skip to main content

H.R. 6737 (115th): Protect Affordable Mortgages for Veterans Act of 2018


The text of the bill below is as of Oct 2, 2018 (Referred to Senate Committee). The bill was not enacted into law.

Summary of this bill

Source: Republican Policy Committee

H.R. 6737 amends section 306(g) of the National Housing Act to provide a technical fix so that recently executed loans refinanced by the Department of Veterans Affairs (VA) Home Loans can remain eligible for pooling in the Government National Mortgage Association (Ginnie Mae) security.


IIB

115th CONGRESS

2d Session

H. R. 6737

IN THE SENATE OF THE UNITED STATES

September 27, 2018

Received

October 2 (legislative day, September 28), 2018

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To amend the Economic Growth, Regulatory Relief, and Consumer Protection Act to clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.

1.

Short title

This Act may be cited as the Protect Affordable Mortgages for Veterans Act of 2018.

2.

Requirements for Ginnie Mae guarantee of securities

Paragraph (1) of section 306(g) of the National Housing Act (12 U.S.C. 1721(g)(1)) is amended by striking the second sentence (as added by section 309(b) of Public Law 115–174) and inserting the following: The Association is authorized to take actions to protect the integrity of its securities from practices that it deems in good faith to represent abusive refinancing activities and nothing in the Protect Affordable Mortgages for Veterans Act of 2018, the amendment made by such Act, or this title may be construed to limit such authority..

Passed the House of Representatives September 26, 2018.

Karen L. Haas,

Clerk.