Homebuyer Protection Act of 2019

Bill: 116-hr-5055
Sponsor: full_name: Rep. Sherman, Brad [D-CA-30]
Introduced: 2019-11-12
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Budget process

Financial services and investments

Government corporations and government-sponsored enterprises

Housing finance and home ownership

User charges and fees
Latest action: action_date: 2019-11-12
text: Referred to the Committee on Rules, and in addition to the Committee on the Budget, 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.

Summaries:
action_date: 2019-11-12
action_desc: Introduced in House
text: <p><b>Homebuyer Protection Act of 2019</b></p> <p>This bill prohibits the chairs of the congressional budget committees from counting increases to guarantee fees as offsets for budget enforcement purposes. The bill includes an exception for legislation that increases guarantee fees to finance reforms to the secondary mortgage market. </p> <p>(Guarantee fees are charged by enterprises, such as the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac], to guarantee the payment of principal and interest on loans. This bill prevents the fees from being used to offset provisions that increase the deficit in determining whether a budget point of order applies to legislation.) </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 5055 IN THE HOUSE OF REPRESENTATIVES November 12, 2019 Mr. Sherman (for himself and Mr. Zeldin ) introduced the following bill; which was referred to the Committee on Rules , and in addition to the Committee on the Budget , 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 amend the Congressional Budget and Impoundment Control Act of 1974 to prohibit the use of guarantee fees as offsets.

1. Short title This Act may be cited as the Homebuyer Protection Act of 2019 . 2. Prohibiting the use of guarantee fees as offsets (a) In general Title III of the Congressional Budget Act of 1974 is amended by adding at the end the following new section: 316. Prohibiting the use of guarantee fees as offsets (a) In the Senate or the House of Representatives, if a bill, resolution, amendment, motion, or conference report includes a provision that increases, or extends the increase of, the guarantee fees of an enterprise, the chair of the Committee on the Budget of the applicable House shall not count the budgetary effects of such provision for purposes of title III and title IV of the Congressional Budget and Impoundment Act of 1974, the Rules of the House of Representatives, and applicable provisions of concurrent resolutions on the budget. (b) The evaluation under subsection (a) shall not apply to any legislation that provides for an increase, or extension of an increase, of any guarantee fee of an enterprise to be used for the purpose of financing reforms to the secondary mortgage market. . (b) Conforming amendment The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by inserting after the item relating to section 315 the following new item: Sec. 316. Prohibiting the use of guarantee fees as offsets. .