Save Our Homes Act

Summary

Save Our Homes Act - Amends the Home Mortgage Disclosure Act of 1975 to: (1) mandate itemization and disclosure of the annual percentage rate of mortgage loans and other loans secured by residential real property originated by the lending institution, including the amount of fees and points imposed in connection with loan origination, grouped according to census tract, income level, racial characteristics, age, and gender; and (2) prohibit regulatory exemptions of depository institutions from such reporting requirements. Amends the Truth in Lending Act to: (1) set forth annual percentage rates that define a high-cost mortgage and the attendant rule relating to mortgage discount points in order to apply high-cost loan protections to home purchase loans, and to lower the threshold for high-cost loans; (2) include certain mortgage broker intermediaries within the statutory definition of "creditor"; (3) subject a creditor to liability for mortgage broker violations of this Act; and (4) proscribe designated practices for a high-cost mortgage. Declares unenforceable under both Federal and State law a high-cost mortgage document in which blanks are left to be filled in after the contract is signed. Excludes from participation in mortgage-backed security pools high-cost or conforming home loans in violation of this Act. Prescribes a formula for determining an alternative maximum amount of civil liability for credit or mortgage broker violations involving high-cost mortgages and conforming loans.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 17 July 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 17 July 2001

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• Introduced in House

  summary · EN · 17 July 2001

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