[Congressional Record (Bound Edition), Volume 146 (2000), Part 18]
[Senate]
[Page 27216]
[From the U.S. Government Publishing Office, www.gpo.gov]



      AMERICAN HOMEOWNERSHIP AND ECONOMIC OPPORTUNITY ACT OF 2000

  Mr. ALLARD. Mr. President, on December 7, 2000, the Senate approved 
H.R. 5640, the American Homeownership and Economic Opportunity Act of 
2000. I earlier introduced S. 3274, the Senate companion to this 
legislation. Title IV of H.R. 5640 included several technical 
corrections to the Homeowners Protection Act of 1998. These technical 
corrections have no specific effective date attached to them. In my 
view, it is the expectation of Congress that lenders impacted by those 
technical corrections should have a reasonable period of time to make 
systems changes and conform administrative processes to the new law. 
This flexibility is important because the Homeowners Protection Act of 
1998 does not authorize a Federal agency to provide implementing 
regulations.

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