Summary

1/4/2013--Introduced.Transparency and Security in Mortgage Registration Act of 2013 - Amends the National Housing Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home... Read More

Status

This bill was introduced on Jan 4, 2013, in a previous session of Congress, but was not passed.

Date Introduced
Jan 4, 2013

Co-Sponsors

Bill Text

A BILL

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.

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 ``Transparency and Security in Mortgage Registration Act of 2013''.

SEC. 2. PROHIBITION ON GUARANTEEING MERS MORTGAGES.

(a) Fannie Mae and Freddie Mac.-- (1) Fannie mae.--Section 302(b) of the National Housing Act (12 U.S.C. 1717(b)) is amended by adding at the end the following new paragraph: ``(7)(A) After the date of the enactment of the Transparency and Security in Mortgage Registration Act of 2013, the corporation may not purchase, acquire, newly lend on the security of, newly invest in securities consisting of, or otherwise newly deal in any MERS mortgage or mortgages. ``(B) After the expiration of the period under subparagraph (C), MERS shall not be the named mortgagee or mortgagee of record on any mortgage owned, guaranteed, or securitized by the corporation. Not later than the expiration of such period, the corporation shall require that all mortgage loans owned, guaranteed, or securitized at such time by the corporation and on which MERS is the named mortgagee or mortgagee of record shall be assigned to the servicer, holder, or creditor, as defined by the guidelines of the corporation. The corporation shall not reimburse the servicer, holder, or...

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5 Supporting
1 Opposing
83% 17%

State: CA

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0% 0%

District: 1st

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0 Opposing
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Bill Summary

1/4/2013--Introduced.Transparency and Security in Mortgage Registration Act of 2013 - 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: (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.

H.R. 188The 21st Century Civilian Conservation Corps Act H.R. 190The Produce the Note Act