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Protect Affordable Mortgages for Veterans Act of 2018
(Sec. 2) This bill amends the National Housing Act to repeal waiting period requirements for guarantees provided by the Government National Mortgage Association (Ginnie Mae). Specifically, Ginnie Mae may guarantee a security backed by a refinanced Department of Veterans Affairs housing loan without a waiting period.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Economic Growth, Regulatory Relief, and Consumer Protection Act to clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Protect Affordable Mortgages for Veterans Act of 2018”.
Paragraph (1) of section 306(g) of the National Housing Act (12 U.S.C. 1721(g)(1)) is amended by striking the second sentence (as added by section 309(b) of Public Law 115–174) and inserting the following: “The Association is authorized to take actions to protect the integrity of its securities from practices that it deems in good faith to represent abusive refinancing activities and nothing in the Protect Affordable Mortgages for Veterans Act of 2018, the amendment made by such Act, or this title may be construed to limit such authority.”.
Passed the House of Representatives September 26, 2018.
|Attest:||karen l. haas,|