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United States · Resolution · HCONRES

H.Con.Res. 127 (110th)

Supporting home ownership and responsible lending.

referredUnited States· United States Congress· EN

Introduced

24 April 2007

Last action

24 April 2007 · Introduced

Status

Referred to the House Committee on Financial Services.

Sponsors

Rep. Cummings, Elijah E. [D-MD-7], Rep. Ellison, Keith [D-MN-5]

Subjects

Housing, Education

Source updated

2 January 2025

Housing · Education

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Summary

Expresses the sense of Congress that legislation should be enacted that protects buyers who have been victims of unscrupulous mortgage brokers and lenders. Urges that such legislation: (1) include an anti-predatory lending provision that bans unfair and deceptive practices; (2) require lenders to evaluate a borrower's ability to pay over the life of the loan (at the fully indexed rate for the fully amortized amount); (3) establish federal regulations regarding licensing, education, and experience requirements for mortgage brokers and loan officers in non-bank companies; (4) require that disclosures be written in plain language and prominently displayed in a manner that is visually clear and effectively communicates the intended information to the potential borrower; (5) reduce or eliminate prepayment penalties; (6) notify potential home buyers of lenders or brokers with high foreclosure rates; and (7) mandate pre-loan counseling.

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

Timeline

  1. 24 April 2007

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 24 April 2007

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 24 April 2007

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 24 April 2007

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  • Introduced in House (PDF)

    Introduced in House · EN · 24 April 2007

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 24 April 2007

    Open at official source

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Sponsors

Related records

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Sources

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