H.R. 6746

Referred to Committee

Protecting American Taxpayers and Homeowners Act of 2018

Introduced 9/7/2018•115th Congress•House

Latest Action

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.

9/7/2018 • 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.

Introduced in House • 9/7/2018

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Topics & Subjects

Policy Area: Housing and Community Development

Administrative law and regulatory proceduresAdvisory bodiesBanking and financial institutions regulationBusiness recordsComputers and information technologyCongressional oversightConsumer Financial Protection BureauCredit and credit marketsExecutive agency funding and structureFederal Reserve SystemFederal officialsFederally chartered organizationsFraud offenses and financial crimesGovernment corporations and government-sponsored enterprisesGovernment employee pay, benefits, personnel managementGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigationsHousing and community development funding