3.0.0 2108 2023-01-11T13:19:30Z 2023-01-11T13:19:30Z House H HR 2009-04-27 111 hsba00 Financial Services Committee House Standing Referred to 2009-04-27T16:33:47Z 2009-04-27 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-04-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-04-27 Introduced in House IntroReferral 1000 9 Library of Congress F000455 Rep. Fudge, Marcia L. [D-OH-11] Marcia Fudge D OH L. 11 N Finance and Financial Sector Banking and financial institutions regulation Civil actions and liability Consumer affairs Consumer credit Contracts and agency Housing and community development funding Housing finance and home ownership Licensing and registrations Finance and Financial Sector 00 2009-04-27 Introduced in House 2009-05-18T21:14:31Z Predatory Mortgage Lending Practices Reduction Act - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit any person, in connection with a subprime federally related mortgage loan, from providing mortgage lending services or mortgage brokerage services unless such person is certified by the Secretary of Housing and Urban Development as having been adequately trained with regard to subprime lending.

Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance with such Act for high cost mortgages.

Proscribes unfair or deceptive acts or practices in providing: (1) mortgage lending services for either a subprime federally related mortgage loan; (2) mortgage brokerage services for such a loan; and (3) appraisal of a property offered as security for repayment of the loan.

Sets forth civil penalties for violations.

Consumer Fairness Act - Amends the Consumer Credit Protection Act to declare unenforceable a written provision in any consumer contract or transaction which requires binding arbitration to resolve any controversy arising out of such transaction or contract, or the refusal to perform all or any part of the transaction. (Permits post-controversy arbitration agreements.)

Amends the Community Development Banking and Financial Institutions Act of 1994 to authorize the Community Development Financial Institutions Fund to make grants to nonprofit community development corporations to educate and train borrowers and community groups regarding illegal and inappropriate predatory lending practices.]]>

Predatory Mortgage Lending Practices Reduction Act Display Title Predatory Mortgage Lending Practices Reduction Act Official Title as Introduced To protect home buyers from predatory lending practices. Introduced in House IH Short Titles as Introduced for portions of this bill Consumer Fairness Act Short Titles as Introduced Predatory Mortgage Lending Practices Reduction Act Introduced in House 2009-04-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr2108ih/xml/BILLS-111hr2108ih.xml 2009-04-27 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.