Mortgage Rate Reduction Act

This bill allows the federal government to guarantee or insure second mortgages on homes that already have first mortgages backed by the Federal Housing Administration or Department of Veterans Affairs. To qualify for this guarantee, both the first and second mortgages must be backed by the same government agency. The bill also requires the FHA, VA, and Department of Agriculture to publish information about each mortgage they guarantee, including the property address and loan date.

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