Credit Watch Act of 2001 - Amends the National Housing Act to direct the Secretary of Housing and Urban Development to review, at least annually, the indicators of portfolio risk for insured single family mortgages originated or underwritten by each mortgagee, and compare such risk with comparable mortgages in the same area. Authorizes the Secretary, based upon such comparison, to terminate the approval of a mortgage as an unacceptable insurance risk.
Sets forth termination procedures.
Actions
Jul 18, 2001
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 18, 2001
Sponsor introductory remarks on measure. (CR S7882)