An amendment establishing specific HUD guidelines for determining the existence of discriminatory lending practices of financial institutions in issuing mortgages. The amendment would prohibit Fannie Mae and Freddie Mac from doing business with lenders which have the lowest rating under the Community Reinvestment Act, or have been declared in violation of the Fair Housing Act or the Equal Credit Opportunity Act more than twice in a single year.

Ask AI
Amendment Number
303
Description
An amendment establishing specific HUD guidelines for determining the existence of discriminatory lending practices of financial institutions in issuing mortgages. The amendment would prohibit Fannie Mae and Freddie Mac from doing business with lenders which have the lowest rating under the Community Reinvestment Act, or have been declared in violation of the Fair Housing Act or the Equal Credit Opportunity Act more than twice in a single year.
Purpose
Amendment establishes specific guidelines for determining the existence of financial institutions that employ discriminatory lending practices in issuing mortgages. Under the amendment Fannie Mae and Freddie Mac are prohibited from doing business with such institution.
Congress
102
Type
HAMDT
Latest Action Date
Sep 25, 1991
Latest Action Text
On agreeing to the Waters amendment (A006) Agreed to by voice vote.
Latest Action Time
14:39:44
Submitted Date
Sep 25, 1991
Chamber
House of Representatives
Update Date
Jun 7, 2021
Amendment 303 — Informed