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S 2036 110th Congress Senate Housing and Community Development Finance and Financial Sector Mortgage interest rates Mortgages

Protecting Access to Safe Mortgages Act

Introduced: September 10, 2007 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 10, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 10, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

Protecting Access to Safe Mortgages Act - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase mortgage portfolio limitations placed upon: (1) the Federal National Mortgage Association (Fannie Mae); and (2) the Federal Home Loan Mortgage Corporation (Freddie Mac), respectively.

Instructs the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development (HUD) to lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Decree; and (2) the voluntary temporary growth limitation described in a certain Freddie Mac Letter.

Requires 50% of such portfolio increase to be used on loans which have had or will have interest rate resets between June 2005 and December 2009.

What's happening now September 10, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1