Negative Amortization Mortgage Loan Transparency Act

Summary

Negative Amortization Mortgage Loan Transparency Act - Amends the Truth in Lending Act to require a lender to make specified prior disclosures to a first-time borrower in connection with a consumer credit transaction secured by residential real property with a dwelling, other than a reverse mortgage, where the payment plan may result in negative amortization over the term of the loan. Requires the consumer debtor to provide the creditor with documentation that the consumer received home ownership counseling from organizations or counselors certified by the Secretary of Housing and Urban Development.

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Timeline

1. 18 October 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 18 October 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 October 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 October 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 October 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 October 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 October 2007

  Open at official source

Sponsors

• Rep. Bean, Melissa L. [D-IL-8] · D · Sponsor
• · hsba00 · Standing

Related records

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