Bill > HR5837

This bill, the Protecting America's Property Rights Act, amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Corporation Act to impose additional requirements for Fannie Mae and Freddie Mac (the "enterprises") when purchasing and selling conventional mortgages. Specifically, the bill requires that the priority of the mortgage lien be insured by a licensed and authorized title insurance company in the state where the property is located. The bill also requires the enterprises 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. Finally, the bill amends the definition of a "conforming mortgage" to include the requirement that the mortgage lien's priority be insured by a title insurance company.