Sec. 5. Minimum standards for residential mortgage loans
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Section 129C(b)(2) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2) ) is amended— by adding at the end the following: In this section— the term qualified mortgage includes any mortgage loan that is originated and retained in portfolio for a period of not less than 3 years by a depository institution having less than $10,000,000,000 in total assets; and loans described in clause
(i)shall be deemed to meet the requirements of subsection (a). ; and in subparagraph (E)— by striking The Bureau may, by regulation, and inserting The Bureau shall, by regulation, ; and by striking clause
(iv)and inserting the following: that is extended by an insured depository institution that— originates and retains the balloon loans in portfolio for a period of not less than 3 years; and together with its affiliates has less than $10,000,000,000 in total consolidated assets. .
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Sec. 5
Minimum standards for residential mortgage loans
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