,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #ahi  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #d1 #bjac ,ms4
 ,kaptur introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to prohibit       
,fannie ,mae1 ,fr$die ,mac1 & ,g9nie    
,mae f own+ or gu>antee+ any mortgage t 
is assign$ to ! ,mortgage ,electronic   
,regi/ration ,sy/ems or = :i* ,,m]s is !
 mortgagee ( record4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,transp>5cy & 
,security 9 ,mortgage ,regi/ration ,act 
( #bjac4  #b4 ,prohibition on gu>antee+ 
,,m]s mortgages  7a7 ,fannie ,mae &     
,fr$die ,mac  7#a7 ,fannie ,mae ,section
 #cjb7;b7 ( ! ,national ,h\s+ ,act 7#ab 
,u4,s4,c4 #agag7;b77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraph3  7#g7 7,a7
 ,aft] ! date ( ! enactm5t ( !          
,transp>5cy & ,security 9 ,mortgage     
,regi/ration ,act ( #bjac1 ! corporation
 may n pur*ase1 acquire1 newly l5d on ! 
security (1 newly inve/ 9 securities    
consi/+ (1 or o!rwise newly deal 9 any  

,,m]s mortgage or mortgages4  7,b7 ,aft]
 ! expiration ( ! p]iod "u subp>agraph  
7,c71 ,,m]s %all n be ! nam$ mortgagee  
or mortgagee ( record on any mortgage   
own$1 gu>ante$1 or securitiz$ by !      
corporation4 ,n lat] ?an ! expiration ( 
su* p]iod1 ! corporation %all require t 
all mortgage loans own$1 gu>ante$1 or   
securitiz$ at su* "t by ! corporation & 
on :i* ,,m]s is ! nam$ mortgagee or     
mortgagee ( record %all be assign$ to ! 
s]vic]1 hold]1 or cr$itor1 z def9$ by ! 
guidel9es ( ! corporation4 ,!           
corporation %all n reimburse ! s]vic]1  
hold]1 or cr$itor = any exp5se incurr$ 9
 ! c>ry+ out or record+ su* an          
assignm5t4  7,c7 7i7 ,except z provid$ 9
 clause 7ii71 ! p]iod "u ?is subp>agraph
 is ! #f-mon? p]iod beg9n+ on ! date ( !
 enactm5t ( ! ,transp>5cy & ,security 9 
,mortgage ,regi/ration ,act ( #bjac4    
7ii7 ,9 ! case ( any mortgage own$1     
gu>ante$1 or securitiz$ by ! corporation
 = :i* ! s]vic]1 hold]1 or cr$itor has  
demon/rat$ to ! corporation1 9          

accordance ) /&>ds e/abli%$ by !        
,director ( ! ,f$]al ,h\s+ ,f9ance      
,ag5cy1 t compliance ) subp>agraph 7,b7 
by ! expiration ( su* #f-mon? p]iod w   
cause a sev]e ?reat to ! cont9u$        
f9ancial viability ( su* entity1 ! p]iod
 "u ?is subp>agraph %all be ! p]iod t   
beg9s on su* date ( enactm5t & has su*  
duration z det]m9$ by ! corporation1 9  
accordance ) /&>ds e/abli%$ by !        
,director1 b 9 no case has a duration   
long] ?an #ab mon?s4  7,d7 ,n lat] ?an !
 expiration ( ! #f-mon? p]iod ref]r$ to 
9 subp>agraph 7,c77i71 ! corporation    
%all submit a report detail+ its        
compliance ) subp>agraph 7,b7 to !      
,congress1 ! ,director ( ! ,f$]al ,h\s+ 
,f9ance ,ag5cy1 ! ,f9ancial ,/ability   
,ov]sight ,c\ncil1 & ! ,director ( !    
,bureau ( ,consum] ,f9ancial ,protection
 ( ! ,f$]al ,res]ve ,sy/em1 :i* %all    
describe any ext5sions ( ! p]iod =      
compliance ) subp>agraph 7,b7 grant$    
pursuant to subp>agraph 7,c74  7,e7 ,=  
purposes ( ?is p>agraph1 ! foll[+       

