Us Congress 2025-2026 Regular Session

Us Congress House Bill HB892 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 892
5	5	To require the heads of certain agencies to disclose information about loans
6	6	insured and guaranteed by such agencies, and for other purposes.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	JANUARY31, 2025
9	9	Mr. R
10	10	YANintroduced the following bill; which was referred to the Committee
11	11	on Financial Services, and in addition to the Committee on Veterans’ Af-
12	12	fairs, for a period to be subsequently determined by the Speaker, in each
13	13	case for consideration of such provisions as fall within the jurisdiction of
14	14	the committee concerned
15	15	A BILL
16	16	To require the heads of certain agencies to disclose informa-
17	17	tion about loans insured and guaranteed by such agen-
18	18	cies, and for other purposes.
19	19	Be it enacted by the Senate and House of Representa-1
20	20	tives of the United States of America in Congress assembled, 2
21	21	SECTION 1. SHORT TITLE. 3
22	22	This Act may be cited as the ‘‘Mortgage Rate Reduc-4
23	23	tion Act’’. 5
24	24	SEC. 2. SENSE OF THE CONGRESS. 6
25	25	It is the sense of the Congress that— 7
26	26	VerDate Sep 11 2014 03:28 Feb 28, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H892.IH H892
27	27	kjohnson on DSK7ZCZBW3PROD with $$_JOB 2
28	28	•HR 892 IH
29	29	(1) the Assistant Secretary for the Office of 1
30	30	Housing and Federal Housing Commissioner should, 2
31	31	acting through the Federal Housing Administration, 3
32	32	insure second mortgages under section 203 of the 4
33	33	National Housing Act for properties for which the 5
34	34	Federal Housing Administration has insured a first 6
35	35	mortgage, to facilitate the assumption of such first 7
36	36	mortgage by a subsequent purchaser of such prop-8
37	37	erty; 9
38	38	(2) the Secretary of Agriculture should guar-10
39	39	antee loans for eligible housing under section 502(h) 11
40	40	of the Housing Act of 1949 that are second mort-12
41	41	gages if the Secretary of Agriculture insures the 13
42	42	loan that is the first mortgage against such eligible 14
43	43	housing, to facilitate the assumption of such first 15
44	44	mortgage by a subsequent purchaser of such eligible 16
45	45	housing; and 17
46	46	(3) the Secretary of Veterans Affairs should in-18
47	47	sure and guarantee real estate housing loans secured 19
48	48	by second liens under subchapter I of chapter 37 of 20
49	49	title 38, United States Code, if the Secretary of Vet-21
50	50	erans Affairs insures the first lien against such real 22
51	51	estate, to facilitate the assumption of the first mort-23
52	52	gage against such real estate by a subsequent pur-24
53	53	chaser of such real estate. 25
54	54	VerDate Sep 11 2014 03:28 Feb 28, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H892.IH H892
55	55	kjohnson on DSK7ZCZBW3PROD with $$_JOB 3
56	56	•HR 892 IH
57	57	SEC. 3. INSURANCE FOR SECONDARY MORTGAGES. 1
58	58	(a) F
59	59	EDERALHOUSINGADMINISTRATION.— 2
60	60	(1) I
61	61	N GENERAL.—Section 201(a) of the Na-3
62	62	tional Housing Act (12 U.S.C. 1707(a)) is amend-4
63	63	ed— 5
64	64	(A) by striking ‘‘a first mortgage’’ each 6
65	65	place it occurs and inserting ‘‘a first mortgage 7
66	66	or second mortgage’’; and 8
67	67	(B) by striking ‘‘secured thereby.’’ and in-9
68	68	serting the following: ‘‘secured thereby; and the 10
69	69	term ‘second mortgage’ means, with respect to 11
70	70	real estate against which there is a first mort-12
71	71	gage that has been insured under section 203, 13
72	72	such classes of second liens as are commonly 14
73	73	given to secure advances on, or the unpaid pur-15
74	74	chase price of, real estate, under the laws of the 16
75	75	State in which the real estate is located, to-17
76	76	gether with the credit instrument, if any, se-18
77	77	cured thereby’’. 19
78	78	(2) C
79	79	ONFORMING AMENDMENTS .—Section 203 20
