H.R. 6746 · 115th Congress
Protecting American Taxpayers and Homeowners Act of 2018
- Stage
- In committee
- Sponsor
- Jeb Hensarling
- Introduced
- 2018-09-07
- Latest action
- 2018-09-07 · Introduced in House
Summary
Protecting American Taxpayers and Homeowners Act of 2018
This bill revises provisions related to housing finance, mortgage-backed securities, and government-sponsored enterprises. Among other things, the bill:
abolishes the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), effective five years after the bill's enactment; makes both the Government National Mortgage Association (Ginnie Mae) and the Federal Housing Administration (FHA) independent of the Department of Housing and Urban Development (HUD); transfers certain functions from HUD and the Department of Agriculture to the FHA and otherwise revises the FHA's authority; and establishes a mortgage-backed security market exchange and covered bond program.