To require a study on the feasibility and potential impacts of portable Federally backed mortgage loans, and for other purposes.

To amend the Internal Revenue Code of 1986 to establish tax-advantaged homeowner savings accounts.

To amend the Internal Revenue Code of 1986 to restore treatment of State and local bonds which are guaranteed by a Federal home loan bank as not federally guaranteed for purposes of determining their tax-exempt status.

To strengthen and standardize "first look" protections for covered properties to ensure first-time homebuyers have priority access to foreclosed homes, and for other purposes.