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United States · Bill · HR

H.R. 1728 (111th)

Mortgage Reform and Anti-Predatory Lending Act

referredUnited States· United States Congress· EN

Introduced

26 March 2009

Last action

12 May 2009 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Miller, Brad [D-NC-13], Rep. Watt, Melvin L. [D-NC-12], Rep. Frank, Barney [D-MA-4], Rep. Kanjorski, Paul E. [D-PA-11], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Bean, Melissa L. [D-IL-8], Rep. Minnick, Walter [D-ID-1], Rep. Sutton, Betty [D-OH-13], Rep. Meek, Kendrick B. [D-FL-17], Rep. Baca, Joe [D-CA-43], Rep. Meeks, Gregory W. [D-NY-5], Rep. Jackson Lee, Sheila [D-TX-18]

Subjects

Defence, Housing, Taxation, Education

Source updated

7 April 2025

Defence · Housing · Taxation · Education

Official sourceDownload fileView documentsShare

Summary

Mortgage Reform and Anti-Predatory Lending Act - Amends the Truth in Lending Act to specify duty of care standards for originators of residential mortgages. Prohibits steering incentives in connection with origination of mortgage loans. Directs the federal banking agencies to prohibit or condition terms, acts, or practices relating to residential mortgage loans that are abusive, unfair, deceptive, predatory, inconsistent with reasonable underwriting standards, or not in the interest of the borrower. Prescribes minimum standards for residential mortgage loans, including a mandatory net tangible benefit to the consumer for refinancing a residential mortgage loan. Subjects a creditor to civil actions for rescission of a residential mortgage loan in the case of specified abuses. Limits the liability of good faith assignees or securitizers of a residential mortgage loan to loan rescission and certain other obligor costs. Permits a consumer to assert a right to mortgage loan rescission as a defense to foreclosure. Prohibits specified practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory arbitration (except for reverse mortgages); (4) mortgage loan provisions that waive a statutory cause of action by the consumer; and (5) mortgages with negative amortization. Sets forth certain tenant protections in the case of foreclosure. Increases civil money penalties for certain violations. Exempts a creditor, assignee, or securitizer from liability and rescission in the case of borrower fraud or deception. Requires a six-month notice before a hybrid adjustable rate mortgage is reset. Requires federal banking agencies to prescribe regulations requiring any creditor that makes a residential mortgage loan that is not a qualified mortgage to retain an economic interest in a material portion of the credit risk if the creditor transfers, sells, or conveys such loan that to a third party. Prescribes mandatory disclosures in monthly statements for residential mortgage loans. Directs the Secretary of Housing and Urban Development (HUD) to establish a grants program to provide legal assistance to low- and moderate-income homeowners and tenants regarding home ownership preservation, foreclosure prevention, and tenancy associated with home foreclosure. Prohibits a high-cost mortgage from containing: (1) a scheduled payment that is more than twice as large as the average of earlier scheduled payments (balloon payments); or (2) a provision which authorizes creditor discretion to accelerate the indebtedness. Prohibits a creditor from: (1) lending without due regard of the mortgagor's ability to repay; (2) recommending or encouraging default on an existing loan or other debt before, and in connection with, the actual or planned closing of a high-cost mortgage that refinances all or any portion of such existing loan or debt; (3) taking action in connection with a high-cost mortgage to structure a loan transaction as either an open-end credit plan or another form of loan in order to evade this Act; or (4) engaging in the unfair act or practice of flipping in connection with a high-cost mortgage. Imposes certain limits and conditions on the charging of late payment charges. Establishes pre-loan mortgagor counseling as a prerequisite to a high-cost mortgage. Expand and Preserve Home Ownership Through Counseling Act - Establishes within HUD the Office of Housing Counseling. Amends the Housing and Urban Development Act of 1968 to require the Secretary to: (1) prescribe counseling procedures; and (2) provide financial assistance to state and local governments and nonprofit organizations offering homeownership or rental counseling. Directs the Secretary to study and report to Congress on the root causes of home loan defaults and foreclosures. Amends the Real Estate Settlement Procedures Act of 1974 to: (1) direct the Secretary to prepare a mortgage information booklet to help applicants for federally related mortgage loans understand the nature and costs of real estate settlement services; and (2) set forth specified servicer prohibitions. Amends the Truth in Lending Act to require a creditor, in connection with a consumer credit transaction secured by a first lien on a principal dwelling, to: (1) establish an escrow or impound account in a federally insured depository institution for the payment of taxes, hazard insurance, and other specified required periodic payments; and (2) provide specified disclosures to a consumer who waives the escrow service. Directs the Secretary to study and report to certain congressional committees on the fraud and abuse potential of certain mortgage servicing practices. Specifies property appraisal requirements. Makes unlawful certain unfair and deceptive practices relating to a consumer credit transaction secured by the consumer's principal dwelling. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 with respect to appraisal subcommittee, appraiser independence, and approved appraiser education. Directs the Comptroller General to study possible improvements in the appraisal process. Amends the Equal Credit Opportunity Act to condition the requirement that a creditor furnish a mortgage applicant with a copy of all property appraisal reports upon a specific written request by the applicant.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 26 March 2009

