legislation: 111-hr-5941

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
111-hr-5941 111 hr 5941 Anti-Redlining and Anti-Mortgage Fraud Act of 2010 Housing and Community Development 2010-07-29 2010-07-29 Referred to the House Committee on Financial Services. House Rep. Towns, Edolphus [D-NY-10] NY D T000326 0 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. 2023-01-11T13:21:50Z  

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