3.0.0 3081 2023-01-11T21:19:04Z 2023-01-11T21:19:04Z House H HR 2007-07-18 110 hsba00 Financial Services Committee House Standing Referred to 2007-07-18T14:02:35Z 2007-07-18 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2007-07-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-07-18 Introduced in House IntroReferral 1000 9 Library of Congress E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 N C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 2007-07-18 True C001061 Rep. Cleaver, Emanuel [D-MO-5] Emanuel Cleaver D MO 5 2007-07-18 True J000288 Rep. Johnson, Henry C. "Hank," Jr. [D-GA-4] Henry Johnson D GA C. "Hank" 4 2007-07-18 True L000551 Rep. Lee, Barbara [D-CA-9] BARBARA LEE D CA 9 2007-07-18 True M001143 Rep. McCollum, Betty [D-MN-4] BETTY MCCOLLUM D MN 4 2007-07-18 True O000006 Rep. Oberstar, James L. [D-MN-8] JAMES OBERSTAR D MN L. 8 2007-07-18 True W000799 Rep. Walz, Timothy J. [D-MN-1] Timothy Walz D MN J. 1 2007-07-18 True W000738 Rep. Woolsey, Lynn C. [D-CA-6] LYNN WOOLSEY D CA 6 2007-07-18 True C001067 Rep. Clarke, Yvette D. [D-NY-11] Yvette Clarke D NY D. 11 2007-09-07 False G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2007-09-07 False S001174 Rep. Sutton, Betty [D-OH-13] Betty Sutton D OH 13 2007-09-19 False D000096 Rep. Davis, Danny K. [D-IL-7] DANNY DAVIS D IL K. 7 2007-09-19 False D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 2007-09-19 False J000283 Rep. Jackson, Jesse L., Jr. [D-IL-2] JESSE JACKSON D IL L. 2 2007-09-19 False K000009 Rep. Kaptur, Marcy [D-OH-9] MARCY KAPTUR D OH 9 2007-09-19 False K000180 Rep. Kilpatrick, Carolyn C. [D-MI-13] CAROLYN KILPATRICK D MI CHEEKS 13 2007-09-19 False L000287 Rep. Lewis, John [D-GA-5] JOHN LEWIS D GA 5 2007-09-19 False O000085 Rep. Olver, John W. [D-MA-1] JOHN OLVER D MA W. 1 2007-09-19 False P000149 Rep. Payne, Donald M. [D-NJ-10] DONALD PAYNE D NJ M. 10 2007-09-19 False S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2007-09-19 False W000794 Rep. Watson, Diane E. [D-CA-33] Diane Watson D CA E. 33 2007-09-19 False H001040 Rep. Hare, Phil [D-IL-17] Phil Hare D IL 17 2007-09-19 False C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2007-09-19 False B001259 Rep. Braley, Bruce L. [D-IA-1] Bruce Braley D IA L. 1 2007-09-19 False G000535 Rep. Gutierrez, Luis V. [D-IL-4] LUIS GUTIERREZ D IL V. 4 2007-09-20 False R000462 Rep. Rothman, Steven R. [D-NJ-9] STEVEN ROTHMAN D NJ R. 9 2007-09-24 False Housing and Community Development Commerce Consumer credit Consumer protection Counseling Debtor and creditor Finance and Financial Sector Finance charges Housing finance Insurance premiums Mortgage banks Mortgage guaranty insurance Mortgage interest rates Mortgages Property insurance Property tax Taxation Housing and Community Development 00 2007-07-18 Introduced in House 2007-09-11T21:09:26Z Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums.

Prescribes criteria for determining the reasonable ability to make such payments.

Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages (ARMs) that are not jumbo mortgages.

Limits financed points, finance charges, and fees to 5% of a transaction's principal, unless the transaction is ensured or guaranteed by the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, or the Farmers Home Administration.

Specifies duties of agency for mortgage brokers acting to obtain or arrange for any consumer credit transaction secured by the consumer's principal dwelling.

Requires creditors and mortgage brokers to obtain independent verification that a borrower seeking to refinance a special mortgage has received counseling on the transaction's advisability. Defines "special mortgage" as one that: (1) was originated, subsidized, funded, or guaranteed by or through a state, tribal, or local government, or nonprofit organization; and (2) bears one or more specified nonstandard payment terms which substantially benefit the consumer.

Prescribes minimum financial requirements for mortgage brokers.

Excludes reverse mortgages from coverage by this Act.

]]> Fairness for Homeowners Act of 2007 Official Title as Introduced To amend the Truth in Lending Act to protect consumers from certain practices in connection with the origination of consumer credit transactions secured by the consumer's principal dwelling, and for other purposes. Introduced in House IH Display Title Fairness for Homeowners Act of 2007 Short Titles as Introduced Fairness for Homeowners Act of 2007 Introduced in House 2007-07-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3081ih/xml/BILLS-110hr3081ih.xml 2007-07-18 Referred to the House Committee on Financial Services. 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.