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 26 March 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 26 March 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 23 April 2009

    Committee

    Committee Hearings Held.

    Source: Committee

  5. 29 April 2009

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 49 - 21.

    Source: Committee

  6. 29 April 2009

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 4 May 2009

    Calendars

    Placed on the Union Calendar, Calendar No. 42.

    Source: Calendars

  8. 4 May 2009

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 111-94.

    Source: Committee

  9. 4 May 2009

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 111-94.

    Source: Committee

  10. 5 May 2009

    Reported

    Rules Committee Resolution H. Res. 400 Reported to House. Rule provides for consideration of H.R. 1728 with 1 hour of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all pints of order against consideration of the bill except those arising under clause 9 and 10 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.

    Source: Floor

  11. 6 May 2009

    Floor

    Committee of the Whole House on the state of the Union rises leaving H.R. 1728 as unfinished business.

    Source: Floor

  12. 6 May 2009

    Floor

    Rule provides for consideration of H.R. 1728 with 1 hour of general debate. Measure will be considered read. Bill is closed to amendments. The resolution waives all pints of order against consideration of the bill except those arising under clause 9 and 10 of rule XXI. The resolution provides that the Committee of the Whole shall rise without motion after general debate and that no further consideration of the bill shall occur except pursuant to a subsequent order of the House.

    Source: Floor

  13. 6 May 2009

    Floor

    The Speaker designated the Honorable Mike Ross to act as Chairman of the Committee.

    Source: Floor

  14. 6 May 2009

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 400 and Rule XVIII.

    Source: Floor

  15. 6 May 2009

    Floor

    Considered under the provisions of rule H. Res. 400. (consideration: CR H5179-5188)

    Source: Floor

  16. 6 May 2009

    Passed

    Rule H. Res. 400 passed House.

    Source: Floor

  17. 7 May 2009

    Floor

    The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 1728.

    Source: Floor

  18. 7 May 2009

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  19. 7 May 2009

    Vote

    On passage Passed by the Yeas and Nays: 300 - 114 (Roll no. 242).

    Source: Floor

  20. 7 May 2009

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 300 - 114 (Roll no. 242).

    Source: Floor

  21. 7 May 2009

    Passed

    On motion to recommit with instructions Agreed to by voice vote.

    Source: Floor

  22. 7 May 2009

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H5369)

    Source: Floor

  23. 7 May 2009

    Floor

    Mr. Sessions moved to recommit with instructions to Financial Services. (consideration: CR H5368-5369; text: CR H5369)

    Source: Floor

  24. 7 May 2009

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H5358)

    Source: Floor

  25. 7 May 2009

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text: CR H5325-5343)

    Source: Floor

  26. 7 May 2009

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1728.

    Source: Floor

  27. 7 May 2009

    Floor

    FUTHER CONSIDERATION OF H.R. 1728 - Pursuant to the provisions of H.Res. 406, the Committee of the Whole resumed consideration of H.R. 1728 and the amendments made in order thereto by the rule.

    Source: Floor

  28. 7 May 2009

    Floor

    The House resolved into Committee of the Whole House on the state of the Union for further consideration.

    Source: Floor

  29. 7 May 2009

    Floor

    Considered as unfinished business. (consideration: CR H5325-5371)

    Source: Floor

  30. 12 May 2009

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

10 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 12 May 2009

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 12 May 2009

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  • Engrossed in House (text)

    Engrossed in House · EN · 7 May 2009

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 7 May 2009

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  • Passed House amended

    summary · EN · 7 May 2009

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  • Reported in House (text)

    Reported in House · EN · 4 May 2009

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  • Reported in House (PDF)

    Reported in House · EN · 4 May 2009

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  • Introduced in House (text)

    Introduced in House · EN · 26 March 2009

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  • Introduced in House (PDF)

    Introduced in House · EN · 26 March 2009

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  • Introduced in House

    summary · EN · 26 March 2009

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