def9itions %all apply3  7i7 ,! t]m ,,m]s
 means ! ,mortgage ,electronic          
,regi/ration ,sy/ems1 ,inc41 or any     
successor entity ( su* corporation4     
7ii7 ,! t]m ,,m]s mortgage means any    
mortgage--  7,i7 = :i* ! ,,m]s is1 or 0 
at any "t1 ! orig9al or nom9al mortgagee
 or mortgagee ( record "u ! mortgage2   
7,,ii7 t is1 or 0 at any "t1 assign$ to 
or record$ 9 ! ,,m]s2 or  7,,iii7 = :i* 
! ,,m]s is1 or 0 at any "t1 act+ z      
nom9ee 9 ! c\nty l& records = ! l5d] or 
s]vic] ( ! mortgage4  4  7#b7 ,fr$die   
,mac ,section #cje7;a7 ( ! ,f$]al ,home 
,loan ,mortgage ,corporation ,act 7#ab  
,u4,s4,c4 #aded7;a77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraph3  7#f7 7,a7
 ,aft] ! date ( ! enactm5t ( !          
,transp>5cy & ,security 9 ,mortgage     
,regi/ration ,act ( #bjac1 !            
,corporation may n pur*ase1 acquire1    
newly l5d on ! security (1 newly inve/ 9
 securities consi/+ (1 or o!rwise newly 
deal 9 any ,,m]s mortgage or mortgages4 
7,b7 ,aft] ! expiration ( ! p]iod "u    

subp>agraph 7,c71 ,,m]s %all n be ! nam$
 mortgagee or mortgagee ( record on any 
mortgage own$1 gu>ante$1 or securitiz$  
by ! ,corporation4 ,n lat] ?an !        
expiration ( su* p]iod1 ! ,corporation  
%all require t all mortgage loans own$1 
gu>ante$1 or securitiz$ at su* "t by !  
,corporation & on :i* ,,m]s is ! nam$   
mortgagee or mortgagee ( record %all be 
assign$ to ! s]vic]1 hold]1 or cr$itor1 
z def9$ by ! guidel9es ( ! ,corporation4
 ,! ,corporation %all n reimburse !     
s]vic]1 hold]1 or cr$itor = any exp5se  
incurr$ 9 ! c>ry+ out or record+ su* an 
assignm5t4  7,c7 7i7 ,except z provid$ 9
 clause 7ii71 ! p]iod "u ?is subp>agraph
 is ! #f-mon? p]iod beg9n+ on ! date ( !
 enactm5t ( ! ,transp>5cy & ,security 9 
,mortgage ,regi/ration ,act ( #bjac4    
7ii7 ,9 ! case ( any mortgage own$1     
gu>ante$1 or securitiz$ by !            
,corporation = :i* ! s]vic]1 hold]1 or  
cr$itor has demon/rat$ to !             
,corporation1 9 accordance ) /&>ds      
e/abli%$ by ! ,director ( ! ,f$]al ,h\s+

 ,f9ance ,ag5cy1 t compliance )         
subp>agraph 7,b7 by ! expiration ( su*  
#f-mon? p]iod w cause a sev]e ?reat to !
 cont9u$ f9ancial viability ( su*       
entity1 ! p]iod "u ?is subp>agraph %all 
be ! p]iod t beg9s on su* date (        
enactm5t & has su* duration z det]m9$ by
 ! ,corporation1 9 accordance ) /&>ds   
e/abli%$ by ! ,director1 b 9 no case has
 a duration long] ?an #ab mon?s4  7,d7  
,n lat] ?an ! expiration ( ! #f-mon?    
p]iod ref]r$ to 9 subp>agraph 7,c77i71 !
 ,corporation %all submit a report      
detail+ its compliance ) subp>agraph    
7,b7 to ! ,congress1 ! ,director ( !    
,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,f9ancial
 ,/ability ,ov]sight ,c\ncil1 & !       
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection ( ! ,f$]al ,res]ve
 ,sy/em1 :i* %all describe any ext5sions
 ( ! p]iod = compliance ) subp>agraph   
7,b7 grant$ pursuant to subp>agraph     
7,c74  7,e7 ,= purposes ( ?is p>agraph1 
! foll[+ def9itions %all apply3  7i7 ,! 
t]m ,,m]s means ! ,mortgage ,electronic 

