H.R. 7754

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7754 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 7754

To require a study on the feasibility and potential impacts of portable 
Federally backed mortgage loans, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 3, 2026

Mr. Barrett introduced the following bill; which was referred to the 
Committee on Financial Services

_______________________________________________________________________

A BILL

To require a study on the feasibility and potential impacts of portable 
Federally backed mortgage loans, and for other purposes.

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

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Take Your Rate Act of 2026''.

SEC. 2. STUDY ON MORTGAGE PORTABILITY.

(a) In General.--The Secretary of Housing and Urban Development and 
the Director of the Federal Housing Finance Agency shall jointly 
conduct a study on the feasibility and potential impacts of mortgage 
loan portability for Federally backed mortgage loans.
(b) Required Considerations.--The study required under subsection 
(a) shall include an analysis of--
(1) administrative and operational feasibility;
(2) the effect on the housing market if Federally backed 
mortgage loans were portable;
(3) any changes to rulemaking and regulations at the 
Department of Housing and Urban Development and the Federal 
Housing Finance Agency to allow such mortgages to become 
portable;
(4) how many current borrowers would benefit from such 
portable mortgages;
(5) the budgetary impact that such portable mortgages would 
have on the Federal Government;
(6) the financial safety and soundness implications for 
federally backed mortgage programs and the Federal National 
Mortgage Association and the Federal Home Loan Mortgage 
Corporation if such mortgages were portable;
(7) any statutory changes needed, if any;
(8) recommendations on whether a limited demonstration 
program would be beneficial and how it should be administered;
(9) any other information the Secretary of Housing and 
Urban Development and the Director of the Federal Housing 
Finance Agency finds important to include; and
(10) if the Secretary and Director determines that it is 
not feasible, recommendations regarding similar solutions or 
alternative program designs that could be administered to 
provide relief on the housing market.
(c) Consultation.--The Secretary of Housing and Urban Development 
and the Director of the Federal Housing Finance Agency may consult with 
the following entities if it would be beneficial for the study and 
report:
(1) The Federal National Mortgage Association.
(2) The Federal Home Loan Mortgage Corporation.
(3) The Federal Housing Administration.
(4) The Department of Veterans Affairs.
(5) The Department of Agriculture.
(6) Mortgage lenders and servicers.
(7) Any other Federal agencies, departments, or outside 
industries that it sees as beneficial.
(d) Federally Backed Mortgage Loan Defined.--In this Act, The term 
``Federally backed mortgage loan'' means any loan (other than temporary 
financing such as a construction loan) that--
(1) is secured by a first or subordinate lien on 
residential real property (including individual units of 
condominiums and cooperatives) designed principally for the 
occupancy of 1 to 4 families, including any such secured loan, 
the proceeds of which are used to prepay or pay off an existing 
loan secured by the same property; and
(2) is made in whole or in part, or insured, guaranteed, 
supplemented, or assisted in any way, by any officer or agency 
of the Federal Government or under or in connection with a 
housing or urban development program administered by the 
Secretary of Housing and Urban Development or a housing or 
related program administered by any other such officer or 
agency, or is purchased or securitized by the Federal Home Loan 
Mortgage Corporation or the Federal National Mortgage 
Association.

SEC. 3. REPORT TO CONGRESS.

Not later than 180 days after the date of enactment of this Act, 
the Secretary and the Director shall submit to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate a joint report 
containing--
(1) the findings of the study required under section 2;
(2) policy recommendations, if any;
(3) an assessment of risks and benefits to taxpayers and 
financial markets; and
(4) any dissenting views from either agency.
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