I
119THCONGRESS
1
STSESSION H. R. 892
To require the heads of certain agencies to disclose information about loans
insured and guaranteed by such agencies, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY31, 2025
Mr. R
YANintroduced the following bill; which was referred to the Committee
on Financial Services, and in addition to the Committee on Veterans’ Af-
fairs, 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
A BILL
To require the heads of certain agencies to disclose informa-
tion about loans insured and guaranteed by such agen-
cies, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Mortgage Rate Reduc-4
tion Act’’. 5
SEC. 2. SENSE OF THE CONGRESS. 6
It is the sense of the Congress that— 7
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(1) the Assistant Secretary for the Office of 1
Housing and Federal Housing Commissioner should, 2
acting through the Federal Housing Administration, 3
insure second mortgages under section 203 of the 4
National Housing Act for properties for which the 5
Federal Housing Administration has insured a first 6
mortgage, to facilitate the assumption of such first 7
mortgage by a subsequent purchaser of such prop-8
erty; 9
(2) the Secretary of Agriculture should guar-10
antee loans for eligible housing under section 502(h) 11
of the Housing Act of 1949 that are second mort-12
gages if the Secretary of Agriculture insures the 13
loan that is the first mortgage against such eligible 14
housing, to facilitate the assumption of such first 15
mortgage by a subsequent purchaser of such eligible 16
housing; and 17
(3) the Secretary of Veterans Affairs should in-18
sure and guarantee real estate housing loans secured 19
by second liens under subchapter I of chapter 37 of 20
title 38, United States Code, if the Secretary of Vet-21
erans Affairs insures the first lien against such real 22
estate, to facilitate the assumption of the first mort-23
gage against such real estate by a subsequent pur-24
chaser of such real estate. 25
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SEC. 3. INSURANCE FOR SECONDARY MORTGAGES. 1
(a) F
EDERALHOUSINGADMINISTRATION.— 2
(1) I
N GENERAL.—Section 201(a) of the Na-3
tional Housing Act (12 U.S.C. 1707(a)) is amend-4
ed— 5
(A) by striking ‘‘a first mortgage’’ each 6
place it occurs and inserting ‘‘a first mortgage 7
or second mortgage’’; and 8
(B) by striking ‘‘secured thereby.’’ and in-9
serting the following: ‘‘secured thereby; and the 10
term ‘second mortgage’ means, with respect to 11
real estate against which there is a first mort-12
gage that has been insured under section 203, 13
such classes of second liens as are commonly 14
given to secure advances on, or the unpaid pur-15
chase price of, real estate, under the laws of the 16
State in which the real estate is located, to-17
gether with the credit instrument, if any, se-18
cured thereby’’. 19
(2) C
ONFORMING AMENDMENTS .—Section 203 20
of the National Housing Act (12 U.S.C. 1709) is 21
amended by striking ‘‘first mortgage’’ each place it 22
occurs and inserting ‘‘first mortgage or second mort-23
gage’’. 24
(b) D
EPARTMENT OF VETERANSAFFAIRS.—Section 25
3703(d)(3) of title 38, United States Code, is amended— 26
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(1) in subparagraph (A), by striking ‘‘first lien’’ 1
and inserting ‘‘first lien or second lien’’; and 2
(2) by adding at the end the following new sub-3
paragraph: 4
‘‘(C) A real estate housing loan may only be secured 5
by second lien if the Secretary insures or guarantees the 6
first lien on such real estate.’’. 7
SEC. 4. DISCLOSURE OF INFORMATION ABOUT LOANS 8
GUARANTEED AND INSURED. 9
(a) L
OANSINSURED BY THEFEDERALHOUSINGAD-10
MINISTRATION.—The Assistant Secretary for the Office of 11
Housing and the Federal Housing Commissioner shall, not 12
later than 1 year after the date of the enactment of this 13
section, publish on a public website a list of all properties 14
for which the Federal Housing Administration has insured 15
a mortgage under section 203 of the National Housing 16
Act that includes the following information for each prop-17
erty insured: 18
(1) The address of the property against which 19
there is a mortgage insured by the Federal Housing 20
Administration. 21
(2) The date of the origination of the mortgage 22
that is insured by the Federal Housing Administra-23
tion. 24
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(b) LOANSINSURED BY THEDEPARTMENT OFAGRI-1
CULTURE.—The Secretary of Agriculture shall, not later 2
than 1 year after the date of the enactment of this section, 3
publish on a public website a list of all properties for which 4
the Department of Agriculture has guaranteed loan under 5
section 502(h) of the Housing Act of 1949 that includes 6
the following information for each loan insured: 7
(1) The address of the property against which 8
there is a loan guaranteed by the Department of Ag-9
riculture. 10
(2) The date of the origination of the loan that 11
is guaranteed by the Department of Agriculture. 12
(c) L
OANSINSURED BY THE SECRETARY OFVET-13
ERANSAFFAIRS.—The Secretary of Veterans Affairs 14
shall, not later than 1 year after the date of the enactment 15
of this section, publish on a public website a list of all 16
properties for which the Department of Veterans Affairs 17
has insured or guaranteed a housing loan under sub-18
chapter I of chapter 37 of part III of title 38, United 19
States Code, that includes the following information for 20
each housing loan insured or guaranteed: 21
(1) The address of the property against which 22
there is a housing loan insured or guaranteed by the 23
Department of Veterans Affairs. 24
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(2) The date of the origination of the housing 1
loan that is insured or guaranteed by the Depart-2
ment of Veterans Affairs. 3
Æ
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