S. 4804

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4804 Introduced in Senate (IS)]

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119th CONGRESS
2d Session
S. 4804

To require the Federal National Mortgage Association and the Federal 
Home Loan Mortgage Corporation to each establish a pilot program for 
personal property manufactured home loan purchases.

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IN THE SENATE OF THE UNITED STATES

June 17, 2026

Mr. Merkley (for himself, Mr. Hickenlooper, and Mr. Welch) introduced 
the following bill; which was read twice and referred to the Committee 
on Banking, Housing, and Urban Affairs

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A BILL

To require the Federal National Mortgage Association and the Federal 
Home Loan Mortgage Corporation to each establish a pilot program for 
personal property manufactured home loan purchases.

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 ``Manufactured Housing Lending Act''.

SEC. 2. ESTABLISHMENT OF PILOT PROGRAM.

(a) In General.--Not later 18 months after the date of enactment of 
this Act, the Federal Housing Finance Agency shall direct the Federal 
National Mortgage Association and the Federal Home Loan Mortgage 
Corporation to each establish a pilot program for personal property 
manufactured home loan purchases.
(b) Purchases.--Not later than 1 year after the date on which a 
pilot program is established under subsection (a), the Federal National 
Mortgage Association and the Federal Home Loan Mortgage Corporation, as 
applicable, shall begin purchasing or otherwise sharing financial risk 
on newly originated loans or existing portfolios of loans.
(c) Requirements.--The pilot programs established under subsection 
(a) shall--
(1) incorporate the consumer mortgage lending and servicing 
protections found in parts 1024 and 1026 of title 12, Code of 
Federal Regulations, to the greatest extent practicable;
(2) require financed manufactured homes to--
(A) be located in nonprofit, government, or 
resident-owned manufactured housing communities; and
(B) include a lease term that exceeds the 
manufactured house loan term or includes a perpetual 
right to occupy the site;
(3) at the discretion of the Director of the Federal 
Housing Finance Agency, include prudent risk protections and 
counterparty standards; and
(4) permit the Federal National Mortgage Association and 
the Federal Home Loan Mortgage Corporation to achieve a 
reasonable economic return that shall be less than the return 
earned on other comparable mortgage lending activities.
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