Anti-Redlining and Anti-Mortgage Fraud Act of 2010

Summary

Anti-Redlining and Anti-Mortgage Fraud Act of 2010 - Makes it unlawful for any person or entity to extend credit, provide funds, or collect any payments in connection with an extension of credit secured by a single-family residence unless the originator has recorded the credit application with the clearinghouse established under this Act. Directs the Secretary of the Treasury, acting through the Director of the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury, to: (1) establish a mortgage application recordation system which includes a clearinghouse, managed by a private sector entity, to record single-family residence mortgage applications; and (2) require mortgage originators to record such credit applications with the clearinghouse. Prescribes criteria for the clearinghouse operator, which shall bear all clearinghouse costs. Authorizes the Secretary to guarantee repayment of principal and interest on a loan to the clearinghouse operator sufficient to cover clearinghouse costs. Requires the clearinghouse to collect information using an Internet-based electronic system. Makes all information collected by the clearinghouse is property of the Secretary.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 July 2010

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 July 2010

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.