To require Fannie Mae and Freddie Mac to establish procedures for considering certain credit scores in making a determination whether to purchase a residential mortgage, and for other purposes.
Credit Score Competition Act of 2015
This bill amends the Federal National Mortgage Association Charter Act to authorize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises, or GSEs) to use credit scores in purchasing residential mortgages only under certain conditions, including that the GSE has established and made publicly available a description of the process it will use to validate and approve credit scoring models.
The Director of the Federal Housing Finance Agency may, by regulation, establish standards and criteria for any process used by a GSE to validate and approve credit scoring models pursuant to the Acts.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
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