H.R.189 - Transparency and Security in Mortgage Registration Act of 2013

To prohibit Fannie Mae, Freddie Mac, and Ginnie Mae from owning or guaranteeing any mortgage that is assigned to the Mortgage Electronic Registration Systems or for which MERS is the mortgagee of record. view all titles (2)

All Bill Titles

  • Official: To prohibit Fannie Mae, Freddie Mac, and Ginnie Mae from owning or guaranteeing any mortgage that is assigned to the Mortgage Electronic Registration Systems or for which MERS is the mortgagee of record. as introduced.
  • Short: Transparency and Security in Mortgage Registration Act of 2013 as introduced.

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Introduced
 
House
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Senate
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President
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01/04/13
 
 
 
 
 
 
 

Official Summary

Transparency and Security in Mortgage Registration Act of 2013 - Amends the National Housing Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from purchasing, acquiring, newly lending on the security of, newl

Official Summary

Transparency and Security in Mortgage Registration Act of 2013 - Amends the National Housing Act to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from purchasing, acquiring, newly lending on the security of, newly investing in securities consisting of, or otherwise newly dealing in any Mortgage Electronic Registration System, Inc. (MERS) mortgage or mortgages. Prohibits the Government National Mortgage Association (Ginnie Mae) from newly guaranteeing the payment of principal of or interest on any trust certificate or other security based or backed by a trust or pool that contains, or purchase or acquire, any MERS mortgage. Directs Fannie Mae, Freddie Mac, and Ginnie Mae to require all their current MERS mortgages to be assigned to the proper servicer, holder, or creditor. Directs the Secretary of Housing and Urban Development (HUD) to study:
(1) the impacts of the lack of electronic records and uniform standards found in local land title recordation systems currently used in the various states;
(2) any progress states have made in developing electronic land title recordation systems containing uniform standards;
(3) the current oversight role of the federal government in the transfer and recordation of land titles; and
(4) the feasibility of creating a federal land title recordation system for property transfers that would maintain all previous records of the land-property without invalidating, interfering with, or preempting state real property law governing the transfer and perfection of land title.

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