A bill to amend the Truth in Lending Act to provide that residential mortgage loans held in portfolio qualify and qualified mortgages for purposes of the presumption of the ability to repay requirements under such Act, and for other purposes.

Summary

Amends the Truth in Lending Act with respect to the permission that a creditor may presume that a residential mortgage loan has met the requirement that, at the time the loan is consummated, the consumer has a reasonable ability to repay it, if the loan is a qualified mortgage. Treats as a qualified mortgage any residential mortgage loan made by a creditor having less than $10 billion in total assets, so long as it appears on the creditor's balance sheet (held on portfolio).

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Timeline

1. 22 July 2014

   Introduced

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

   Source: IntroReferral

2. 22 July 2014

   Introduced

   Sponsor introductory remarks on measure. (CR S4708)

   Source: IntroReferral

3. 22 July 2014

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 July 2014 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 July 2014

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 July 2014

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 July 2014

  Open at official source

Sponsors

• Sen. Landrieu, Mary L. [D-LA] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Portfolio Lending and Mortgage Access Act