Skip to main content
HR 2425 112th Congress House Housing and Community Development Congressional oversight Government National Mortgage Association (Ginnie Mae) Government corporations and government-sponsored enterprises Government information and archives Government lending and loan guarantees Government studies and investigations Housing finance and home ownership Land transfers Securities

Transparency and Security in Mortgage Registration Act of 2011

Introduced: July 6, 2011 Introduced by: Kaptur, Marcy Democratic · Ohio See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 19, 2011
Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Jul 19, 2011
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Jul 6, 2011
Referred to the House Committee on Financial Services.
Jul 6, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Transparency and Security in Mortgage Registration Act of 2011 - 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.



What's happening now July 19, 2011

Referred to the Subcommittee on Insurance, Housing and Community Opportunity.

 Committees of jurisdiction 3