Fairness for Homeowners Act of 2007

Summary

Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Prescribes criteria for determining the reasonable ability to make such payments. Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages (ARMs) that are not jumbo mortgages. Limits financed points, finance charges, and fees to 5% of a transaction's principal, unless the transaction is ensured or guaranteed by the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, or the Farmers Home Administration. Specifies duties of agency for mortgage brokers acting to obtain or arrange for any consumer credit transaction secured by the consumer's principal dwelling. Requires creditors and mortgage brokers to obtain independent verification that a borrower seeking to refinance a special mortgage has received counseling on the transaction's advisability. Defines "special mortgage" as one that: (1) was originated, subsidized, funded, or guaranteed by or through a state, tribal, or local government, or nonprofit organization; and (2) bears one or more specified nonstandard payment terms which substantially benefit the consumer. Prescribes minimum financial requirements for mortgage brokers. Excludes reverse mortgages from coverage by this Act.

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Timeline

1. 18 July 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 18 July 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 July 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 July 2007 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 July 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 July 2007

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 18 July 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Ellison, Keith [D-MN-5] · D · Sponsor
• Rep. Clay, Wm. Lacy [D-MO-1] · D · Sponsor
• Rep. Cleaver, Emanuel [D-MO-5] · D · Sponsor
• Rep. Johnson, Henry C. "Hank" [D-GA-4] · D · Sponsor
• Rep. Lee, Barbara [D-CA-12] · D · Sponsor
• Rep. McCollum, Betty [D-MN-4] · D · Sponsor
• Rep. Oberstar, James L. [D-MN-8] · D · Sponsor
• Rep. Walz, Timothy J. [D-MN-1] · D · Sponsor
• Rep. Woolsey, Lynn C. [D-CA-6] · D · Sponsor
• Rep. Clarke, Yvette D. [D-NY-9] · D · Cosponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Cosponsor
• Rep. Sutton, Betty [D-OH-13] · D · Cosponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Cosponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Cosponsor
• Rep. Jackson, Jesse L., Jr. [D-IL-2] · D · Cosponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Cosponsor
• Rep. Kilpatrick, Carolyn C. [D-MI-13] · D · Cosponsor
• Rep. Lewis, John [D-GA-5] · D · Cosponsor
• Rep. Olver, John W. [D-MA-1] · D · Cosponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Cosponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• Rep. Watson, Diane E. [D-CA-33] · D · Cosponsor
• Rep. Hare, Phil [D-IL-17] · D · Cosponsor
• Rep. Cohen, Steve [D-TN-9] · D · Cosponsor
• Rep. Braley, Bruce L. [D-IA-1] · D · Cosponsor
• Rep. Gutierrez, Luis V. [D-IL-4] · D · Cosponsor
• Rep. Rothman, Steven R. [D-NJ-9] · D · Cosponsor
• · hsba00 · Standing

Related records

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