Save Our Homes Act

Summary

Save Our Homes Act - Amends the Home Mortgage Disclosure Act of 1975 to: (1) require 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 related points and fees in order to apply high-cost loan protections to home purchase loans; (2) treat certain mortgage broker intermediaries as creditors covered by the Act; (3) subject a creditor to liability for mortgage broker violations of the Act; and (4) prohibit specified provisions and clauses in 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. Prescribes requirements for conforming home loans. Prohibits creditors and mortgage brokers from directly or indirectly coercing, intimidating, or withholding compensation from an appraiser in order to influence the appraiser's independent judgment with respect to the value of real estate to be covered by a conforming home loan. Establishes criminal and civil penalties for violation of such prohibition. 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.

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

Timeline

1. 16 October 2003

   Introduced

   Introduced in House

   Source: IntroReferral

2. 16 October 2003

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 October 2003

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

4. 16 October 2003

   Introduced

   Sponsor introductory remarks on measure. (CR E2067)

   Source: IntroReferral

5. 22 October 2003

   Referred

   Referred to the Subcommittee on Housing and Community Opportunity, for a period to be subsequently determined by the Chairman.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 16 October 2003 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 October 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 October 2003

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 16 October 2003

  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. Schakowsky, Janice D. [D-IL-9] · D · Sponsor
• Rep. Waters, Maxine [D-CA-43] · D · Sponsor
• Sen. Sanders, Bernard [I-VT] · I · Sponsor
• Rep. Carson, Julia [D-IN-7] · D · Sponsor
• Rep. McGovern, James P. [D-MA-2] · D · Sponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Sponsor
• Rep. Gutierrez, Luis V. [D-IL-4] · D · Sponsor
• Rep. Slaughter, Louise McIntosh [D-NY-25] · D · Sponsor
• Rep. Lee, Barbara [D-CA-12] · D · Sponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Sponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Sponsor
• Rep. Owens, Major R. [D-NY-11] · D · Sponsor
• Rep. Waxman, Henry A. [D-CA-33] · D · Sponsor
• Rep. Pallone, Frank [D-NJ-6] · D · Sponsor
• Rep. Woolsey, Lynn C. [D-CA-6] · D · Sponsor
• Rep. Jones, Stephanie Tubbs [D-OH-11] · D · Sponsor
• Del. Bordallo, Madeleine Z. [D-GU-At Large] · D · Sponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Sponsor
• Rep. Miller, George [D-CA-11] · D · Sponsor
• Rep. Kucinich, Dennis J. [D-OH-10] · D · Sponsor
• Rep. Rush, Bobby L. [D-IL-1] · D · Sponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Sponsor
• Rep. Jackson Lee, Sheila [D-TX-18] · D · Sponsor
• Rep. Bell, Chris [D-TX-25] · D · Sponsor
• Rep. Green, Gene [D-TX-29] · D · Sponsor
• Rep. Honda, Michael M. [D-CA-15] · D · Sponsor
• ROBERT BRADY · D · Sponsor
• Del. Christensen, Donna M. [D-VI-At Large] · D · Sponsor
• · hsba00 · Standing

Related records

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