3.0.0 3535 2023-01-11T20:30:45Z 2023-01-11T20:30:45Z House H HR 2007-09-14 110 hsba00 Financial Services Committee House Standing Referred to 2007-09-14T14:02:10Z 2007-09-14 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2007-09-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-09-14 Introduced in House IntroReferral 1000 9 Library of Congress H001043 Rep. Hodes, Paul W. [D-NH-2] Paul Hodes D NH W. 2 N M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2007-09-14 True Housing and Community Development Bank accounts Commerce Consumer credit Consumer education Consumer protection Debtor and creditor Finance and Financial Sector Housing finance Insurance premiums Mortgage banks Mortgages Property insurance Property tax Real estate appraisal Taxation Housing and Community Development 00 2007-09-14 Introduced in House 2008-01-30T17:59:08Z Homebuyer's Protection Act of 2007 - Amends the Truth in Lending Act to require a creditor to establish, in an insured depository institution, an escrow or impound account for payment of taxes and hazard insurance at the time of the consummation of a subprime mortgage transaction.

Requires such account to remain in existence for as long as the subprime mortgage is outstanding.

Requires creditors, before consummating a consumer credit transaction involving an impound, trust, or escrow account, to provide the following written disclosures: (1) that an escrow or impound account will be established; (2) the amount required to fund such account; (3) the amount in the initial year of estimated taxes and hazard insurance premiums; and (4) the estimated monthly amount payable for taxes and hazard insurance.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to extend its appraisal requirements to all real estate related financial transactions, not only those that are federally related.

]]> Homebuyer's Protection Act of 2007 Official Title as Introduced To amend the Truth in Lending Act to require escrow accounts for the payment of property taxes and insurance for all subprime loans, and to expand the coverage of the appraisal requirements under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes. Introduced in House IH Display Title Homebuyer's Protection Act of 2007 Short Titles as Introduced Homebuyer's Protection Act of 2007 Introduced in House 2007-09-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr3535ih/xml/BILLS-110hr3535ih.xml 2007-09-14 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.