,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #gged  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #c1 #bjbf,mr4    
,b>rett introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require a /udy 
on ! feasibility & pot5tial impacts (   
portable ,f$]ally back$ mortgage loans1 
& = o!r purposes4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,take ,y\r ,rate   
,act ( #bjbf4  #b4 ,/udy on mortgage    
portability  7a7 ,9 g5]al ,! ,secret>y (
 ,h\s+ & ,urban ,developm5t & !         
,director ( ! ,f$]al ,h\s+ ,f9ance      
,ag5cy %all jo9tly conduct a /udy on !  
feasibility & pot5tial impacts (        
mortgage loan portability = ,f$]ally    
back$ mortgage loans4  7b7 ,requir$     
consid]ations ,! /udy requir$ "u        
subsection 7a7 %all include an analysis 
(-- 7#a7 adm9i/rative & op]ational      
feasibility2  7#b7 ! effect on ! h\s+   
m>ket if ,f$]ally back$ mortgage loans 7
 portable2  7#c7 any *anges to rulemak+ 
& regulations at ! ,dep>tm5t ( ,h\s+ &  

,urban ,developm5t & ! ,f$]al ,h\s+     
,f9ance ,ag5cy to all[ su* mortgages to 
become portable2  7#d7 h[ _m curr5t     
borr[]s w\ld b5efit f su* portable      
mortgages2  7#e7 ! budget>y impact t su*
 portable mortgages w\ld h on ! ,f$]al  
,gov]nm5t2  7#f7 ! f9ancial safety &    
s\ndness implications = f$]ally back$   
mortgage programs & ! ,f$]al ,national  
,mortgage ,association & ! ,f$]al ,home 
,loan ,mortgage ,corporation if su*     
mortgages 7 portable2  7#g7 any /atutory
 *anges ne$$1 if any2  7#h7             
recomm5dations on :e!r a limit$         
demon/ration program w\ld be b5eficial &
 h[ x %\ld be adm9i/]$2  7#i7 any o!r   
in=mation ! ,secret>y ( ,h\s+ & ,urban  
,developm5t & ! ,director ( ! ,f$]al    
,h\s+ ,f9ance ,ag5cy f9ds important to  
include2 &  7#aj7 if ! ,secret>y &      
,director det]m9es t x is n feasible1   
recomm5dations reg>d+ simil> solutions  
or alt]native program designs t c\ld be 
adm9i/]$ to provide relief on ! h\s+    
m>ket4  7c7 ,consultation ,! ,secret>y (

 ,h\s+ & ,urban ,developm5t & !         
,director ( ! ,f$]al ,h\s+ ,f9ance      
,ag5cy may consult ) ! foll[+ entities  
if x w\ld be b5eficial = ! /udy &       
report3 7#a7 ,! ,f$]al ,national        
,mortgage ,association4  7#b7 ,! ,f$]al 
,home ,loan ,mortgage ,corporation4     
7#c7 ,! ,f$]al ,h\s+ ,adm9i/ration4     
7#d7 ,! ,dep>tm5t ( ,vet]ans ,affairs4  
7#e7 ,! ,dep>tm5t ( ,agriculture4  7#f7 
,mortgage l5d]s & s]vic]s4  7#g7 ,any   
o!r ,f$]al ag5cies1 dep>tm5ts1 or       
outside indu/ries t x sees z b5eficial4 
7d7 ,f$]ally back$ mortgage loan def9$  
,9 ?is ,act1 ,! t]m ,f$]ally back$      
mortgage loan means any loan 7o!r ?an   
tempor>y f9anc+ su* z a con/ruction     
loan7 t--  7#a7 is secur$ by a fir/ or  
subord9ate li5 on resid5tial real       
prop]ty 7includ+ individual units (     
condom9iums & coop]atives7 design$      
pr9cipally = ! occupancy ( #a to #d     
families1 includ+ any su* secur$ loan1 !
 proce$s ( :i* are us$ to prepay or pay 
(f an exi/+ loan secur$ by ! same       

prop]ty2 &  7#b7 is made 9 :ole or 9 "p1
 or insur$1 gu>ante$1 supplem5t$1 or    
assi/$ 9 any way1 by any (fic] or ag5cy 
( ! ,f$]al ,gov]nm5t or "u or 9         
connection ) a h\s+ or urban developm5t 
program adm9i/]$ by ! ,secret>y ( ,h\s+ 
& ,urban ,developm5t or a h\s+ or relat$
 program adm9i/]$ by any o!r su* (fic]  
or ag5cy1 or is pur*as$ or securitiz$ by
 ! ,f$]al ,home ,loan ,mortgage         
,corporation or ! ,f$]al ,national      
,mortgage ,association4  #c4 ,report to 
,congress ,n lat] ?an #ahj days aft] !  
date ( enactm5t ( ?is ,act1 ! ,secret>y 
& ! ,director %all submit to !          
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate a jo9t report conta9+-- 7#a7 !   
f9d+s ( ! /udy requir$ "u section #b2   
7#b7 policy recomm5dations1 if any2     
7#c7 an assessm5t ( risks & b5efits to  
taxpay]s & f9ancial m>kets2 &  7#d7 any 
diss5t+ views f ei!r ag5cy4