S. 3040 · 117th Congress
No GSE Subsidies for Investor Properties Act
- Stage
- In committee
- Sponsor
- Pat Toomey
- Introduced
- 2021-10-21
- Latest action
- 2021-10-21 · Introduced in Senate
Summary
No GSE Subsidies for Investor Properties Act
This bill prohibits government-sponsored enterprises (i.e., Fannie Mae and Freddie Mac) from purchasing or acquiring a mortgage secured by an investor property loan (i.e., a property comprised of 1-to-4 family dwelling units that is not the principal residence or a second home of the borrower) 18 months after the date of enactment. Further, these enterprises must implement a plan to gradually reduce the purchase and acquisition of such loans.