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U.S. Code as of:
01/19/04
Section 3801. Findings and purpose
(a) The Congress hereby finds that -
(1) increasingly volatile and dynamic changes in interest rates
have seriously impared (!1) the ability of housing creditors to
provide consumers with fixed-term, fixed-rate credit secured by
interests in real property, cooperative housing, manufactured
homes, and other dwellings;
(2) alternative mortgage transactions are essential to the
provision of an adequate supply of credit secured by residential
property necessary to meet the demand expected during the 1980's;
and
(3) the Comptroller of the Currency, the National Credit Union
Administration, and the Director of the Office of Thrift
Supervision have recognized the importance of alternative
mortgage transactions and have adopted regulations authorizing
federally chartered depository institutions to engage in
alternative mortgage financing.
(b) It is the purpose of this chapter to eliminate the
discriminatory impact that those regulations have upon nonfederally
chartered housing creditors and provide them with parity with
federally chartered institutions by authorizing all housing
creditors to make, purchase, and enforce alternative mortgage
transactions so long as the transactions are in conformity with the
regulations issued by the Federal agencies.
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