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Code · BILL · 114th Congress · H.R. 1491 (Introduced in House) — To reform the housing finance system of the United States, and for other purposes. · Sec. 205

Sec. 205. Federal Home Loan Banks

226 words·~1 min read·/bill/114/hr/1491/ih/section-205·

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Section 4 of the Federal Home Loan Bank Act ( 12 U.S.C. 1424 ) is amended by adding at the end the following: Any lender that satisfies the requirements of subparagraphs
(A)and
(C)of subsection (a)(1) shall be eligible to become a member of a Federal Home Loan Bank. Ginnie Mae shall issue regulations specifying that a separate class of stock shall be issued by Federal Home Loan Banks to lenders who become a member of a Federal Home Loan Bank pursuant to this subsection, and Ginnie Mae shall determine the applicable restrictions and requirements for such stock. . Section 11 of the Federal Home Loan Bank Act ( 12 U.S.C. 1431 ) is amended by adding at the end the following: Each Federal Home Loan Bank shall provide pooling services to both members and non-members who wish to pool eligible mortgages for purposes of securitizing such mortgages through the Issuing Platform established by title II of the Partnership to Strengthen Homeownership Act of 2015 . Pooling services described under subparagraph
(A)may only be offered for a pool of eligible mortgages if the eligible mortgages in the pool were made by more than one lender. For purposes of this subsection, the term eligible mortgage has the meaning given that term under section 2 of the Partnership to Strengthen Homeownership Act of 2015 . .
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Sec. 205
Federal Home Loan Banks
U.S.C.§ 1424
U.S.C.§ 1431
Cites 2Cited by 0 across 0 sources
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