View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML
HUD/HUDSEC RIN: 2501-AD17 Publication ID: Fall 2008 
Title: Regulatory Amendments To Strengthen Prevention of Predatory Lending Practices (FR-5014) 
Abstract: Pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA), the Secretary is responsible for establishing, monitoring, and enforcing the level of annual housing goals that Fannie Mae and Freddie Mac (two housing Government-Sponsored Enterprises or GSEs) are required to achieve and for determining whether a GSE will receive full, partial, or no credit towards the housing goals for mortgages each purchases or guarantees. The Secretary is also charged with monitoring the GSEs' compliance with the Fair Housing Act. HUD's regulations prohibit goals credit for HOEPA mortgages as defined under the Home Ownership Equity Protection Act and for mortgages with unacceptable terms and conditions as defined in HUD's regulations. The Department enacted these provisions to ensure that the GSEs do not purchase loans that actually harm borrowers and support unfair lending practices. For that reason, HUD determined in its 2000 rulemaking, and reiterated in its 2004 rulemaking, that the GSEs should not receive the incentive of goals credit for purchasing high cost mortgages, including mortgages with unacceptable features. 
Agency: Department of Housing and Urban Development(HUD)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 24 CFR 81   
Legal Authority: 12 USC 1451 et seq    12 USC 1716 et seq    12 USC 4501 et seq    42 USC 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  06/07/2006  71 FR 33144   
NPRM Comment Period End  08/07/2006    
Withdrawn  08/29/2008    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Sandra Fostek
Director, Office of Government Sponsored Enterprises Oversight, Office of Housing
Department of Housing and Urban Development
Phone:202 402-2233