,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #acce  ,,in ,,the ,,house ,,of  
,,representatives  ,march #ba1 #bjac    
,mrs4 ,davis of ,california introduced  
the following bill2 which was referred  
to the ,committee on ,financial         
,services  ,a ,,bill  ,to require       
,fannie ,mae and ,freddie ,mac to       
disclose the minimum purchase price that
 such an enterprise will accept on the  
short sale of a residence financed by a 
mortgage purchased by such an enterprise
 in order to make short sales a viable  
alternative to foreclosure4  #a4 ,short 
title ,this ,act may be cited as the    
,short ,sale ,transparency ,act of      
#bjac4  #b4 ,short sale disclosure      
requirement  7a7 ,disclosure ,the       
,director of the ,federal ,housing      
,finance ,agency shall require the      
,federal ,national ,mortgage            
,association and the ,federal ,home     
,loan ,mortgage ,corporation1 in any    
case in which such ,association or      
,corporation denies the purchase of a   

residential mortgage loan made to       
finance the purchase1 under a short     
sale1 of a covered dwelling on the basis
 that the purchase price involved in the
 short sale is insufficient1 to promptly
 disclose to the prospective seller of  
the covered dwelling the amount by which
 such purchase price was less than the  
minimum purchase price sufficient for   
such ,association or ,corporation to    
approve purchase of such mortgage4  7b7 
,definitions ,for purposes of this      
section1 the following definitions shall
 apply3  7#a7 ,short sale ,the term     
short sale means1 with respect to a     
residential mortgage loan on a covered  
dwelling1 a purchase of the dwelling    
that will result in proceeds in an      
amount that is less than the remaining  
amount due under the residential        
mortgage loan on the covered dwelling4  
7#b7 ,covered dwelling ,the term covered
 dwelling means a residential real      
property that--  7,a7 consists of from  
one to four dwelling units2 and  7,b7 is

 subject to a mortgage1 deed or trust1  
or other security interest that secures 
a residential mortgage loan on which the
 mortgagor is delinquent on payments due
 under the mortgage loan4