Bill > HR6794

This bill aims to promote access to mortgage credit during the COVID-19 pandemic by preventing restrictions on providing federal backing for single-family mortgage loans in forbearance. The key provisions include: - Prohibiting Fannie Mae and Freddie Mac from refusing to purchase any single-family mortgage originated on or after February 1, 2020, solely due to the borrower being in forbearance due to financial hardship from the COVID-19 emergency. It also prohibits them from establishing additional restrictions, charging higher fees, or applying more restrictive repurchase requirements for these mortgages. - Prohibiting the Department of Housing and Urban Development (HUD) from denying mortgage insurance, implementing additional premiums, or establishing additional restrictions on single-family mortgages originated on or after February 1, 2020, solely due to the borrower being in forbearance due to financial hardship from the COVID-19 emergency. - Requiring the Federal Housing Finance Agency (FHFA), Fannie Mae, Freddie Mac, and HUD to provide quarterly reports to Congress on the impact of the COVID-19 pandemic on their ability to meet their requirements and responsibilities, including details on mortgage purchases, forbearances, loan modifications, and assistance provided to consumers.

Business and Industry

https://www.congress.gov/bill/116th-congress/house-bill/6794/all-info