Bill > HR10028

This bill, known as the Making Ownership Viable for Everyone Act or the MOVE Act, mandates that the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), two government-sponsored enterprises that buy mortgages from lenders and package them into securities for sale to investors, must start purchasing and securitizing "portable mortgages" within 180 days of enactment. A portable mortgage is defined as a conventional mortgage where the borrower is allowed by the lender to transfer the existing interest rate, terms, and balance of their mortgage to a new property within 90 days of selling their current home, providing a potential benefit for homeowners looking to move without losing favorable mortgage conditions. The bill also clarifies that "conventional mortgage" for these entities will adhere to their existing definitions within their respective charter acts.