[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2641 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2641

To amend the Truth in Lending Act to provide that residential mortgage 
loans held in portfolio qualify as qualified mortgages for purposes of 
 the presumption of the ability to repay requirements under such Act, 
                        and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             July 22, 2014

 Ms. Landrieu introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the Truth in Lending Act to provide that residential mortgage 
loans held in portfolio qualify as qualified mortgages for purposes of 
 the presumption of the ability to repay requirements under such Act, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. LOANS HELD ON PORTFOLIO TREATED AS QUALIFIED MORTGAGES.

    Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(2)) is amended by adding at the end the following:
                    ``(F) Loans held on portfolio.--The term `qualified 
                mortgage' includes a residential mortgage loan made by 
                a creditor having less than $10,000,000,000 in total 
                assets so long as such loan appears on the balance 
                sheet of such creditor.''.
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