Page:United States Statutes at Large Volume 124.djvu/2183

 124 STAT. 2157 PUBLIC LAW 111–203—JULY 21, 2010 include an analysis by the Comptroller General of the effect on the capital reserves and funding of lenders of credit risk retention provisions for non-qualified mortgages, including an analysis of the exceptions and adjustments authorized in section 129C(b)(3) of the Truth in Lending Act and a recommendation on whether a uniform standard is needed. (d) ANALYSIS OF CREDIT RISK RETENTION PROVISIONS.—The report required by subsection (b) shall also include— (1) an analysis by the Comptroller General of whether the credit risk retention provisions have significantly reduced risks to the larger credit market of the repackaging and selling of securitized loans on a secondary market; and (2) recommendations to the Congress on adjustments that should be made, or additional measures that should be under- taken. SEC. 1422. STATE ATTORNEY GENERAL ENFORCEMENT AUTHORITY. Section 130(e) of the Truth in Lending Act (15 U.S.C. 1640(e)) is amended by striking ‘‘section 129 may also’’ and inserting ‘‘section 129, 129B, 129C, 129D, 129E, 129F, 129G, or 129H of this Act may also’’. Subtitle C—High-Cost Mortgages SEC. 1431. DEFINITIONS RELATING TO HIGH-COST MORTGAGES. (a) HIGH-COST MORTGAGE DEFINED.—Section 103(aa) of the Truth in Lending Act (15 U.S.C. 1602(aa)) is amended by striking all that precedes paragraph (2) and inserting the following: ‘‘(aa) HIGH-COST MORTGAGE.— ‘‘(1) DEFINITION.— ‘‘(A) IN GENERAL.—The term ‘high-cost mortgage’, and a mortgage referred to in this subsection, means a con- sumer credit transaction that is secured by the consumer’s principal dwelling, other than a reverse mortgage trans- action, if— ‘‘(i) in the case of a credit transaction secured— ‘‘(I) by a first mortgage on the consumer’s prin- cipal dwelling, the annual percentage rate at con- summation of the transaction will exceed by more than 6.5 percentage points (8.5 percentage points, if the dwelling is personal property and the trans- action is for less than $50,000) the average prime offer rate, as defined in section 129C(b)(2)(B), for a comparable transaction; or ‘‘(II) by a subordinate or junior mortgage on the consumer’s principal dwelling, the annual percentage rate at consummation of the trans- action will exceed by more than 8.5 percentage points the average prime offer rate, as defined in section 129C(b)(2)(B), for a comparable trans- action; ‘‘(ii) the total points and fees payable in connection with the transaction, other than bona fide third party charges not retained by the mortgage originator, cred- itor, or an affiliate of the creditor or mortgage origi- nator, exceed—