H.R. 1224: Freddie Mac REMIC Reform Act of 2015

114th Congress · introduced 2015-03-03 · Housing and Community Development · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2015-03-03 · official record
Who proposed it: Rep. Perlmutter, Ed [D-CO-7] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. 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

Freddie Mac REMIC Reform Act of 2015

Plain summary

Freddie Mac REMIC Reform Act of 2015 Amends the Housing and Community Development Act of 1992 with respect to the exercise of options on mortgage-backed securities by the Federal Home Loan Mortgage Corporation (Freddie Mac) or, during the term of any conservatorship or receivership of Freddie Mac, the Director of the Federal Housing Finance Agency (FHFA). Directs Freddie Mac (or FHFA as its conservator or receiver) to exercise any option on a mortgage-backed security with a clean-up call option Freddie Mac has issued if the residual holder of the security is willing to share at least 50% of any excess proceeds from the exercise of the option with FHFA as conservator or receiver, if such proceeds benefit the taxpayers of the United States. (A clean-up call option allows a transferor of assets, in this case mortgage assets, to buy them back after the outstanding asset values have been reduced substantially.) Defines mortgage-backed security as debt obligations issued in the form of participation certificates, collateralized mortgage obligations, mortgage-backed commercial paper, and real estate mortgage investment conduits. Defines mortgage-backed security with a clean-up call option as any mortgage-backed security under which there is an option or right to redeem all remaining classes of the security whenever the aggregate remaining principal of the mortgage would be less than the optional redemption or clean-up call percentage. Directs the Director to prohibit Freddie Mac and the Federal National Mortgage Association (Fannie Mae) from issuing any mortgage-backed security with a clean-up call option. Directs the Director to ensure that any excess proceeds received as a result of the exercise of any clean-up call options be used only to reduce the budget deficit of the federal government.

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

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What does this mean? (plain words)

Official text

Freddie Mac REMIC Reform Act of 2015

Source: Congressional Research Service summary (Introduced in House)

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

Officials and money

Sponsor: Rep. Perlmutter, Ed [D-CO-7] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

David Schweikert (R-AZ)

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 (2)

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.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr1224.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr1224 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114