H.R. 892 · Where this bill is now
In committee
Introduced in the House, sent 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, Jan 31, 2025
What this bill does
In plain words · AI-written from the official summaryFederal insurance for second mortgages on certain homes
This bill would let the federal government guarantee, or insure, second mortgages on homes where the first mortgage is already backed by the FHA, VA, or USDA. The bill also requires these agencies to publicly share details about mortgages they guarantee, including the property address and loan date.
How it affects you
Homeowners with government-backed first mortgages who want to take out a second mortgage could benefit if lenders become more willing to offer them with federal backing. The public would also gain access to more transparent information about federally-guaranteed mortgages.
Read the official summary (Introduced in House, Jan 31, 2025)
Mortgage Rate Reduction Act
This bill authorizes the federal guarantee, or insurance, of certain second mortgages. Specifically, this applies to properties with a first mortgage guaranteed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). For a second mortgage to qualify, the first mortgage on the property must be guaranteed under the same authority.
The bill also requires the publication of mortgage guarantee information by the FHA, VA, and Department of Agriculture. For each mortgage guaranteed, these agencies must publish the address of the property and the date of the loan.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 892
A BILL
Mortgage Rate Reduction Act
Sponsor: Rep. Patrick Ryan (D-NY-18) · Introduced Jan 31, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 5, 2025: “Referred to the Subcommittee on Economic Opportunity.”