80	80	of the National Housing Act (12 U.S.C. 1709) is 21
81	81	amended by striking ‘‘first mortgage’’ each place it 22
82	82	occurs and inserting ‘‘first mortgage or second mort-23
83	83	gage’’. 24
84	84	(b) D
85	85	EPARTMENT OF VETERANSAFFAIRS.—Section 25
86	86	3703(d)(3) of title 38, United States Code, is amended— 26
87	87	VerDate Sep 11 2014 03:28 Feb 28, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H892.IH H892
88	88	kjohnson on DSK7ZCZBW3PROD with $$_JOB 4
89	89	•HR 892 IH
90	90	(1) in subparagraph (A), by striking ‘‘first lien’’ 1
91	91	and inserting ‘‘first lien or second lien’’; and 2
92	92	(2) by adding at the end the following new sub-3
93	93	paragraph: 4
94	94	‘‘(C) A real estate housing loan may only be secured 5
95	95	by second lien if the Secretary insures or guarantees the 6
96	96	first lien on such real estate.’’. 7
97	97	SEC. 4. DISCLOSURE OF INFORMATION ABOUT LOANS 8
98	98	GUARANTEED AND INSURED. 9
99	99	(a) L
100	100	OANSINSURED BY THEFEDERALHOUSINGAD-10
101	101	MINISTRATION.—The Assistant Secretary for the Office of 11
102	102	Housing and the Federal Housing Commissioner shall, not 12
103	103	later than 1 year after the date of the enactment of this 13
104	104	section, publish on a public website a list of all properties 14
105	105	for which the Federal Housing Administration has insured 15
106	106	a mortgage under section 203 of the National Housing 16
107	107	Act that includes the following information for each prop-17
108	108	erty insured: 18
109	109	(1) The address of the property against which 19
110	110	there is a mortgage insured by the Federal Housing 20
111	111	Administration. 21
112	112	(2) The date of the origination of the mortgage 22
113	113	that is insured by the Federal Housing Administra-23
114	114	tion. 24
115	115	VerDate Sep 11 2014 03:28 Feb 28, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H892.IH H892
116	116	kjohnson on DSK7ZCZBW3PROD with $$_JOB 5
117	117	•HR 892 IH
118	118	(b) LOANSINSURED BY THEDEPARTMENT OFAGRI-1
119	119	CULTURE.—The Secretary of Agriculture shall, not later 2
120	120	than 1 year after the date of the enactment of this section, 3
121	121	publish on a public website a list of all properties for which 4
122	122	the Department of Agriculture has guaranteed loan under 5
123	123	section 502(h) of the Housing Act of 1949 that includes 6
124	124	the following information for each loan insured: 7
125	125	(1) The address of the property against which 8
126	126	there is a loan guaranteed by the Department of Ag-9
127	127	riculture. 10
128	128	(2) The date of the origination of the loan that 11
129	129	is guaranteed by the Department of Agriculture. 12
130	130	(c) L
131	131	OANSINSURED BY THE SECRETARY OFVET-13
132	132	ERANSAFFAIRS.—The Secretary of Veterans Affairs 14
133	133	shall, not later than 1 year after the date of the enactment 15
134	134	of this section, publish on a public website a list of all 16
135	135	properties for which the Department of Veterans Affairs 17
136	136	has insured or guaranteed a housing loan under sub-18
137	137	chapter I of chapter 37 of part III of title 38, United 19
138	138	States Code, that includes the following information for 20
139	139	each housing loan insured or guaranteed: 21
140	140	(1) The address of the property against which 22
141	141	there is a housing loan insured or guaranteed by the 23
142	142	Department of Veterans Affairs. 24
143	143	VerDate Sep 11 2014 03:28 Feb 28, 2025 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H892.IH H892
144	144	kjohnson on DSK7ZCZBW3PROD with $$_JOB 6
145	145	•HR 892 IH
146	146	(2) The date of the origination of the housing 1
147	147	loan that is insured or guaranteed by the Depart-2
148	148	ment of Veterans Affairs. 3
149	149	Æ
150	150	VerDate Sep 11 2014 03:28 Feb 28, 2025 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6301 E:\BILLS\H892.IH H892
151	151	kjohnson on DSK7ZCZBW3PROD with $$_JOB