Sec. 302. Risk-sharing pilot programs
76 words·~1 min read·
/bill/114/hr/1491/ih/section-302·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, each enterprise shall establish a risk-sharing pilot program to develop private sector first-loss positions on mortgage-backed securities. Such first-loss positions shall be a percentage of the principal or face value of a mortgage-backed security, as determined from time-to-time by the Director, taking into consideration market conditions and the capability of the private sector to assume credit risk.