3.0.0 3012 2023-01-11T21:19:37Z 2023-01-11T21:19:37Z House H HR 2007-07-12 110 hsju00 Judiciary Committee House Standing Referred to 2007-07-12T14:01:50Z hsba00 Financial Services Committee House Standing Referred to 2007-07-12T14:01:45Z 2007-07-12 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2007-07-12 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2007-07-12 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2007-07-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-07-12 Introduced in House IntroReferral 1000 9 Library of Congress B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 N G000210 Rep. Gillmor, Paul E. [R-OH-5] PAUL GILLMOR R OH E. 5 2007-07-12 True P000555 Rep. Pryce, Deborah [R-OH-15] DEBORAH PRYCE R OH 15 2007-07-12 True M001139 Rep. Miller, Gary G. [R-CA-42] GARY MILLER R CA 42 2007-07-12 True L000553 Rep. LaTourette, Steven C. [R-OH-14] STEVEN LATOURETTE R OH C. 14 2007-07-12 True C001047 Rep. Capito, Shelley Moore [R-WV-2] Shelley Capito R WV Moore 2 2007-07-17 False E000092 Rep. Ehlers, Vernon J. [R-MI-3] VERNON EHLERS R MI J. 3 2007-07-17 False U000031 Rep. Upton, Fred [R-MI-6] FRED UPTON R MI 6 2007-07-17 False R000141 Rep. Regula, Ralph [R-OH-16] RALPH REGULA R OH S. 16 2007-07-17 False B001232 Rep. Biggert, Judy [R-IL-13] JUDY BIGGERT R IL 13 2007-08-01 False B001247 Rep. Brown-Waite, Ginny [R-FL-5] Ginny Brown-Waite R FL 5 2007-09-06 False B001260 Rep. Buchanan, Vern [R-FL-13] Vern Buchanan R FL 13 2007-09-10 False G000549 Rep. Gerlach, Jim [R-PA-6] Jim Gerlach R PA 6 2007-10-18 False J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2007-10-18 False L000491 Rep. Lucas, Frank D. [R-OK-3] FRANK LUCAS R OK D. 3 2007-10-23 False M001138 Rep. Manzullo, Donald A. [R-IL-16] DONALD MANZULLO R IL 16 2007-10-23 False Housing and Community Development Administrative procedure Bank accounts Bank examination Commerce Congressional investigations Congressional reporting requirements Consumer credit Consumer education Consumer protection Counseling Crime and Law Enforcement Criminal investigation Debtor and creditor Department of Housing and Urban Development Department of the Treasury Economics and Public Finance Executive reorganization Federal Deposit Insurance Corporation Federal Reserve System Federal aid to housing Finance and Financial Sector Foreclosure Fraud Government Operations and Politics Government corporations Governmental investigations Home ownership Housing finance Insurance premiums Law Licenses Loan defaults Mortgage banks Mortgages National Credit Union Administration Nonprofit organizations Property insurance Property tax Prosecution Real estate appraisal Rental housing Settlement costs Social Welfare Taxation Housing and Community Development 00 2007-07-12 Introduced in House 2007-12-17T17:34:52Z Fair Mortgage Practices Act of 2007 - Prohibits any person, with certain exceptions, from engaging in the business of loan origination without first obtaining and maintaining a registration or a state license as a loan originator.

Imposes on the federal banking agencies the sole responsibility for developing a system of registration for loan originators.

Directs the Secretary of Housing and Urban Development (HUD) to establish a system for: (1) licensed loan originators; and (2) state-licensed mortgage originators.

Amends the Truth in Lending Act to set forth: (1) disclosure requirements for consumer credit plans secured by the consumer's principal dwelling; and (2) consumer counseling requirements governing nontraditional mortgages.

Expanding Housing Opportunities Through Education and Counseling Act - Amends the Department of Housing and Urban Development Act to: (1) establish the Office of Housing Counseling; and (2) direct the HUD Secretary to establish and monitor counseling procedures for home ownership counseling and rental housing counseling provided in connection with any HUD program.

Amends the Housing and Urban Development Act of 1968 to instruct HUD to makes grants to states, local governmental entities, and nonprofit organizations providing home ownership or rental counseling that is HUD-certified.

Directs the HUD Secretary to study and report to Congress on the root causes of default and foreclosure on home loans.

Amends the Real Estate Settlement Procedures Act of 1974 to revise requirements for HUD consumer education booklets on the nature and costs of real estate settlement services.

Amends the Truth in Lending Act to: (1) require a creditor to establish, in connection with a subprime mortgage transaction, an escrow or impound account for payment of taxes and hazard insurance; (2) require a disclosure notice for consumers who opt out of escrow services; and (3) limit prepayment penalties for certain introductory adjustable rate mortgages (ARMs).

Authorizes appropriations to the Attorney General for mortgage fraud prevention, investigation, and prosecution efforts.

Sets forth property appraisal requirements governing the sale of subprime mortgages.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to revise requirements for the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, and prescribe requirements regarding appraiser independence and approved appraiser education.

Directs the Comptroller General to study and report to specified congressional committees on possible improvements in the appraisal process.

Amends the Community Reinvestment Act of 1977 to permit a federal financial supervisory agency, in its examination of a regulated financial institution, to take into account certain counseling and transition programs of the institution for subprime borrowers.

]]> Fair Mortgage Practices Act of 2007 Official Title as Introduced To amend the Truth in Lending Act to provide for the establishment of fair mortgage practices, generally, and for subprime mortgages in particular, to provide for a national system for licensing or registering residential mortgage loan originators, and for other purposes. Introduced in House IH Display Title Fair Mortgage Practices Act of 2007 Short Titles as Introduced Fair Mortgage Practices Act of 2007 Short Titles as Introduced for portions of this bill Expanding Housing Opportunities Through Education and Counseling Act Introduced in House 2007-07-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3012ih/xml/BILLS-110hr3012ih.xml 2007-07-12 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.