Transparency and Security in Mortgage Registration Act of 2010
Latest action · Nov 30, 2010 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 30, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Transparency and Security in Mortgage Registration Act of 2010 - Amends the National Housing Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from purchasing, acquiring, newly lending on the security of, newly investing in securities consisting of, or otherwise newly dealing in any Mortgage Electronic Registration System, Inc. (MERS) mortgage or mortgages.
Prohibits the Government National Mortgage Association (Ginnie Mae) from newly guaranteeing the payment of principal of or interest on any trust certificate or other security based or backed by a trust or pool that contains, or purchase or acquire, any MERS mortgage.
Directs Fannie Mae, Freddie Mac, and Ginnie Mae to require all their current MERS mortgages to be assigned to the proper servicer, holder, or creditor.
Directs the Secretary of Housing and Urban Development (HUD) to study and report to Congress to analyze and determine: (1) the impacts of the lack of electronic records and uniform standards found in local land title recordation systems currently used in the various states; (2) any progress states have made in developing electronic land title recordation systems containing uniform standards; (3) the current oversight role of the federal government in the transfer and recordation of land titles; and (4) the feasibility of creating a federal land title recordation system for property transfers that would maintain all previous records of the land-property without invalidating, interfering with, or preempting state real property law governing the transfer and perfection of land title.
Cosponsors 2
Members who signed on, in the order they did. All signed on Dec 8, 2010.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MI | Carolyn C. Kilpatrick | Dec 8, 2010 | |
| D-AZ | Raúl M. Grijalva | Dec 8, 2010 |
Actions 2
Everything that happened, newest first.
- Nov 30, 2010Introduced in House
- Nov 30, 2010Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Congressional oversight
- Government corporations and government-sponsored enterprises
- Government information and archives
- Government lending and loan guarantees
- Government National Mortgage Association (Ginnie Mae)
- Government studies and investigations
- Housing and Community Development
- Housing finance and home ownership
- Land transfers
- Securities
Text 1
Each version as it was printed, newest first.
- Nov 30, 2010Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.