,regi/ration ,sy/ems1 ,inc41 or any     
successor entity ( su* corporation4     
7ii7 ,! t]m ,,m]s mortgage means any    
mortgage--  7,i7 = :i* ! ,,m]s is1 or 0 
at any "t1 ! orig9al or nom9al mortgagee
 or mortgagee ( record "u ! mortgage2   
7,,ii7 t is1 or 0 at any "t1 assign$ to 
or record$ 9 ! ,,m]s2 or  7,,iii7 = :i* 
! ,,m]s is1 or 0 at any "t1 act+ z      
nom9ee 9 ! c\nty l& records = ! l5d] or 
s]vic] ( ! mortgage4  4  7#c7           
,regulations ,n lat] ?an ! expiration ( 
! #ij-;day p]iod beg9n+ on ! date ( !   
enactm5t ( ?is ,act1 ! ,director ( !    
,f$]al ,h\s+ ,f9ance ,ag5cy %all issue  
any regulations necess>y to c>ry out !  
am5dm5ts made by p>agraphs 7#a7 & 7#b74 
,9 issu+ su* regulations1 ! ,director   
%all consult & coord9ate ) ! ,secret>y (
 ,h\s+ & ,urban ,developm5t to ensure t 
! regulations issu$ by ! ,director & !  
regulations issu$ by ! ,secret>y        
pursuant to subsection 7b77#b7 ( ?is    
section are uni=m & consi/5t to maximum 
ext5t possible4  7b7 ,g9nie ,mae  7#a7  

,prohibition ,section #cjb7;c7 ( !      
,national ,h\s+ ,act 7#ab ,u4,s4,c4     
#agag7;c77 is am5d$ by add+ at ! end !  
foll[+ new p>agraph3  7#f7 7,a7 ,aft] ! 
date ( ! enactm5t ( ! ,transp>5cy &     
,security 9 ,mortgage ,regi/ration ,act 
( #bjac1 ! ,association may n newly     
gu>antee ! paym5t ( pr9cipal ( or int]e/
 on any tru/ c]tificate or o!r security 
bas$ or back$ by a tru/ or pool t       
conta9s1 or pur*ase or acquire1 any     
,,m]s mortgage4  7,b7 7i7 ,aft] !       
expiration ( ! p]iod "u subp>agraph     
7,c71 ,,m]s %all n be ! nam$ mortgagee  
or mortgagee ( record on any mortgage   
own$ or held by ! ,association or on any
 mortgage conta9$ 9 a pool back+ or on  
:i* is bas$ any tru/ c]tificate or o!r  
security ! paym5t ( pr9cipal ( or int]e/
 on :i* is gu>ante$ by ! ,association4  
7ii7 ,n lat] ?an ! expiration ( su*     
p]iod1 ! ,association %all require t all
 mortgage loans t are own$ or held at   
su* "t by ! ,association1 or t at su* "t
 are conta9$ 9 a tru/ or pool back+ or  

on :i* is bas$ a tru/ c]tificate or o!r 
security ! paym5t ( pr9cipal ( or int]e/
 on :i* is gu>ante$ by ! ,association1 &
 on :i* ,,m]s is ! nam$ mortgagee or    
mortgagee ( record1 %all be assign$ to !
 s]vic]1 hold]1 or cr$itor1 z def9$ by !
 guidel9es ( ! ,association4 ,!         
,association %all n reimburse ! s]vic]1 
hold]1 or cr$itor = any exp5se incurr$ 9
 ! c>ry+ out or record+ su* an          
assignm5t4  7,c7 7i7 ,except z provid$ 9
 clause 7ii71 ! p]iod "u ?is subp>agraph
 is ! #f-mon? p]iod beg9n+ on ! date ( !
 enactm5t ( ! ,transp>5cy & ,security 9 
,mortgage ,regi/ration ,act ( #bjac4    
7ii7 ,9 ! case ( any mortgage own$ or   
held by ! ,association1 or conta9$ 9 a  
tru/ or pool back+ or on :i* is bas$ a  
tru/ c]tificate or o!r security ! paym5t
 ( pr9cipal ( or int]e/ on :i* is       
gu>ante$ by ! ,association1 = :i* !     
s]vic]1 hold]1 or cr$itor has demon/rat$
 to ! ,association1 9 accordance ) /&>ds
 e/abli%$ by ! ,secret>y1 t compliance )
 subp>agraph 7,b7 by ! expiration ( su* 

