S 3040 · 117th Congress · Finance and Financial Sector

No GSE Subsidies for Investor Properties Act

Introduced 2021-10-21· Sponsored by Sen. Toomey, Patrick [R-PA]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2021-10-21)

Plain Language Summary

[AI summary unavailable — showing source text] No GSE Subsidies for Investor Properties Act This bill prohibits government-sponsored enterprises (i.e., Fannie Mae and Freddie Mac) from purchasing or acquiring a mortgage secured by an investor property loan (i.e., a property comprised of 1-to-4 family dwelling units that is not the principal residence or a second home of the borrower) 18 months after the date of enactment. Further, these enterprises must implement a plan to gradually reduce the purchase and acquisition of such loans.…

Summarized by Claude AI · Non-partisan · For informational purposes only