S. 1195 — Credit Watch Act of 2001

Summary

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.

Sets forth termination procedures.

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Legislative Actions

2001-07-18
Introduced in Senate
2001-07-18
Sponsor introductory remarks on measure. (CR S7882)
2001-07-18
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Credit Watch Act of 2001

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Summary

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