3.0.0 2452 2023-01-11T13:15:26Z 2023-01-11T13:15:26Z Senate S S 2007-12-12 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-12-12T17:49:33Z Borrower's Protection Act of 2007 110 1299 S 2007-05-03 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2007-12-12 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S15236-15244) IntroReferral 2007-12-12 Sponsor introductory remarks on measure. (CR S15235-15236) IntroReferral B00100 9 Library of Congress 2007-12-12 Introduced in Senate IntroReferral 10000 9 Library of Congress D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN N R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2007-12-12 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2007-12-12 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2007-12-12 True A000069 Sen. Akaka, Daniel K. [D-HI] DANIEL AKAKA D HI KOHIKINA 2007-12-12 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2007-12-12 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2007-12-12 True K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE 2007-12-12 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2007-12-12 True H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2007-12-12 True M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2007-12-12 True B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2007-12-12 True M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2007-12-12 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2007-12-12 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2007-12-12 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-12-12 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2008-01-28 False C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2008-01-28 False O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2008-01-28 False L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2008-03-10 False Finance and Financial Sector Administrative procedure Commerce Commercial arbitration Consumer credit Consumer protection Credit unions Crime and Law Enforcement Damages Department of Justice Executive reorganization Federal Bureau of Investigation (FBI) Federal Deposit Insurance Corporation Federal Reserve System Federal law enforcement officers Fees Foreclosure Fraud Government Operations and Politics Government corporations Housing and Community Development Insurance premiums Law Liability (Law) Loan defaults Mortgage guaranty insurance Mortgage interest rates Mortgages National Credit Union Administration Property insurance Property tax Prosecution Public prosecutors Real estate appraisal Restrictive trade practices Settlement costs Taxation Finance and Financial Sector 00 2007-12-12 Introduced in Senate 2008-03-28T18:43:57Z Home Ownership Preservation and Protection Act of 2007 - Amends the Truth in Lending Act to redefine high-cost mortgages and attendant lending practices. Sets forth a new formula for points and fees for open-end loans, and provides for bona fide discount points.

Prohibits: (1) prepayment penalties; (2) balloon payments; (3) yield spread premiums; (4) acceleration or debt; (5) evasions, structuring of transactions, and reciprocal arrangements; and (6) modification and deferral fees.

Prohibits creditors from financing, in connection with a high-cost mortgage, any prepayment fee or penalty, or any points or fees.

Prohibits an originator from making or arranging a high-cost mortgage loan that involves a refinancing of a prior existing home mortgage loan unless the new loan will provide a net tangible benefit to the consumer.

Sets forth prerequisites for subprime and nontraditional home loans, including: (1) an assessment of ability to pay; (2) a requirement of tax and insurance escrows; (3) prohibition of prepayment penalties and yield-spread premiums; and (4) a requirement of net tangible benefit to the consumer in the case of a subprime or nontraditional mortgage loan transaction that involves refinancing of an existing home mortgage.

Imposes a duty of care and a duty of good faith and fair dealing upon mortgage brokers and lenders, appraisers, and lenders and loan servicers.

Empowers state Attorneys General to enforce this Act.

Subjects lenders, loan servicers, creditors and mortgage brokers to civil liability for violations of this Act. Increases the amount of the penalty that may be awarded.

Amends the Real Estate Settlement Procedures Act of 1974 to require a transferor of loan servicing before the transfer tonotify the borrower of the status of the account and its full payment history.

Amends the Housing and Urban Development Act of 1968 to revise requirements for foreclosure prevention counseling.

Amends the Truth in Lending Act to expand from three to six years an obligor's right of rescission.

Imposes liability for monetary damages upon assignees of subprime or nontraditional loans for violations of this Act.

Sets forth a remedy in lieu of rescission for certain violations.

Prohibits mandatory arbitration.

Subjects a lender to liability for certain actions, omissions, and representations made by a mortgage broker in connection with a high-cost mortgage, a subprime mortgage, or a nontraditional mortgage.

Amends the Federal Trade Commission Act to require the federal banking agencies and the National Credit Union Administration Board each to establish a separate division of consumer affairs protection and regulations with respect to depository institutions and federal credit unions.

Authorizes appropriations to employ additional agents of the Federal Bureau of Investigation and additional dedicated prosecutors at the Department of Justice to coordinate prosecution of mortgage fraud efforts with the offices of the U.S. Attorneys.

]]> Home Ownership Preservation and Protection Act of 2007 Display Title Home Ownership Preservation and Protection Act of 2007 Short Titles as Introduced Home Ownership Preservation and Protection Act of 2007 Official Title as Introduced A bill to amend the Truth in Lending Act to provide protection to consumers with respect to certain high-cost loans, and for other purposes. Introduced in Senate 2007-12-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2452is/xml/BILLS-110s2452is.xml 2007-12-12 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S15236-15244) 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.