MOVE Act
Sponsored By: Representative Kean, Thomas H. [R-NJ-7]
Introduced
Summary
Requires Fannie Mae and Freddie Mac to buy and securitize mortgages that borrowers can transfer to a new home, expanding mortgage portability. The bill would require the two agencies to begin purchasing and securitizing these loans within 180 days after enactment and treats portable mortgages as conventional mortgages that allow transfer of interest rate, terms, and balance to a new property within 90 days after sale.
Show full summary
- Homeowners: Would be able to keep a mortgage's rate, terms, and balance when moving, because the loan can transfer to a new property within 90 days of sale.
- Lenders and mortgage markets: Would gain a clearer secondary market for portable mortgages since Fannie Mae and Freddie Mac would be required to buy and securitize them.
- Fannie Mae (FNMA) and Freddie Mac (FHLMC): Would be required to start purchasing and securitizing these portable conventional mortgages within 180 days and must use their existing statutory definitions of "conventional mortgage."
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Portable mortgage purchases for homeowners
If enacted, the bill would require Fannie Mae and Freddie Mac to start buying and securitizing certain "portable" conventional mortgages within 180 days after enactment. A portable mortgage is one where the lender allows the borrower to transfer the interest rate, terms, and balance to a new property within 90 days after selling the original property. The rule would only apply to loans that meet each enterprise's existing definition of a conventional mortgage and their purchase/securitization requirements.
Sponsors & CoSponsors
Sponsor
Kean, Thomas H. [R-NJ-7]
NJ • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov