12-U.S.C.-4601

12-U.S.C.-4601

§4601 – Review of Underwriting Guidelines

Pathway

Title 12 > Chapter 46 > Subchapter I > Part C > Section 4601

Details

  • Reference: Section 4601
  • Legend: §4601 – Review of Underwriting Guidelines
  • USCode Year: 2013

Provision Content

(a) Study

Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine—

(1) the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing located in mixed-use, urban center, and predominantly minority neighborhoods and for housing for low- and moderate-income families;

(2) the standards employed by private mortgage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and

(3) the implications of implementing underwriting standards that—

(A) establish a downpayment requirement for mortgagors of 5 percent or less;

(B) allow the use of cash on hand as a source for downpayments; and

(C) approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage.

(b) Report

Not later than the expiration of the 1-year period beginning on October 28, 1992, each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study conducted by the enterprise under subsection (a) of this section. Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families.

(Pub. L. 102–550, title XIII, §1354, Oct. 28, 1992, 106 Stat. 3970.)

Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-4546 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-4546, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-4581 in the Legal Encyclopedia: Government Sponsored Enterprises

In this entry about 12-U.S.C.-4581, find legal reference material, bibliographies and premiere content related to government sponsored enterprises in the American Encyclopedia of Law, presenting a comprehensive view of the United States government sponsored enterprises-specific issues, written by authorities in the field.

Topic Map


Posted

in

,

by

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *