S.Amdt. 1844
What it does: Adds SEC. ___. CLARIFICATION OF QUALIFIED MORTGAGE EXCEPTION wherever appropriate
Sen. Bob Corker (R-TN)What it changes
1 change to H.R. 3606
Adds SEC. ___. CLARIFICATION OF QUALIFIED MORTGAGE EXCEPTION wherever appropriate
Adds a sectionInserted: SEC. ___. CLARIFICATION OF QUALIFIED MORTGAGE EXCEPTION.
Inserted: (a) In General.--Section 129C(b) of the Truth in Lending Act (15 U.S.C. 1639c(b)), as added by section 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended--
Inserted: (1) in the subsection heading, by striking "Presumption of Ability To Repay" and inserting "Exception for Qualified Mortgages";
Inserted: (2) by amending paragraph (1) to read as follows:
Inserted: "(1) In general.--Subsection (a) shall not apply to a residential mortgage loan that is a qualified mortgage."; and
Inserted: (3) in paragraph (3), by amending subparagraph (B) to read as follows:
Inserted: "(B) Loan definition.--The following agencies shall, in consultation with the Bureau, prescribe rules defining the types of loans they insure, guarantee, or administer, as the case may be, that are qualified mortgages for purposes of paragraph (2)(A):
Inserted: "(i) The Department of Housing and Urban Development, with regard to mortgages insured under the National Housing Act (12 U.S.C. 1707 et seq.).
Inserted: "(ii) The Department of Veterans Affairs, with regard to a loan made or guaranteed by the Secretary of Veterans Affairs.
Inserted: "(iii) The Department of Agriculture, with regard to loans guaranteed by the Secretary of Agriculture pursuant to section 502(h) of the Housing Act of 1949 (42 U.S.C. 1472(h)).
Inserted: "(iv) The Rural Housing Service, with regard to loans insured by the Rural Housing Service.".
Inserted: (b) Effective Date.--The amendments made by this section shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111 203; 124 Stat. 1376).
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Original wording
At the appropriate place, insert the following:
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As printed
SA 1844. Mr. CORKER submitted an amendment intended to be proposed by him to the bill H.R. 3606, to increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ___. CLARIFICATION OF QUALIFIED MORTGAGE EXCEPTION.
(a) In General.--Section 129C(b) of the Truth in Lending Act (15 U.S.C. 1639c(b)), as added by section 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended--
(1) in the subsection heading, by striking “Presumption of Ability To Repay” and inserting “Exception for Qualified Mortgages”;
(2) by amending paragraph (1) to read as follows:
“(1) In general.--Subsection (a) shall not apply to a residential mortgage loan that is a qualified mortgage.”; and
(3) in paragraph (3), by amending subparagraph (B) to read as follows:
“(B) Loan definition.--The following agencies shall, in consultation with the Bureau, prescribe rules defining the types of loans they insure, guarantee, or administer, as the case may be, that are qualified mortgages for purposes of paragraph (2)(A):
“(i) The Department of Housing and Urban Development, with regard to mortgages insured under the National Housing Act (12 U.S.C. 1707 et seq.).
“(ii) The Department of Veterans Affairs, with regard to a loan made or guaranteed by the Secretary of Veterans Affairs.
“(iii) The Department of Agriculture, with regard to loans guaranteed by the Secretary of Agriculture pursuant to section 502(h) of the Housing Act of 1949 (42 U.S.C. 1472(h)).
“(iv) The Rural Housing Service, with regard to loans insured by the Rural Housing Service.”.
(b) Effective Date.--The amendments made by this section shall take effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111 203; 124 Stat. 1376).
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Senate amendment submitted
March 15, 2012