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Protecting America's Property Rights Act
To provide additional requirements for the purchase and sale of conventional mortgages by the enterprises, and for other purposes.
Summary
This bill requires Fannie Mae and Freddie Mac to manage risks related to liens, encumbrances, and title defects on mortgages they purchase by using third-party products that are regulated by state insurance authorities or state banking regulators. Mortgages that do not meet this requirement would require Fannie Mae and Freddie Mac to hold an additional 1 percent of the unpaid principal balance as capital, increasing their financial reserves for those loans. The Federal Housing Finance Agency Director must issue regulations and guidance within 180 days of enactment to implement the requirement and ensure the Enterprises verify that any products used meet the regulatory definition and are appropriately regulated at the state level.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
23 cosponsors
- Rep. Alford, Mark [R-MO-4] (R-MO)
- Rep. Barr, Andy [R-KY-6] (R-KY)
- Rep. Costa, Jim [D-CA-21] (D-CA)
- Rep. Cuellar, Henry [D-TX-28] (D-TX)
- Rep. Davidson, Warren [R-OH-8] (R-OH)
- Rep. De La Cruz, Monica [R-TX-15] (R-TX)
- Rep. Gonzalez, Vicente [D-TX-34] (D-TX)
- Rep. Johnson, Dusty [R-SD-At Large] (R-SD)
- Rep. Johnson, Julie [D-TX-32] (D-TX)
- Rep. Kim, Young [R-CA-40] (R-CA)
- Rep. Lawler, Michael [R-NY-17] (R-NY)
- Rep. Mann, Tracey [R-KS-1] (R-KS)
- Rep. McBride, Sarah [D-DE-At Large] (D-DE)
- Rep. Meuser, Daniel [R-PA-9] (R-PA)
- Rep. Min, Dave [D-CA-47] (D-CA)
- Rep. Moran, Nathaniel [R-TX-1] (R-TX)
- Rep. Morelle, Joseph D. [D-NY-25] (D-NY)
- Rep. Moskowitz, Jared [D-FL-23] (D-FL)
- Rep. Reschenthaler, Guy [R-PA-14] (R-PA)
- Rep. Sherman, Brad [D-CA-32] (D-CA)
- Rep. Steube, W. Gregory [R-FL-17] (R-FL)
- Rep. Stutzman, Marlin A. [R-IN-3] (R-IN)
- Rep. Suozzi, Thomas R. [D-NY-3] (D-NY)
Actions (2)
- May 6, 2025 Referred to the House Committee on Financial Services. · house
- May 6, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
May 6, 2025
Mr. Garbarino (for himself and Mr. Vicente Gonzalez of Texas) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To provide additional requirements for the purchase and sale of conventional mortgages by the enterprises, 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 “Protecting America’s Property Rights Act”.
SEC. 2. ENSURING SAFE AND SOUND LIEN AND TITLE PROTECTION PRODUCTS.
(a) Prudential Management.—Section 1108(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4513b(a)) is amended by inserting at the end the following:
“(12) management of risk related to loss or damage suffered by reason of liens, encumbrances upon, or defects in the title to such property, or the invalidity or unenforceability of any liens or encumbrances thereon by utilizing third party products subject to regulation by—
“(A) a ‘State insurance authority’ as defined in 15 section 6809(11) of title 15, United States Code; or
“(B) a ‘State regulator’ as defined in section 5481(22) of title 12, United States Code.”.
(b) Capital Standards.—In establishing minimum capital level pursuant to section 4612 of title 12, United States Code, the Director shall require the Enterprises to hold an additional 1.00 percent of the unpaid principal balance of any mortgage purchased by the Enterprises that does not meet the requirements of subsection (a).
(c) Implementation and Compliance.—The Director shall, not later than 180 days after the date of enactment of this section, issue such regulations and guidance as necessary to ensure compliance with subsection (a), including requiring the Enterprises to verify that any product meeting the definition in subsection (a) is appropriately regulated.
(d) Definitions.—For purposes of this section—
(1) the term “Enterprises” shall have the same meaning as in section 4502(10) of title 12, United States Code; and
(2) the term “Director” shall have the same meaning as in section 4052(9) of title 12, United States Code. <all>
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