S.Amdt. 4452
What it does: Inserts “Notwithstanding any other provision of this Act or regulations promulgated under this Act…” after the period
Sen. Sam Brownback (R-KS)What it changes
1 change to H.R. 3221
Inserts “Notwithstanding any other provision of this Act or regulations promulgated under this Act…” after the period
Inserted: Notwithstanding any other provision of this Act or regulations promulgated under this Act, the Secretary shall, in addition to information regarding individual mortgagees, develop criteria to quantify risks associated with individual originators or lenders. In developing such criteria, the Secretary shall develop a system for grading the performance of individual originators and lenders that considers the adequacy of quality controls to ensure the accuracy of information supplied as part of any loan application, file, or agreement. The Secretary shall promulgate such rules as are necessary to facilitate the collection and evaluation of information necessary to establish the criteria specified in this subsection. The Secretary shall amend any planned implementation of risk-based premiums to incorporate information on originator and lender performance in the determination or calculation of any risk based premium.
Original wording
On page 34, line 13, insert after the period the following: “Notwithstanding any other provision of this Act or regulations promulgated under this Act, the Secretary shall, in addition to information regarding individual mortgagees, develop criteria to quantify risks associated with individual originators or lenders. In developing such criteria, the Secretary shall develop a system for grading the performance of individual originators and lenders that considers the adequacy of quality controls to ensure the accuracy of information supplied as part of any loan application, file, or agreement. The Secretary shall promulgate such rules as are necessary to facilitate the collection and evaluation of information necessary to establish the criteria specified in this subsection. The Secretary shall amend any planned implementation of risk-based premiums to incorporate information on originator and lender performance in the determination or calculation of any risk based premium.”.
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As printed
SA 4452. Mr. BROWNBACK submitted an amendment intended to be proposed by him to the bill H.R. 3221, moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation; which was ordered to lie on the table; as follows:
On page 34, line 13, insert after the period the following: “Notwithstanding any other provision of this Act or regulations promulgated under this Act, the Secretary shall, in addition to information regarding individual mortgagees, develop criteria to quantify risks associated with individual originators or lenders. In developing such criteria, the Secretary shall develop a system for grading the performance of individual originators and lenders that considers the adequacy of quality controls to ensure the accuracy of information supplied as part of any loan application, file, or agreement. The Secretary shall promulgate such rules as are necessary to facilitate the collection and evaluation of information necessary to establish the criteria specified in this subsection. The Secretary shall amend any planned implementation of risk-based premiums to incorporate information on originator and lender performance in the determination or calculation of any risk based premium.”.
Legislative Activity
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Senate amendment submitted
April 7, 2008