Credit Risk Retention Act of 2009

Summary

Credit Risk Retention Act of 2009 - Amends the Truth in Lending Act to require the federal banking agencies to prescribe specified regulations jointly to require any creditor that makes a residential mortgage loan that is not a qualified mortgage (as defined by such agencies) to retain an economic interest in a material portion of the credit risk for any such loan that the creditor transfers, sells, or conveys to a third party. Requires the standards governing such regulations to: (1) apply only to residential mortgage loans that are not qualified mortgages; (2) prohibit creditors from directly or indirectly hedging or otherwise transferring the credit risk they are required to retain under the regulations with respect to any residential mortgage loan; and (3) requiring creditors to retain at least 5% percent of the credit risk on any non-qualified mortgage that is transferred, sold, or conveyed.

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Timeline

1. 26 March 2009

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 26 March 2009

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 March 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 March 2009 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 March 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 March 2009

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 March 2009

  Open at official source

Sponsors

• Rep. Minnick, Walter [D-ID-1] · D · Sponsor
• Rep. Shuler, Heath [D-NC-11] · D · Cosponsor
• · hsba00 · Standing

Related records

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