Sec. 2. Fannie Mae charter amendments
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/bill/118/s/2687/is/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 302(b)(2) of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1717(b)(2) ) is amended by inserting No such purchase of a conventional mortgage secured by a property comprising one- to four-family dwelling units shall be made unless the mortgage is secured by real property and the priority of the lien of the mortgage is insured by a title insurance company licensed and authorized to do business in the State, territory, or district in which the property securing the mortgage is located. after the first sentence.
Section 302(b)(6) of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1717(b)(6) ) is amended to read as follows: The corporation may not implement any new program, activity, product, or type of risk unless the corporation first obtains the approval of the Director of the Federal Housing Finance Agency and the Secretary of the Treasury. The Director of the Federal Housing Finance Agency shall appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on a semi-annual basis regarding any new program, activity, product, or type of risk approved under subparagraph (A). .
Section 304(a) of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1719(a) ) is amended— in paragraph (1), in the first sentence, by inserting and for which the priority of the lien of the mortgage is insured by a title insurance companies licensed and authorized to do business in the State, territory, or district in which the property securing the mortgage is located before the period at the end; and in paragraph (2), in the second sentence, by striking or
(B)to originate mortgage loans and inserting
(B)to originate mortgage loans; or
(C)to purchase mortgages for which the priority of the lien of the mortgage is insured by a title insurance company licensed and authorized to do business in the State, territory, or district in which the property securing the mortgage is located .
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