Sec. 3. Pilot program for small lender risk transfer
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Not later than one year after the date of the enactment of this Act, the Director of the Federal Housing Finance Agency shall require each enterprise (as such term is defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4502 )) to establish a pilot program under which the enterprise shall annually engage, for each of the next 5 consecutive years, in at least one front-end risk-transfer transaction for which at least 75 percent of the credit risk transferred is transferred to bank or non-bank mortgage originators having under $10,000,000,000 in assets.
Not later than the conclusion of the fifth year of the pilot program, the Director shall submit a report to the Congress that assesses the extent to which the pilot program under this section has— transferred credit risk from the Federal Government to mortgage originators; and resulted in increased participation in credit risk-transfer transactions by bank or non-bank mortgage originators having under $10,000,000,000 in assets. Based on the assessments in the report required under subsection (b), the Director may extend the program beyond its fifth year of operation if the Director determines that such extension would be in the public interest.
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Sec. 3
Pilot program for small lender risk transfer
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