Protecting American Taxpayers and Homeowners Act of 2018
About This Bill
Committee
Latest Action · September 7, 2018
Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Protecting American Taxpayers and Homeowners Act of 2018
This bill revises provisions related to housing finance, mortgage-backed securities, and government-sponsored enterprises. Among other things, the bill:
abolishes the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), effective five years after the bill's enactment; makes both the Government National Mortgage Association (Ginnie Mae) and the Federal Housing Administration (FHA) independent of the Department of Housing and Urban Development (HUD); transfers certain functions from HUD and the Department of Agriculture to the FHA and otherwise revises the FHA's authority; and establishes a mortgage-backed security market exchange and covered bond program.
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