Sec. 1354. REVIEW OF UNDERWRITING GUIDELINES
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## SEC. 1354 REVIEW OF UNDERWRITING GUIDELINES **[**[12 U.S.C. 4601](/us/usc/t12/s4601)**]** ###
(a)Study Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine— ####
(1)the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing located in mixed-use, urban center, and predominantly minority neighborhoods and for housing for low- and moderate-income families; ####
(2)the standards employed by private mortgage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and ####
(3)the implications of implementing underwriting standards that— #####
(A)establish a downpayment requirement for mortgagors of 5 percent or less; #####
(B)allow the use of cash on hand as a source for downpayments; and #####
(C)approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage. ###
(b)Report Not later than the expiration of the 1-year period beginning on the date of the enactment of this Act,57 each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives58, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study conducted by the enterprise under subsection (a). Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families. 57The date of enactment was October 28, 1992. 58Section 1(a) of Public Law 104–14, 109 Stat. 186, provides, in part, that “any reference in any provision of law enacted before January 4, 1995, to . . . the Committee on Banking, Finance and Urban Affairs of the House of Representatives shall be treated as referring to the Committee on Banking and Financial Services of the House of Representatives”. However, H. Res. 5, 107th Congress, agreed to on January 3, 2001, abolished the Committee on Banking and Financial Services and established the Committee on Financial Services, which has jurisdiction over many of the areas previously under the jurisdiction of the Committee on Banking and Financial Services.
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- Pub. L. 104-14
- 109 Stat. 186
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