H.R. 1491: Partnership to Strengthen Homeownership Act of 2015

114th Congress · introduced 2015-03-19 · 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 2015-03-19 · official record
Who proposed it: Rep. Delaney, John K. [D-MD-6] · 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

Partnership to Strengthen Homeownership Act of 2015

Plain summary

Partnership to Strengthen Homeownership Act of 2015 Amends the National Housing Act to remove the Government National Mortgage Association (Ginnie Mae) from the Department of Housing and Urban Development (HUD) and establish it as an independent entity governed by a Board of Directors in place of the HUD Secretary. Transfers to Ginnie Mae the powers, duties, personnel, and property of Federal Housing Finance Agency, that is hereby abolished. Establishes within Ginnie Mae the Issuing Platform, available for use only by eligible mortgage originators and aggregators, to issue standardized mortgage-backed securities. Requires Ginnie Mae to establish: (1) limitations governing the maximum original principal obligation of eligible mortgage loans that may collateralize the issued securities, and (2) an insurance fund and insure 100% of each security issued by the Platform. Prescribes requirements for: (1) a participating mortgage originator or aggregator to deliver to the Platform a pool of eligible mortgage loans; and (2) the Platform to create standardized mortgage-backed securities collateralized by such mortgages and transfer them to the mortgage originator or aggregator. Exempts standardized mortgage-backed securities issued by the Platform from federal securities laws. Prescribes requirements for Ginnie Mae's or the Financial Stability Oversight Council's actions if unusual and exigent circumstances have created or threaten to create an anomalous lack of mortgage credit availability within the housing market that could materially and severely disrupt the functioning of the federal housing finance system. Amends the Federal Home Loan Bank Act to make any lender of home mortgage loans eligible to become a member of a Federal Home Loan Bank (FHLB). Directs the Director of Ginnie Mae to: (1) prohibit the government-sponsored enterprises (GSEs, Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) from issuing, guaranteeing, or purchasing any security backed by mortgages on 1- to 4-family residences except as specifically authorized by this Act; (2) permit a GSE to act until a certain time as a participating aggregator of eligible mortgages for securitization if the business volume of their originators is insufficient to allow them to aggregate and securitize such mortgages; and (3) allow a GSE to act as a reinsurer for a mortgage-backed security until the GSE goes into receivership. Requires each GSE to establish a risk-sharing pilot program to develop private sector first-loss positions on mortgage-backed securities. Continues the current conservatorships of the GSEs until the commencement of mandatory receivership. Requires the Director to appoint Ginnie Mae as receiver of the GSEs. Prescribes requirements for winding down the GSEs. Directs the Director to direct Fannie Mae and Freddie Mac to develop a plan to establish a subsidiary to provide sufficient multifamily housing financing and to establish a competitive housing market for multifamily housing guarantors engaging in multifamily covered securities. Directs the Director to develop, adopt, publish, and enforce standards for the approval of multifamily guarantors to: (1) issue securities collateralized by eligible multifamily mortgage loans, and (2) guarantee the timely payment of principal and interest on these securities and insured by Ginnie Mae. Amends the Housing and Community Development Act of 1992 to allow Ginnie Mae to securitize multifamily loans insured or reinsured under such Act under certain circumstances. Requires the Platform in each fiscal year to charge and collect a certain fee for the outstanding principal balance of all eligible mortgage loans that collateralize securities insured under this Act and all other mortgage loans collateralizing securities on which Ginnie Mae guarantees the timely payment of principal and interest. Amends the Safety and Soundness Act of 1992 with respect to the Housing Trust Fund and housing for Indians. Amends the Federal Home Loan Bank Act to authorize FHLBs to make long-term secured advances to their members to provide funds to community development financial institutions. Requires such FHLBs, at the time of origination or renewal of the loan or advance, to obtain and maintain a security interest in collateral eligible pursuant to any such secured loan.

Congressional Research Service summary (Introduced in House), 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

Partnership to Strengthen Homeownership Act of 2015

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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

Officials and money

Sponsor: Rep. Delaney, John K. [D-MD-6] · 10 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

James A. Himes (D-CT), Gregory W. Meeks (D-NY), Mike Quigley (D-IL), Peter Welch (D-VT)

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)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
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-114hr1491.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr1491 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114