H.R. 6460

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Tic-tock, tic-tock. Justice is waiting.

Why the apparent hurry of Housing Finance Authority (HFA) of Hillsborough County Florida to get a $250,000,000 “financing plan” approved for them by the BOCC to buy bank mortgages guaranteed by The Government National Mortgage Association (GNMA), or Ginnie Mae?

Could it have something to do with the three congressional representatives who recently introduced a bill (H.R. 6460) into the House that would gradually phase out the use of Mortgage Electronic Registration Systems, commonly called MERs, within the government-sponsored enterprises as well as Ginnie Mae?

This bill would:

“prohibit Fannie Mae, Freddie Mac, and Ginnie Mae from owning or guaranteeing any mortgage that is assigned to the Mortgage Electronic Registration Systems or for which MERS is the mortgagee of record.”

Under the bill, Fannie and Freddie would also be prohibited from new lending or investing in securities consisting of MERS mortgages for six months.

After the six-month time period expires, “MERS shall not be the named mortgagee or mortgagee of record on any mortgage owned, guaranteed, or securitized” by the GSEs. If at the six-month deadline, Fannie and Freddie still hold loans with a connection to MERS, the agencies will assign those loans to a servicer or holder, the bill states.

Ginnie Mae would be subject to the same timelines and similar terms as Fannie and Freddie under Transparency and Security in Mortgage Registration Act of 2010.

Need more look-see by local county officials.

<IMHO> Fred Jacobsen


One Response to “H.R. 6460”

  1. Excellent course for all MERS related info.


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