#f-mon? p]iod w cause a sev]e ?reat to !
 cont9u$ f9ancial viability ( su*       
entity1 ! p]iod "u ?is subp>agraph %all 
be ! p]iod t beg9s on su* date (        
enactm5t & has su* duration z det]m9$ by
 ! ,association1 9 accordance ) /&>ds   
e/abli%$ by ! ,secret>y1 b 9 no case has
 a duration long] ?an #ab mon?s4  7,d7  
,n lat] ?an ! expiration ( ! #f-mon?    
p]iod describ$ 9 subp>agraph 7,c77i71 ! 
,association %all submit a report       
detail+ its compliance ) subp>agraph    
7,b7 to ! ,congress1 ! ,secret>y1 !     
,f9ancial ,/ability ,ov]sight ,c\ncil1 &
 ! ,director ( ! ,bureau ( ,consum]     
,f9ancial ,protection ( ! ,f$]al ,res]ve
 ,sy/em1 :i* %all describe any ext5sions
 ( ! p]iod = compliance ) subp>agraph   
7,b7 grant$ pursuant to subp>agraph     
7,c74  7,e7 ,= purposes ( ?is p>agraph1 
! foll[+ def9itions %all apply3  7i7 ,! 
t]m ,,m]s means ! ,mortgage ,electronic 
,regi/ration ,sy/ems1 ,inc41 or any     
successor entity ( su* corporation4     
7ii7 ,! t]m ,,m]s mortgage means any    

mortgage--  7,i7 = :i* ! ,,m]s is1 or 0 
at any "t1 ! orig9al or nom9al mortgagee
 or mortgagee ( record "u ! mortgage2   
7,,ii7 t is1 or 0 at any "t1 assign$ to 
or record$ 9 ! ,,m]s2 or  7,,iii7 = :i* 
! ,,m]s is1 or 0 at any "t1 act+ z      
nom9ee 9 ! c\nty l& records = ! l5d] or 
s]vic] ( ! mortgage4  4  7#b7           
,regulations ,n lat] ?an ! expiration ( 
! #ij-;day p]iod beg9n+ on ! date ( !   
enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+
 & ,urban ,developm5t %all issue any    
regulations necess>y to c>ry out !      
am5dm5ts made by p>agraphs 7#a7 & 7#b74 
,9 issu+ su* regulations1 ! ,secret>y   
%all consult & coord9ate ) ! ,director (
 ! ,f$]al ,h\s+ ,f9ance ,ag5cy to ensure
 t ! regulations issu$ by ! ,secret>y & 
! regulations issu$ by ! ,director      
pursuant to subsection 7a77#c7 ( ?is    
section are uni=m & consi/5t to maximum 
ext5t possible4  #c4 ,,hud /udy  7a7    
,/udy ,! ,secret>y ( ,h\s+ & ,urban     
,developm5t1 9 consultation ) !         
,comptroll] ,g5]al ( ! ,unit$ ,/ates1   

%all conduct a /udy to analyze &        
det]m9e--  7#a7 ! impacts ( ! lack (    
electronic records & uni=m /&>ds f\nd 9 
local l& title recordation sy/ems       
curr5tly us$ 9 ! v>i\s ,/ates2  7#b7 any
 progress ,/ates h made 9 develop+      
electronic l& title recordation sy/ems =
 _! localities t conta9 uni=m /&>ds1 &  
any f9d+s & conclusions & be/ practices 
result+ f su* developm5t2  7#c7 ! curr5t
 ov]sight role ( ! ,f$]al ,gov]nm5t 9 ! 
transf] & recordation ( l& titles2  7#d7
 opportunities1 & ! feasibility ( su*   
opportunities1 t may be pres5t to       
lev]age progress made by "s ,/ates &    
localities to create an electronic l&   
title recordation sy/em1 includ+ ?r\gh--
  7,a7 a sy/em t w\ld ma9ta9 all previ\s
 records ( ! l&-prop]ty )\t invalidat+1 
int]f]+ )1 or preempt+ ,/ate real       
prop]ty law gov]n+ ! transf] & p]fection
 ( l& title2 &  7,b7 fur!r actions by ! 
,/ates or by ! ,f$]al ,gov]nm5t1 or     
coord9at$ actions ( bo?2 &  7#e7 !      
feasibility ( creat+ a ,f$]al l& title  

recordation sy/em = prop]ty transf]s t  
w\ld ma9ta9 all previ\s records ( !     
l&-prop]ty )\t invalidat+1 int]f]+ )1 or
 preempt+ ,/ate real prop]ty law gov]n+ 
! transf] & p]fection ( l& title4  7b7  
,report ,n lat] ?an ! expiration ( !    
#ab-mon? p]iod beg9n+ on ! date ( !     
enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+
 & ,urban ,developm5t1 9 consultation ) 
! ,comptroll] ,g5]al ( ! ,unit$ ,/ates1 
%all submit to ! ,congress a report on !
 results & f9d+s ( ! /udy conduct$ "u   
?is section4