I 

118TH CONGRESS 

2D SESSION H. R. 9379 

To require the heads of certain agencies to disclose information about loans 

insured and guaranteed by such agencies, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

AUGUST 16, 2024 

Mr. RYAN introduced the following bill; which was referred to the Committee 

on Financial Services, and in addition to the Committee on Veterans’ Affairs, for a period to be subsequently determined by the Speaker, in each 

case for consideration of such provisions as fall within the jurisdiction of 

the committee concerned 

A BILL 

To require the heads of certain agencies to disclose information about loans insured and guaranteed by such agencies, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Mortgage Rate Reduc5 tion Act’’. 

6 SEC. 2. SENSE OF THE CONGRESS. 

7 It is the sense of the Congress that— 


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1 (1) the Assistant Secretary for the Office of 

2 Housing and Federal Housing Commissioner should, 

3 acting through the Federal Housing Administration, 

4 insure second mortgages under section 203 of the 

5 National Housing Act for properties for which the 

6 Federal Housing Administration has insured a first 

7 mortgage, to facilitate the assumption of such first 

8 mortgage by a subsequent purchaser of such prop9 erty; 

10 (2) the Secretary of Agriculture should guar11 antee loans for eligible housing under section 502(h) 

12 of the Housing Act of 1949 that are second mort13 gages if the Secretary of Agriculture insures the 

14 loan that is the first mortgage against such eligible 

15 housing, to facilitate the assumption of such first 

16 mortgage by a subsequent purchaser of such eligible 

17 housing; and 

18 (3) the Secretary of Veterans Affairs should in19 sure and guarantee real estate housing loans secured 

20 by second liens under subchapter I of chapter 37 of 

21 title 38, United States Code, if the Secretary of Vet22 erans Affairs insures the first lien against such real 

23 estate, to facilitate the assumption of the first mort24 gage against such real estate by a subsequent pur25 chaser of such real estate. 


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1 SEC. 3. INSURANCE FOR SECONDARY MORTGAGES. 

2 (a) FEDERAL HOUSING ADMINISTRATION.— 

3 (1) IN GENERAL.—Section 201(a) of the Na4 tional Housing Act (12 U.S.C. 1707(a)) is amend5 ed— 

6 (A) by striking ‘‘a first mortgage’’ each 

7 place it occurs and inserting ‘‘a first mortgage 

8 or second mortgage’’; and 

9 (B) by striking ‘‘secured thereby.’’ and in10 serting the following: ‘‘secured thereby; and the 

11 term ‘second mortgage’ means, with respect to 

12 real estate against which there is a first mort13 gage that has been insured under section 203, 

14 such classes of second liens as are commonly 

15 given to secure advances on, or the unpaid pur16 chase price of, real estate, under the laws of the 

17 State in which the real estate is located, to18 gether with the credit instrument, if any, se19 cured thereby’’. 

20 (2) CONFORMING AMENDMENTS.—Section 203 

21 of the National Housing Act (12 U.S.C. 1709) is 

22 amended by striking ‘‘first mortgage’’ each place it 

23 occurs and inserting ‘‘first mortgage or second mort24 gage’’. 

25 (b) DEPARTMENT OF VETERANS AFFAIRS.—Section 

26 3703(d)(3) of title 38, United States Code, is amended— 


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1 (1) in subparagraph (A), by striking ‘‘first lien’’ 

2 and inserting ‘‘first lien or second lien’’; and 

3 (2) by adding at the end the following new sub4 paragraph: 

5 ‘‘(C) A real estate housing loan may only be secured 

6 by second lien if the Secretary insures or guarantees the 

7 first lien on such real estate.’’. 

8 SEC. 4. DISCLOSURE OF INFORMATION ABOUT LOANS 

9 GUARANTEED AND INSURED. 

10 (a) LOANS INSURED BY THE FEDERAL HOUSING AD11 MINISTRATION.—The Assistant Secretary for the Office of 

12 Housing and the Federal Housing Commissioner shall, not 

13 later than 1 year after the date of the enactment of this 

14 section, publish on a public website a list of all properties 

15 for which the Federal Housing Administration has insured 

16 a mortgage under section 203 of the National Housing 

17 Act that includes the following information for each prop18 erty insured: 

19 (1) The address of the property against which 

20 there is a mortgage insured by the Federal Housing 

21 Administration. 

22 (2) The date of the origination of the mortgage 

23 that is insured by the Federal Housing Administra24 tion. 


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1 (b) LOANS INSURED BY THE DEPARTMENT OF AGRI2 CULTURE.—The Secretary of Agriculture shall, not later 

3 than 1 year after the date of the enactment of this section, 

4 publish on a public website a list of all properties for which 

5 the Department of Agriculture has guaranteed loan under 

6 section 502(h) of the Housing Act of 1949 that includes 

7 the following information for each loan insured: 

8 (1) The address of the property against which 

9 there is a loan guaranteed by the Department of Ag10 riculture. 

11 (2) The date of the origination of the loan that 

12 is guaranteed by the Department of Agriculture. 

13 (c) LOANS INSURED BY THE SECRETARY OF VET14 ERANS AFFAIRS.—The Secretary of Veterans Affairs 

15 shall, not later than 1 year after the date of the enactment 

16 of this section, publish on a public website a list of all 

17 properties for which the Department of Veterans Affairs 

18 has insured or guaranteed a housing loan under sub19 chapter I of chapter 37 of part III of title 38, United 

20 States Code, that includes the following information for 

21 each housing loan insured or guaranteed: 

22 (1) The address of the property against which 

23 there is a housing loan insured or guaranteed by the 

24 Department of Veterans Affairs. 


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1 (2) The date of the origination of the housing 

2 loan that is insured or guaranteed by the Depart3 ment of Veterans Affairs. 

Æ 


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