Supporting home ownership and responsible lending.

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

No vote records are attached yet.

Versions

• Introduced in House · 24 April 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 24 April 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 24 April 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 24 April 2007

  Open at official source

Sponsors

• ELIJAH CUMMINGS · D · Sponsor
• Keith Ellison · D · Cosponsor
• · hsba00 · Standing

Related records

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