H.R. 892
119th CONGRESS 1st Session
To require the heads of certain agencies to disclose information about loans insured and guaranteed by such agencies, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES · January 31, 2025 · Sponsor: Mr. Ryan
Table of contents
SEC. 1. Short title
- This Act may be cited as the Mortgage Rate Reduction Act.
SEC. 2. Sense of the Congress
- It is the sense of the Congress that—
- the Assistant Secretary for the Office of Housing and Federal Housing Commissioner should, acting through the Federal Housing Administration, insure second mortgages under section 203 of the National Housing Act for properties for which the Federal Housing Administration has insured a first mortgage, to facilitate the assumption of such first mortgage by a subsequent purchaser of such property;
- the Secretary of Agriculture should guarantee loans for eligible housing under section 502(h) of the Housing Act of 1949 that are second mortgages if the Secretary of Agriculture insures the loan that is the first mortgage against such eligible housing, to facilitate the assumption of such first mortgage by a subsequent purchaser of such eligible housing; and
- the Secretary of Veterans Affairs should insure and guarantee real estate housing loans secured by second liens under subchapter I of of title 38, United States Code, if the Secretary of Veterans Affairs insures the first lien against such real estate, to facilitate the assumption of the first mortgage against such real estate by a subsequent purchaser of such real estate. chapter 37
SEC. 3. Insurance for secondary mortgages
- (a) Federal Housing Administration
- (1) In general
- Section 201(a) of the National Housing Act () is amended— 12 U.S.C. 1707(a)
- by striking each place it occurs and inserting
a first mortgage or second mortgage; and - by striking and inserting the following: .
- by striking each place it occurs and inserting
- Section 201(a) of the National Housing Act () is amended— 12 U.S.C. 1707(a)
- (2) Conforming amendments
- Section 203 of the National Housing Act () is amended by striking each place it occurs and inserting
first mortgage or second mortgage. 12 U.S.C. 1709
- Section 203 of the National Housing Act () is amended by striking each place it occurs and inserting
- (1) In general
- (b) Department of Veterans Affairs
- Section 3703(d)(3) of title 38, United States Code, is amended—
- in subparagraph (A), by striking
first lienand insertingfirst lien or second lien; and- A real estate housing loan may only be secured by second lien if the Secretary insures or guarantees the first lien on such real estate.
- by adding at the end the following new subparagraph:
- in subparagraph (A), by striking
- Section 3703(d)(3) of title 38, United States Code, is amended—
SEC. 4. Disclosure of information about loans guaranteed and insured
- (a) Loans insured by the Federal Housing Administration
- The Assistant Secretary for the Office of Housing and the Federal Housing Commissioner shall, not later than 1 year after the date of the enactment of this section, publish on a public website a list of all properties for which the Federal Housing Administration has insured a mortgage under section 203 of the National Housing Act that includes the following information for each property insured:
- The address of the property against which there is a mortgage insured by the Federal Housing Administration.
- The date of the origination of the mortgage that is insured by the Federal Housing Administration.
- The Assistant Secretary for the Office of Housing and the Federal Housing Commissioner shall, not later than 1 year after the date of the enactment of this section, publish on a public website a list of all properties for which the Federal Housing Administration has insured a mortgage under section 203 of the National Housing Act that includes the following information for each property insured:
- (b) Loans insured by the Department of Agriculture
- The Secretary of Agriculture shall, not later than 1 year after the date of the enactment of this section, publish on a public website a list of all properties for which the Department of Agriculture has guaranteed loan under section 502(h) of the Housing Act of 1949 that includes the following information for each loan insured:
- The address of the property against which there is a loan guaranteed by the Department of Agriculture.
- The date of the origination of the loan that is guaranteed by the Department of Agriculture.
- The Secretary of Agriculture shall, not later than 1 year after the date of the enactment of this section, publish on a public website a list of all properties for which the Department of Agriculture has guaranteed loan under section 502(h) of the Housing Act of 1949 that includes the following information for each loan insured:
- (c) Loans insured by the Secretary of Veterans Affairs
- The Secretary of Veterans Affairs shall, not later than 1 year after the date of the enactment of this section, publish on a public website a list of all properties for which the Department of Veterans Affairs has insured or guaranteed a housing loan under subchapter I of chapter 37 of part III of title 38, United States Code, that includes the following information for each housing loan insured or guaranteed:
- The address of the property against which there is a housing loan insured or guaranteed by the Department of Veterans Affairs.
- The date of the origination of the housing loan that is insured or guaranteed by the Department of Veterans Affairs.
- The Secretary of Veterans Affairs shall, not later than 1 year after the date of the enactment of this section, publish on a public website a list of all properties for which the Department of Veterans Affairs has insured or guaranteed a housing loan under subchapter I of chapter 37 of part III of title 38, United States Code, that includes the following information for each housing loan insured or guaranteed: