committees assigned to this bill sent it to the House or Senate as a whole for consideration on July 24, 2013.

Introduced
Jul 22, 2013
Reported by Committee
Jul 24, 2013
Passed House
Passed Senate
Signed by the President
 
Sponsor
Scott Garrett
Representative for New Jersey's 5th congressional district
Party
Republican
Text
Read Text »
Last Updated
Jul 22, 2013
Length
292 pages
Related Bills
H.R. 3211 (Related)
Mortgage Choice Act of 2013

Passed House
Last Action: Jun 09, 2014

S. 1577 (Related)
Mortgage Choice Act of 2013

Referred to Committee
Last Action: Oct 28, 2013

 
Full Title

To protect American taxpayers and homeowners by creating a sustainable housing finance system for the 21st century.

Summary

No summaries available.

 
Prognosis

20% chance of being enacted.

Only about 23% of bills that made it past committee in 2011–2013 were enacted. [show factors | methodology]

Cosponsors
52 cosponsors (52R) (show)
Committees

House Financial Services

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

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.


7/22/2013--Introduced.
Protecting American Taxpayers and Homeowners Act of 2013 - GSE Bailout Elimination and Taxpayer Protection Act - Directs the Director of the Federal Housing Finance Agency (FHFA), five years after enactment of this Act, to appoint FHFA as receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or (GSEs) under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, to carry out mandatory receivership (thus terminating the current conservatorship for such GSEs).
Repeals the Fannie Mae and Freddie Mac charters effective five years after enactment of this Act.
Amends the Housing and Community Development Act of 1992, the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, the Federal National Mortgage Association Charter Act, and the Federal Home Loan Mortgage Corporation Act to prescribe specified requirements, limitations, and prohibitions on GSE activities until their charters are repealed and authorities terminated.
FHA Reform and Modernization Act of 2013 - Establishes the Federal Housing Administration (FHA) as a wholly owned government corporation to:
(1) provide residential mortgage insurance and other credit enhancement and related activities;
(2) supplement private sector activity by serving hard-to-serve markets, developing new mortgage products, and filling gaps in the provision and delivery of mortgage credit; and
(3) deliver housing mortgage insurance and credit enhancement and provide other services in a non-discriminatory manner.
Prescribes FHA requirements concerning: (1) budget and business plans; (2) examinations, reports, and cost estimates; (3) the Mutual Mortgage Insurance Fund and capital ratios, reserves, and restoration plans; (4) borrower suspension, ineligibility, and foreclosure; (5) mortgage repurchase; (6) mortgagee indemnification; (7) eminent domain; and (8) residual income.
Transfers to FHA, at the end of a five-year transition period, the functions of, authority provided to, and the responsibilities of the Secretary of Housing and Urban Development (HUD) and HUD personnel.
Amends the National Housing Act to repeal the home equity conversion mortgage (reverse mortgage) program and mortgage insurance for hospitals.
National Mortgage Market Utility Act of 2013 - Requires the Director of FHFA to provide for the organization, incorporation, examination, operation, and regulation of a not-for-profit national mortgage market Utility to:
(1) enhance efficiency, liquidity, and security in the secondary market for residual mortgages;
(2) establish standards for originating and servicing eligible collateral and for issuers and trustees of qualified securities, which would be exempt from the Securities Act of 1933; and
(3) operate a common securitization platform that could be available to issues of residential mortgage-backed securities.
Prohibits the Utility from: (1) originating, servicing, insuring, or guaranteeing any residential mortgage or other associated financial instrument; or (2) guaranteeing timely payment of principal or interest on any mortgage-related security.
Requires the Director to: (1) issue a charter for the Utility; and (2) oversee the transfer to the Utility of the securitization infrastructure announced by the FHFA on October 4, 2012, and as developed by an enterprise or the enterprises in conservatorship (the Platform).
Sets forth standards for qualified securities.
Directs the utility to organize and operate a national mortgage data repository.
United States Covered Bond Act of 2013 - Directs the Secretary of the Treasury to establish a covered bond regulatory oversight program for the evaluation and maintenance of programs of eligible issuers under which, on the security of a single cover pool, one or more series of covered bonds may be issued.
Defines covered bonds as any recourse debt obligation of an eligible issuer that:
(1) has an original term to maturity of not less than one year,
(2) is secured by a perfected security interest in or other perfected lien on a cover pool owned directly or indirectly by the obligation's issuer,
(3) is issued under a covered bond program approved by the applicable covered bond regulator,
(4) is identified in a register of covered bonds maintained by the Secretary, and
(5) is not a deposit subject to the Federal Deposit Insurance Act.
Amends the Secondary Mortgage Market Enhancement Act of 1984 to authorize any person, trust, corporation, partnership, association, business trust, or business entity created under federal or state law to purchase, hold, and invest in covered bonds.
Amends the Internal Revenue Code with respect to the tax treatment of estates created under covered bond programs and certain transfers under covered bond programs. Imposes a tax on certain estates created under covered bond programs.
Directs the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Comptroller of the Currency to study the impact of the Regulatory Capital Rules finalized by the Board on July 2, 2013 (pursuant to the Third Basel Accord on capital adequacy, stress testing, and market liquidity risk, or Basel III).
Prohibits the Board, the FDIC, and the Comptroller of the Currency, in implementing the Basel III Liquidity Coverage Ratio amendments, from requiring, as a condition for status as a high quality liquid asset, that residential mortgage-backed securities be collateralized only by (or be collateralized by a certain percentage of) full recourse mortgage loans.
Amends the Truth in Lending Act to modify the items, compensation, and charges included in points and fees with respect to a high-cost mortgage.
Amends the Bank Holding Company Act to exclude from hedge funds and private equity funds certain issuers of asset-backed securities.
Amends the Securities Act of 1933 with respect to exemptions from specified prohibitions relating to interstate commerce and the mails for transactions by any person other than an issuer, underwriter, or dealer or transactions by an issuer not involving any public offering.
Prohibits the Securities and Exchange Commission (SEC) from conditioning the availability of such exemptions upon an issuer's undertaking to provide to investors, in connection with initial offers or sales or on an ongoing basis after an initial offer or sale, the same or substantially similar information as would be required in a transaction to which such prohibitions apply.
(Thus suspends Regulation AB II rulemaking.)
Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the Securities Exchange Act of 1934 to repeal the requirement that federal banking agencies and the SEC jointly prescribe credit risk regulations for securitizers to retain an economic interest in a portion of the credit risk for any asset the securitizer, through the issuance of an asset-backed security, transfers, sells, or conveys to a third party.
Amends the Truth in Lending Act, the Home Mortgage Disclosure Act of 1975, the Truth in Lending Act, and the Dodd-Frank Act to make exemptions from specified requirements, or repeal related requirements, for certain residential mortgages, particularly those serving as collateral for a qualified security.
Amends the Federal Financial Institutions Examination Council Act of 1978 with respect to: (1) timeliness of examination reports, (2) examination standards, (3) establishment of an Office of Examination Ombudsman, and (4) the right to appeal before an independent administrative law judge.
Common Sense Economic Recovery Act of 2013 - Cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan.
(Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.)

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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of H.R. 2767 with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus