S.1195 - Credit Watch Act of 2001107th Congress (2001-2002)
|Sponsor:||Sen. Sarbanes, Paul S. [D-MD] (Introduced 07/18/2001)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||07/18/2001 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
This bill has the status Introduced
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Subject — Policy Area:
- Housing and Community Development
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Summary: S.1195 — 107th Congress (2001-2002)All Bill Information (Except Text)
Credit Watch Act of 2001 - Amends the National Housing Act to direct the Secretary of Housing and Urban Development to review, at least annually, the indicators of portfolio risk for insured single family mortgages originated or underwritten by each mortgagee, and compare such risk with comparable mortgages in the same area. Authorizes the Secretary, based upon such comparison, to terminate the approval of a mortgage as an unacceptable insurance risk.
Introduced in Senate (07/18/2001)
Sets forth termination procedures.