To provide for consideration of seasonal income in mortgage loans.

SA 3757. Ms. SNOWE submitted an amendment intended to be proposed to
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability
of the United States by improving accountability and transparency in
the financial system, to end ``too big to fail,'' to protect the
American taxpayer by ending bailouts, to protect consumers from abusive
financial services practices, and for other purposes; which was ordered
to lie on the table; as follows:

At the end of section 1031, add the following:
(f) Consideration of Seasonal Income.--The rules of the
Bureau under this section shall provide, with respect to an
extension of credit secured by residential real estate or a
dwelling, if documented income of the borrower, including
income from a small business, is a repayment source for an
extension of credit secured by residential real estate or a
dwelling, the creditor may consider the seasonality and
irregularity of such income in the underwriting of and
scheduling of payments for such credit.
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