Section 1. Short title
This Act may be cited as the Making Ownership Viable for Everyone Act or the MOVE Act.
(a) In general
The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall, not later than 180 days after the date of the enactment of this section, begin purchasing and securitizing conventional mortgages under which the mortgagor is permitted by mortgagee to transfer the interest rate, terms and balance of such mortgage to a new property within 90 days of selling the property originally securing such mortgage.
(b) Conventional mortgage defined
The term conventional mortgage —
(1) with respect to the Federal National Mortgage Association, has the meaning given the term in section 202(b)(2) of the Federal National Mortgage Association Charter Act and meets the requirements required for purchase and securitization under such Act; and
(2) with respect to the Federal Home Loan Mortgage Corporation has the meaning given the term in section 302(i) of the Federal Home Loan Mortgage Corporation Act and meets the requirements required for purchase and securitization under such Act.