Protecting America's Property Rights Act

S 2687, the "Protecting America's Property Rights Act," requires Fannie Mae and Freddie Mac to only purchase conventional mortgages for one- to four-family homes if the mortgage lien priority is insured by a licensed title insurance company in the property's state. This directly affects these government-backed mortgage entities and the mortgage market for single-family homes. Key provisions include amending their charters to add this title insurance requirement for eligible mortgages, mandating prior approval from the FHFA Director and Treasury Secretary for new programs, and requiring semi-annual congressional reports on such programs. The bill updates the definition of "conforming mortgage" to include this title insurance standard.