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.
Actions
Sep 7, 2018
Referred to the Committee on Financial Services, and in addition to the Committee on 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.