H.R. 1731 · 111th Congress
Credit Risk Retention Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MinnickSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Credit Risk Retention Act of 2009 - Amends the Truth in Lending Act to require the federal banking agencies to prescribe specified regulations jointly to require any creditor that makes a residential mortgage loan that is not a qualified mortgage (as defined by such agencies) to retain an economic interest in a material portion of the credit risk for any…
What it does: CRS summary · Introduced in House · Mar 26, 2009
Credit Risk Retention Act of 2009 - Amends the Truth in Lending Act to require the federal banking agencies to prescribe specified regulations jointly to require any creditor that makes a residential mortgage loan that is not a qualified mortgage (as defined by such agencies) to retain an economic interest in a material portion of the credit risk for any such loan that the creditor transfers, sells, or conveys to a third party.
Requires the standards governing such regulations to: (1) apply only to residential mortgage loans that are not qualified mortgages; (2) prohibit creditors from directly or indirectly hedging or otherwise transferring the credit risk they are required to retain under the regulations with respect to any residential mortgage loan; and (3) requiring creditors to retain at least 5% percent of the credit risk on any non-qualified mortgage that is transferred, sold, or conveyed.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Risk Retention Act of 2009
Latest action (Mar 26, 2009): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 26, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.