Home Ownership and Equity Protection Act of 1993

Summary

Home Ownership and Equity Protection Act of 1993 - Amends the Truth in Lending Act to require the creditor of each high cost mortgage to provide certain clearly written, conspicuous disclosures regarding the risks associated with such mortgages. Prohibits such mortgages from containing: (1) a prepayment penalty for paying all or part of the principal prior to the date on which such balance is due; (2) certain refinancing fees; (3) balloon payments; (4) negative amortization; and (5) certain prepaid payments. Includes within the creditor's liability for damages for noncompliance with this Act all finance charges and fees paid by the consumer. Empowers the appropriate State attorney general to bring an action to enforce this Act. Subjects an assignee of a high cost mortgage to all the claims and defenses that the consumer could assert against the creditor.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 August 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 5 August 1993

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• Introduced in House

  summary · EN · 5 August 1993

  Open at official source

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