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United States · Bill · HR

H.R. 3915 (110th)

Mortgage Reform and Anti-Predatory Lending Act of 2007

referredUnited States· United States Congress· EN

Introduced

22 October 2007

Last action

3 December 2007 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Miller, Brad [D-NC-13], Rep. Watt, Melvin L. [D-NC-12], Rep. Frank, Barney [D-MA-4], Rep. Waters, Maxine [D-CA-43], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Carson, Julia [D-IN-7], Rep. Meeks, Gregory W. [D-NY-5], Rep. Capuano, Michael E. [D-MA-8], Rep. Clay, Wm. Lacy [D-MO-1], Rep. Green, Al [D-TX-9], Rep. Cleaver, Emanuel [D-MO-5], Rep. Bean, Melissa L. [D-IL-8], Rep. Moore, Gwen [D-WI-4], Rep. Hodes, Paul W. [D-NH-2], Rep. Ellison, Keith [D-MN-5], Sen. Murphy, Christopher [D-CT], Rep. Kaptur, Marcy [D-OH-9], Rep. Sutton, Betty [D-OH-13], Rep. Wynn, Albert Russell [D-MD-4], Rep. Jones, Stephanie Tubbs [D-OH-11], Rep. Cohen, Steve [D-TN-9], Rep. LaTourette, Steven C. [R-OH-14], Rep. Giffords, Gabrielle [D-AZ-8], Rep. Baca, Joe [D-CA-43], Rep. Cummings, Elijah E. [D-MD-7], David Scott, Rep. Clarke, Yvette D. [D-NY-9]

Subjects

Housing, Taxation

Source updated

7 April 2025

Housing · Taxation

Official sourceDownload fileView documentsShare

Summary

Mortgage Reform and Anti-Predatory Lending Act of 2007 -- Amends the Truth in Lending Act to set forth a duty of care standard for residential mortgage loan originations. Prohibits steering incentives to mortgage originators, including incentive compensation and any yield spread premium based on, or varying with, the terms of a residential mortgage loan. Directs the Secretary of Housing and Urban Development and other specified federal banking regulatory agencies to prescribe jointly regulations to prohibit mortgage originators from steering any consumer to a residential mortgage loan that is not in the consumer's interest (loans with predatory characteristics). Sets forth licensing and registration requirements for mortgage originators. Sets forth minimum repayment standards for residential mortgage loans. Requires creditors to determine, based on verified and documented information, that a consumer has a reasonable ability to repay the loan, according to its terms, and all applicable taxes, insurance, and assessments. Prohibits creditors from extending credit for residential mortgage loans that involve refinancing of a prior residential mortgage loan unless the creditor determines that refinancing provides a net tangible benefit to the consumer. Subjects assignees and securitizers to liability for certain violations in connection with residential mortgage loans. Sets forth defenses to foreclosure. Proscribes certain practices, including: (1) certain prepayment penalties; (2) single premium credit insurance; (3) mandatory use of arbitration; and (4) negative amortization mortgages. Redefines high-cost mortgages. Prohibits balloon payments for such mortgages. Revises requirements governing prepayment penalties. Prohibits lending without due regard to repayment ability. Prohibits certain creditor practices with respect to high-cost mortgages, including: (1) recommending default on an existing loan or other debt before and in connection with closing of a high-cost mortgage that refinances all or any portion of such existing loan or debt; (2) imposing late fees except according to specified requirements; (3) exercising sole discretion to accelerate indebtedness; (4) financing points and fees; (4) structuring certain transactions and reciprocal arrangements to evade the requirements and prohibitions of this Act; and (5) charging certain modification or deferral fees, and fees for notification of payoff information. Requires pre-loan counseling.

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

Timeline

  1. 22 October 2007

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 22 October 2007

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 22 October 2007

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 6 November 2007

    Reported

    Ordered to be Reported (Amended) by Voice Vote.

    Source: Committee

  5. 6 November 2007

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  6. 9 November 2007

    Calendars

    Placed on the Union Calendar, Calendar No. 272.

    Source: Calendars

  7. 9 November 2007

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 110-441.

    Source: Committee

  8. 9 November 2007

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 110-441.

    Source: Committee

  9. 14 November 2007

    Reported

    Rules Committee Resolution H. Res. 825 Reported to House. Rule provides for consideration of H.R. 3915 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.

    Source: Floor

  10. 15 November 2007

    Floor

    The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 3915.

    Source: Floor

  11. 15 November 2007

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

  12. 15 November 2007

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H14035)

    Source: Floor

  13. 15 November 2007

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3915.

    Source: Floor

  14. 15 November 2007

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  15. 15 November 2007

    Vote

    On passage Passed by the Yeas and Nays: 291 - 127 (Roll no. 1118).

    Source: Floor

  16. 15 November 2007

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 291 - 127 (Roll no. 1118).

    Source: Floor

  17. 15 November 2007

    Vote

    On motion to recommit with instructions Failed by recorded vote: 188 - 231 (Roll no. 1117). (consideration: CR H14035-14036)

    Source: Floor

  18. 15 November 2007

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H14036)

    Source: Floor

  19. 15 November 2007

    Floor

    Mrs. Blackburn moved to recommit with instructions to Financial Services. (consideration: CR H14035-14037; text: CR H14035)

    Source: Floor

  20. 15 November 2007

    Passed

    On motion to rise Agreed to by voice vote.

    Source: Floor

  21. 15 November 2007

    Floor

    Mr. Frank (MA) moved to rise.

    Source: Floor

  22. 15 November 2007

    Floor

    The House resolved into Committee of the Whole House on the state of the Union for further consideration.

    Source: Floor

  23. 15 November 2007

    Floor

    Committee of the Whole House on the state of the Union rises leaving H.R. 3915 as unfinished business.

    Source: Floor

  24. 15 November 2007

    Passed

    ORDER OF PROCEDURE - Mr. Frank asked unanimous consent that during consideration of H.R. 3915 pursuant to H. Res. 825, the Chair may reduce to two minutes the minimum time for electronic voting under clause 6 of rule 18 and clauses 8 and 9 of rule 20. Agreed to without objection.

    Source: Floor

  25. 15 November 2007

    Passed

    Rule H. Res. 825 passed House.

    Source: Floor

  26. 15 November 2007

    Floor

    The Speaker designated the Honorable Dennis A. Cardoza to act as Chairman of the Committee.

    Source: Floor

  27. 15 November 2007

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 825 and Rule XVIII.

    Source: Floor

  28. 15 November 2007

    Reported

    Considered under the provisions of rule H. Res. 825. (consideration: CR H13978-14037; text of measure as reported in House: CR H13989-14004)

    Source: Floor

  29. 3 December 2007

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 3 December 2007

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 3 December 2007

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  • Engrossed in House (text)

    Engrossed in House · EN · 15 November 2007

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 15 November 2007

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  • Passed House amended

    summary · EN · 15 November 2007

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  • Reported in House (text)

    Reported in House · EN · 9 November 2007

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  • Reported in House (PDF)

    Reported in House · EN · 9 November 2007

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  • Reported to House with amendment(s)

    summary · EN · 9 November 2007

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  • Introduced in House (text)

    Introduced in House · EN · 22 October 2007

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  • Introduced in House (PDF)

    Introduced in House · EN · 22 October 2007

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  • Introduced in House

    summary · EN · 22 October 2007

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Sponsors

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