[Congressional Record Volume 146, Number 154 (Thursday, December 14, 2000)]
[Extensions of Remarks]
[Page E2182]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      AMERICAN HOMEOWNERSHIP AND ECONOMIC OPPORTUNITY ACT OF 2000

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                               speech of

                           HON. MARGE ROUKEMA

                             of new jersey

                    in the house of representatives

                       Tuesday, December 5, 2000

  Mrs. ROUKEMA. Mr. Speaker, I am very pleased that H.R. 5640 included 
a provision, originally included in my bill H.R. 3637, that makes 
certain technical corrections to the Homeowners Protection Act of 1998. 
Although there is no specific effective date attached to the provision, 
it is the expectation of Congress that lenders subject to sections 402 
(b) and (c); 405 (a) and (b); 406(c)(2) will have a reasonable period 
of time to effect compliance with the terms of these sections. Those 
sections offer guidance on specific products and processes that are not 
addressed in the original law. Lenders will need time to make systems 
changes and conform administrative processes to the new provisions. 
This flexibility is especially important because the Homeowners 
Protection Act of 1998 does not authorize a federal agency to provide 
implementing regulations and guidance.

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