Protecting America's Property Rights Act
- Last Action
- 7/27/2023
Actions
- 2023-07-27Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2023-07-27Introduced in Senate
CRS Summary
As of 2023-07-27 (00)
Protecting America's Property Rights Act
This bill requires title insurance on conventional mortgages purchased by Fannie Mae and Freddie Mac. Specifically, these mortgages must be secured by real property and the priority of the mortgage lien must be insured by a title insurance company that is licensed and authorized to do business in the appropriate state, territory, or district.
The bill also prohibits Fannie Mae and Freddie Mac from implementing any new program without the approval of the Federal Housing Finance Agency (FHFA), in addition to the approval of the Department of the Treasury as under current law. Approval from both is also required for any new activity, product, or type of risk.
FHFA must appear before Congress on a semiannual basis regarding new programs, activities, products, or types of risk.
Cosponsors (2)
- Katie Britt (R-AL)
- Deb Fischer (R-NE)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.