S.Amdt. 3930

SA 3930. Mr. CORKER 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:

On page 1290, between lines 4 and 5, insert the following:
(s) No Authority Over Underwriting Standards for
Residential Mortgage Loans.--
(1) Rule of construction.--Nothing in this title may be
construed as conferring authority on the Bureau to exercise
any rulemaking or other authority for matters pertaining to
underwriting standards with respect to residential mortgage
loans, except as otherwise authorized under section 1024.
(2) Definitions.--For purposes of this subsection--
(A) the term `residential mortgage loan' means any
extension of credit primarily for

[[Page S3482]]

personal, family, or household use that is secured by a
mortgage, deed of trust, or other equivalent security
interest in a dwelling or residential real estate upon which
is constructed or intended to be constructed a dwelling; and
(B) the terms ``credit'' and ``dwelling'' have the same
meanings as in section 103 of the Truth in Lending Act (15
U.S.C. 1602).
On page 1430, strike line 8 and all that follows through
page 1440, line 21.
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