Taxpayer Protections and Market Access for Mortgage Finance Act of 2016
Latest action · Dec 16, 2016 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
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.
- IntroducedDec 8, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Taxpayer Protections and Market Access for Mortgage Finance Act of 2016
This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Federal Housing Finance Agency (FHFA) to establish guidelines to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to engage in significant and increasing credit risk transfer transactions.
A "risk transfer transaction" provides for: (1) the sale, disposition, retention, or transfer within the private sector of credit risk on any single-family residential mortgage loan or a pool of such loans that back securities on which the enterprise guarantees the timely payment of principal and interest; or (2) the retention by the private sector of any such credit risk in connection with the sale of any such loan or security to an enterprise.
The enterprises may set and publish guarantee fees commensurate with the reduced credit risk resulting from any new risk transfer transactions. The bill exempts certain swaps entered into for the purpose of transferring or sharing credit risk in connection with a risk transfer transaction from the Commodity Exchange Act.
The FHFA must also require Fannie Mae and Freddie Mac to: (1) establish a five-year pilot program under which each enterprise must annually engage in at least one front-end (before or simultaneous with the acquisition of the loan or security by the enterprise) risk sharing transaction for which both bank and non-bank mortgage originators having under $10 billion in assets are eligible participants, and (2) jointly establish a pilot program to increase the amount of risk that is transferred by the enterprises using private mortgage insurance.
Cosponsors 1
Members who signed on, in the order they did. All signed on Dec 8, 2016.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WI | Gwen Moore | Original | Dec 8, 2016 |
Actions 3
Everything that happened, newest first.
- Dec 16, 2016Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- Dec 8, 2016Introduced in House
- Dec 8, 2016Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Dec 8, 2016Introduced 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.