Bill · H.R. 892· House(119-HR-892)
Mortgage Rate Reduction Act
- Introduced
- 1/31/2025
- Last activity
- 3/5/2025 — Referred to the Subcommittee on Economic Opportunity.
- Sponsored by
- Patrick Ryan
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
The Mortgage Rate Reduction Act aims to change how certain government agencies handle mortgages. It allows the Federal Housing Administration and the Department of Veterans Affairs to insure or guarantee second mortgages if they already insure the first mortgage. This change is intended to make it easier for people to take over existing mortgages when they buy a property. Additionally, the bill requires specific agencies to publish property lists on public websites. These lists must include property addresses and the dates the mortgages were started.
Yes· 3 of 7
Does this make what the government does easier for the public to see?+5
The bill requires various agencies to publish property addresses and mortgage origination dates on public websites.
Does this make housing cost less?+4
The bill facilitates the assumption of first mortgages by allowing for the insurance of second mortgages through the FHA and USDA.
Would households on low incomes be better off under this?+3
The expansion of mortgage insurance options may facilitate easier home ownership transitions for various households.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Easier Home Transitions: By allowing the Federal Housing Administration to insure second mortgages, the bill aims to facilitate the assumption of first mortgages by subsequent purchasers (Section 2, Section 3(a)).
-
Agricultural Housing Support: The Secretary of Agriculture may guarantee loans for eligible housing as second mortgages to help subsequent purchasers assume a first mortgage (Section 2, Section 3(a)).
-
Veteran Housing Assistance: The Department of Veterans Affairs may insure or guarantee real estate housing loans secured by second liens to help subsequent purchasers assume a first mortgage (Section 2, Section 3(b)).
-
Increased Transparency: Agency heads are required to publish lists on a public website containing property addresses and mortgage origination dates for properties insured or guaranteed by the Federal Housing Administration, the Department of Agriculture, and the Secretary of Veterans Affairs (Section 4).
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Farmers+3Good For Low Income Households+3Good For Veterans+3
- Governance And Ideology
- Improves Government Transparency+5
- Social Issues And Justice
- Improves Affordable Housing+4
- Environment Energy And Infrastructure
- Improves Rural Development+3
- National Security And Foreign Policy
- Improves Veterans Benefits+3
- 3/5/2025
- Referred to the Subcommittee on Economic Opportunity.
- 1/31/2025
- Referred to the Committee on Financial Services, and in addition to the Committee on Veterans' Affairs, 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.
- Introduced in House