S. 2687 · 118th Congress
Protecting America's Property Rights Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KennedySponsor2 cosponsors · 2 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires title insurance on conventional mortgages purchased by Fannie Mae and Freddie Mac. Specifically, these mortgages must be secured by real property and the priority of the mortgage lien must be insured by a title insurance company that is licensed and authorized to do business in the appropriate state, territory, or district.
What it does: CRS summary · Introduced in Senate · Jul 27, 2023
Protecting America's Property Rights Act
This bill requires title insurance on conventional mortgages purchased by Fannie Mae and Freddie Mac. Specifically, these mortgages must be secured by real property and the priority of the mortgage lien must be insured by a title insurance company that is licensed and authorized to do business in the appropriate state, territory, or district.
The bill also prohibits Fannie Mae and Freddie Mac from implementing any new program without the approval of the Federal Housing Finance Agency (FHFA), in addition to the approval of the Department of the Treasury as under current law. Approval from both is also required for any new activity, product, or type of risk.
FHFA must appear before Congress on a semiannual basis regarding new programs, activities, products, or types of risk.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protecting America's Property Rights Act
Latest action (Jul 27, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 27, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.