S.Amdt. 5006

SA 5006. Mr. VITTER (for himself and Ms. Landrieu) 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:

At the appropriate place, insert the following:

SEC. __. LIMIT ON CREDIT DELIVERY AND ADVERSE MARKET FEES.

(a) In General.--During the 1-year period beginning on the date of enactment of this Act, the enterprises may not engage in the practice of charging or otherwise collecting adverse credit delivery or adverse market fees, based on a borrower's credit score, for any mortgage purchased, otherwise guaranteed, or securitized by an enterprise in any State that has experienced an average foreclosure rate that is lower than the national average.

(b) Definitions.--As used in this section--

(1) the term “adverse credit delivery fee” means a post-settlement fee that is contingent upon a purchaser's credit score and loan-to-value ratio; and

(2) the term “adverse market fees” means a post-settlement fee that is contingent upon the condition of the real estate market in a particular county, parish, or State.