To prohibit Fannie Mae, Freddie Mac, and Ginnie Mae from owning or guaranteeing any mortgage that is assigned to the Mortgage Electronic Registration Systems or for which MERS is the mortgagee of record.

Overview Rep. Marcy Kaptur [D-OH9](no cosponsors) Cosponsors: Text: Full Text Status: Introduced Nov 30, 2010 Referred to Committee View Committee Assignments Reported by Committee … House Vote … Senate Vote … Signed by President … This bill is in the first step in the legislative process. Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee. [Last Updated: Dec 2, 2010 6:38AM] Last Action: Nov 30, 2010: Referred to the House Committee on Financial Services. Related: See the Related Legislation page for other bills related to this one and a list of subject terms that have been applied to this bill. Sometimes the text of one bill or resolution is incorporated into another, and in those cases the original bill or resolution, as it would appear here, would seem to be abandoned.

–>

{{cite web |url=http://www.govtrack.us/congress/bill.xpd?bill=h111-6460 |title=H.R. 6460 |accessdate=December 8, 2010 |author=111th Congress (2010) |date=Nov 30, 2010 |work=Legislation |publisher=GovTrack.us |quote=To prohibit Fannie Mae, Freddie Mac, and Ginnie Mae from owning or guaranteeing any mortgage that... }}

The interesting part of this bill for us is section 3:
SEC. 3. HUD STUDY.

(a) Study- The Secretary of Housing and Urban Development, in consultation with the Comptroller General of the United States, shall conduct a study to analyze and determine–

(1) the impacts of the lack of electronic records and uniform standards found in local land title recordation systems currently used in the various States;

(2) any progress States have made in developing electronic land title recordation systems for their localities that contain uniform standards, and any findings and conclusions and best practices resulting from such development;

(3) the current oversight role of the Federal Government in the transfer and recordation of land titles;

(4) opportunities, and the feasibility of such opportunities, that may be present to leverage progress made by some States and localities to create an electronic land title recordation system, including through–

(A) a system that would maintain all previous records of the land-property without invalidating, interfering with, or preempting State real property law governing the transfer and perfection of land title; and

(B) further actions by the States or by the Federal Government, or coordinated actions of both; and

(5) the feasibility of creating a Federal land title recordation system for property transfers that would maintain all previous records of the land-property without invalidating, interfering with, or preempting State real property law governing the transfer and perfection of land title.

(b) Report- Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development, in consultation with the Comptroller General of the United States, shall submit to the Congress a report on the results and findings of the study conducted under this section.

If the Bill gets out of committee, it will be one to watch.