S. 1048: Mortgage Finance Act of 2013

113th Congress · introduced 2013-05-23 · Housing and Community Development · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2013-05-23 · official record
Who proposed it: Sen. Isakson, Johnny [R-GA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Mortgage Finance Act of 2013

Plain summary

Mortgage Finance Act of 2013 - Appoints the Federal Housing Finance Agency (FHFA) receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and places them into irrevocable receivership, effective on the date on which the Mortgage Finance Agency (MFA) established by this Act is operational and able to perform the guarantee function for qualified mortgage-backed securities collateralized by qualified residential mortgages. Directs the FHFA to commence liquidation of the GSEs immediately upon their placement into receivership. Repeals the charters of Fannie Mae and Freddie Mac. Requires repayment by the FHFA to the General Fund of the Treasury, in repayment of certain government assistance to the GSEs, of all proceeds from their operations in receivership remaining after their outstanding obligations are fully satisfied. Requires the FHFA as receiver to manage the combined assets of the GSEs to obtain resolutions that maximize the return for the taxpayer. Establishes the MFA as an independent agency of the federal government to: (1) guarantee securities issued by qualified issuers and collateralized by pools of qualified residential mortgages in order to provide a dependable, transparent, and liquid market for high quality mortgages and multifamily mortgages for securitization; (2) charge and collect a guarantee fee sufficient to protect the MFA and the Treasury from the risks of guaranteeing the timely payment of principal and interest on qualified mortgage-backed securities; (3) establish and maintain a Catastrophic Fund to minimize the burden on the federal government by setting aside amounts that will be available solely to pay obligations under the MFA guarantee in the event of any future mortgage market collapse; and (4) purchase supplemental insurance coverage. Requires the MFA to: (1) guarantee the timely payment of the principal and interest to holders of qualified mortgage-back securities, and (2) cover any shortfalls to security holders. Requires the MFA to charge a guarantee fee with respect to timely payment of principal and interest on the qualified mortgage-backed securities. Creates in the Treasury the Catastrophic Fund, to which shall be credited the amount of guarantee fees and any amounts earned on investments. Requires the MFA Board of Directors to issue guidelines to determine whether supplemental coverage: (1) is being offered on commercially reasonable terms, and (2) is reasonably likely to mitigate the risk that the MFA will have to make any payment pursuant to its guarantee. Declares that nothing in this Act may be construed as preventing the private sector from securitizing qualified residential mortgages, qualified multifamily mortgages, or other non-qualified residential single family or multifamily mortgages. Terminates the MFA after ten years.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Mortgage Finance Act of 2013

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Isakson, Johnny [R-GA] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.
Sponsor and cosponsor: The sponsor is the member who introduces a bill and leads it. Cosponsors are other members who sign on to show support.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113s1048.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>

Record fed-us-cong113-s1048 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113