U.S. Code » Title 12 » Chapter CHAPTER 39— ALTERNATIVE MORTGAGE TRANSACTIONS

12 U.S.C. § 3801

Findings and purpose

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(a) The Congress hereby finds that—(1) increasingly volatile and dynamic changes in interest rates have seriously impared 11 So in original. Probably should be “impaired”. 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.(Pub. L. 97–320, title VIII, § 802, Oct. 15, 1982, 96 Stat. 1545; Pub. L. 101–73, title VII, § 744(c), Aug. 9, 1989, 103 Stat. 438.)Editorial NotesAmendments

1989—Subsec. (a)(3). Pub. L. 101–73 substituted “Director of the Office of Thrift Supervision” for “Federal Home Loan Bank Board”.

Statutory Notes and Related SubsidiariesEffective Date

Pub. L. 97–320, title VIII, § 807(a), Oct. 15, 1982, 96 Stat. 1548, provided that: “This title [enacting this chapter] shall be effective upon enactment [Oct. 15, 1982].”

Short Title

Pub. L. 97–320, title VIII, § 801, Oct. 15, 1982, 96 Stat. 1545, provided that: “This title [enacting this chapter] may be cited as the ‘Alternative Mortgage Transaction Parity Act of 1982’.”

Identification, Description and Publication of Regulations Inapplicable To, or Conformation of Regulations for Use Of Nonfederally Chartered Housing Creditors

Pub. L. 97–320, title VIII, § 807(b), Oct. 15, 1982, 96 Stat. 1548, provided that: “Within sixty days of the enactment of this title [Oct. 15, 1982], the Comptroller of the Currency, the National Credit Union Administration, and the Federal Home Loan Bank Board shall identify, describe, and publish those portions or provisions of their respective regulations that are inappropriate for (and thus inapplicable to), or that need to be conformed for the use of, the nonfederally chartered housing creditors to which their respective regulations apply, including without limitation, making necessary changes in terminology to conform the regulatory and disclosure provisions to those more typically associated with various types of transactions including credit sales.”

Notes of Decisions
Cited in 33 cases, 1993–2020 · leading case: Black v. Fin. Freedom Senior Funding Corp., 2001 Cal. Daily Op. Serv. 8676 (Cal. Ct. App. 2001).
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Black v. Fin. Freedom Senior Funding Corp., 2001 Cal. Daily Op. Serv. 8676 (Cal. Ct. App. 2001). · cites it 5× “” ( 12 U.S.C. § 3801 (a)(1); see also Pub.L. No.”
First Gibraltar Bank, Fsb, & Beneficial Texas, Inc. v. Dan Morales, Atty. Gen., as Attorney Gen. for the State of Texas, 19 F.3d 1032 (1st Cir. 1994). · cites it 4× “12 U.S.C. § 3801 (b). “Housing creditors” is broadly defined to include, inter alia, “any person who regularly makes loans, credit sales, or advances secured by interests” in residential ' properties.”
Nat'l Home Equity Mortg. Ass'n v. Face, 239 F.3d 633 (4th Cir. 2001). · cites it 4× “3128, 3137; see also 12 U.S.C. § 3801 (b). “Alternative mortgages” were understood to refer to those mortgages in which interest rates could be adjusted or renegotiated, in which the maturity date could be shortened, or which included other variations “not common to traditional…”
Shinn v. Encore Mortg. Servs., Inc., 96 F. Supp. 2d 419 (D.N.J. 2000). · cites it 7× “of 1982, 12 U.S.C. § 3801 et seq. (“Parity Act”). , Second, Sterling cites to N.”
Thomas W. McCarthy v. Option One Mortg. Corp. & Bnc Mortg., Inc., 362 F.3d 1008 (7th Cir. 2004). · cites it 3× “The district court denied McCarthy’s motion for summary judgment and granted summary judgment to the defendants on the basis that the Alternative Mortgage Transaction Parity Act, 12 U.S.C. §§ 3801 , et seq. (“Parity Act”), preempts the Illinois Interest Act.”
Nat'l Home Equity Mortg. Ass'n v. Off. of Thrift Supervision, 271 F. Supp. 2d 264 (D.D.C. 2003). · cites it 5× “Plaintiff challenges the Amended Rule, 3 which designates certain OTS regulations as applicable to SHCs engaging in alternative mortgage transactions (“AMTs”), 4 such as Plaintiffs members, under the Alternative Mortgage *268 Transaction Parity Act, 12 U.S.C. §§ 3801 et seq.…”
Turner Ansley v. Ameriquest Mortg. Co., 340 F.3d 858 (9th Cir. 2003). “” 12 U.S.C. § 3801 (a)(1). Congress noted that the availability of loans other than traditional fixed-rate, fixed-term transactions was essential to an adequate supply of loans secured by residential property.”
Robert & Jennifer Grunbeck v. The Dime Sav. Bank of New York, Fsb, 74 F.3d 331 (1st Cir. 1996). · cites it 2× “The Parity Act The district court rejected the State’s argument that passage of the Alternative Mortgage Transaction Parity Act of 1982 (“Parity Act”), 12 U.S.C. §§ 3801 et seq., two years after passage of the Monetary Control Act, supports a narrow construction of the…”
Williams v. Gelt Fin. Corp., 237 B.R. 590 (E.D. Pa. 1999). · cites it 2× “Gelt also relies on the Alternative Mortgage Parity Act (“Parity Act”), 12 U.S.C. § 3801 et seg., in support of its inclusion of a pre-payment penalty.”
Quicken Loans, Inc. v. Wood, 449 F.3d 944 (9th Cir. 2006). · cites it 4× “Congress noted that the Office of Thrift Supervision (OTS), among other agencies, had “recognized the importance of alternative mortgage transactions and ha[d] adopted regulations authorizing federally chartered depository institutions to engage in alternative mortgage financing.”
Nat'l Home Equity Mortg. Ass'n v. Face, 64 F. Supp. 2d 584 (E.D. Va. 1999). · cites it 3× “” 12 U.S.C. § 3801 (b). The Parity Act afforded housing creditors 1 the general authority to make, purchase, and enforce alternative mortgage transactions (“AMTs”).”
Nat'l Home Equity Mortg. Ass'n v. Off. of Thrift Supervision, 373 F.3d 1355 (D.C. Cir. 2004). · cites it 2× “GINSBURG, Chief Judge: The National Home Equity Mortgage Association seeks an order declaring invalid a final rule promulgated by the Office of Thrift Supervision pursuant to the Alternative Mortgage Transaction Parity Act, 12 U.S.C. §§ 3801 et. seq. The challenged rule…”
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