Bill > S2687

This bill, the Protecting America's Property Rights Act, amends the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) charters to require that any conventional mortgage purchased or sold by these government-sponsored enterprises (GSEs) must have the priority of the lien insured by a title insurance company licensed and authorized to do business in the state where the property is located. Additionally, the bill requires the GSEs to obtain prior approval from the Director of the Federal Housing Finance Agency and the Secretary of the Treasury before implementing any new program, activity, product, or type of risk. The bill also amends the definition of a "conforming mortgage" to include the requirement of title insurance for the priority of the mortgage lien.