3.0.0 1592 2023-01-11T13:18:10Z 2023-01-11T13:18:10Z Senate S S 2009-08-06 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-08-06T16:43:05Z 2009-08-06 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9003-9004) IntroReferral 2009-08-06 Sponsor introductory remarks on measure. (CR S9002-9003) IntroReferral B00100 9 Library of Congress 2009-08-06 Introduced in Senate IntroReferral 10000 9 Library of Congress S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. N C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2009-08-06 True Finance and Financial Sector Administrative law and regulatory procedures Credit and credit markets Executive agency funding and structure Government information and archives Housing finance and home ownership Marketing and advertising Securities Finance and Financial Sector 00 2009-08-06 Introduced in Senate 2009-09-03T18:18:06Z Federal Board of Certification Act of 2009 - Establishes a Federal Board of Certification to certify that the mortgages within a security instrument meet the underlying standards they claim to meet with regards to such mortgage characteristics as: (1) documentation; (2) loan to value ratios; (3) debt service to income ratios; and (4) borrower credit standards and geographic concentration. States that the purpose of this certification process is to increase the transparency, predictability, and reliability of securitized mortgage products.

Authorizes market participants, including firms that package mortgage loans into mortgage securities, to elect to have their mortgage securities evaluated by the Board.

Authorizes the Board to: (1) promulgate regulations establishing enumerated security standards to use in certifying mortgage securities; (2) establish uniform principles and standards and report forms for the regular examination of such securities; and (3) develop uniform reporting systems for ascertaining mortgage security risk.

Grants the Board access to all books, accounts, records, reports, files, memorandums, papers, things, and property belonging to or in use by federal financial institutions regulatory agencies.

Requires any publication, transmission, or webpage containing an advertisement for or invitation to buy a mortgage security to carry a disclaimer that certification by the Federal Board of Certification can in no way be considered a guarantee of the mortgage security, but is merely a judgment of the degree of risk offered by the security in question.

]]> Federal Board of Certification Act of 2009 Display Title Federal Board of Certification Act of 2009 Official Title as Introduced A bill to establish a Federal Board of Certification to enhance the transparency, credibility, and stability of financial markets, and for other purposes. Introduced in Senate IS Short Titles as Introduced Federal Board of Certification Act of 2009 Introduced in Senate 2009-08-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s1592is/xml/BILLS-111s1592is.xml 2009-08-06 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9003-9004) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.