TRUTH IN LENDING ACT

Amendments

Credit: reform and provide accountability for mortgage practices, establish licensing and registration requirements for mortgage originators, and provide certain minimum standards for mortgage loans (H.R. 3915), H13989, H14003, H14006, H14011, H14013, H14014, H14019, H14020, H14021, H14022, H14023, H14024, H14025, H14026, H14027, H14029, H14031 [15NO]

———reform and provide accountability for mortgage practices, establish licensing and registration requirements for mortgage originators, and provide minimum standards for mortgage loans (H.R. 3915), consideration (H. Res. 825), H13968 [15NO]

Articles and editorials

Area No. 3 in Nation in Foreclosures, H14024 [15NO]

How To Limit Home Ownership for the Poor, H14005 [15NO]

Bills and resolutions

Consumers: prohibit federally insured institutions from engaging in high-cost payday loans (see H.R. 2871), H7202 [26JN]

———protect from certain practices in connection with the origination of consumer credit transactions secured by the consumer's principal dwelling (see H.R. 3081), H8120 [18JY]

———provide protection relative to certain subprime and high-cost loans (see S. 2452), S15233 [12DE]

Credit: establish transparency and accountability requirements for mortgage brokers (see H.R. 3296), H9467 (see H.R. 3296), H9544 [1AU]

———improve disclosures for private student loans (see S. 1831), S9613 [19JY]

———prohibit fees by creditors for payments on credit card accounts by electronic fund transfers (see H.R. 873), H1342 [7FE]

———prohibit issuance of residential mortgages to individuals who lack a Social Security account number (see H.R. 480), H571 [16JA]

———prohibit mortgage originators from receiving incentive compensation that varies with the terms of the loan and from steering consumers to mortgage loans not in their best interest (see H.R. 3813), H11490 [10OC]

———prohibit universal defaults on credit card accounts and require minimum payment disclosures for accounts under an open end consumer credit plan (see H.R. 3421), H9707 [3AU]

———provide for enhanced disclosures to consumers and enhanced regulation of mortgage brokers (see S. 2114), S12287 [27SE]

———reform and provide accountability for mortgage practices, establish licensing and registration requirements for mortgage originators, and provide certain minimum standards for mortgage loans (see H.R. 3915), H11846 [22OC]

———remove an impediment to troubled debt restructuring on the part of holders of residential mortgage loans (see H.R. 4178), H13959 [14NO]

———require stores offering credit or charge accounts to prominently display certain information (see H.R. 2973), H7489 [10JY]

Credit cards: prohibit issuers from taking unfair advantage of college students and their parents (see S. 1925), S10605 [1AU] (see H.R. 3347), H9655 [2AU]

———prohibit universal defaults on accounts (see S. 1309), S5562 [3MY] (see H.R. 2146), H4485 [3MY]

Electronic Fund Transfer Act: provide similar protections for consumers as apply under the Truth in Lending Act (see H.R. 2911), H7431 [28JN]

Financial institutions: extend protections to overdraft protection programs, require consent and enhance information on overdraft protection, and prohibit manipulation to generate overdraft protection fees (see H.R. 946), H1414 [8FE]

Housing: establish fair mortgage practices, generally, and for subprime mortgages in particular and provide for a national system for licensing or registering residential mortgage loan originators (see H.R. 3012), H7774 [12JY]

———protect tenants interests in foreclosure proceedings (see H.R. 4735), H15737 [17DE]

———require notice to consumers of an upcoming adjustment or reset date with respect to hybrid adjustable rate mortgages (see H.R. 3705), H11027 [27SE]

Real estate: enhance disclosure of the terms of home mortgage loans (see S. 2153), S12775 [4OC] (see H.R. 4019), H12383 [31OC]

———establish on behalf of consumers a fiduciary duty and other standards of care for mortgage brokers and originators and require assessment of borrowers ability to repay mortgages (see S. 1299), S5562 [3MY]

———establish requirements for providing negatively amortizing mortgage loans to first-time borrowers (see H.R. 3894), H11776 [18OC]

———require escrow accounts for the payment of property taxes and insurance for all subprime loans and expand the coverage of certain appraisal requirements (see H.R. 3535), H10369 [14SE]

Letters

Mortgage Reform and Anti-Predatory Lending Act: several organizations, H14020 [15NO]

Motions

Press releases

Stockton, Detroit, Riverside-San Bernardino Post Top Metro Foreclosure Rates in Q3: RealtyTrac, Inc., H14028 [15NO]

Remarks in House

Consumers: prohibit federally insured institutions from engaging in high-cost payday loans (H.R. 2871), E1415 [26JN]

Courts: increase cap on amount of damages sought from unfair mortgage lenders, H14013 [15NO]

Credit: allow regulators to fine mortgage originators, assignees, and securitizers who engage in a patterm of violating minimum standards for mortgage loans, H14027 [15NO]

———impose restrictions on high-cost mortgages, revise fees and charges on certain loans, prohibit unfair or deceptive practices by mortgage brokers and creditors, and provide counseling about predatory lenders, H13986 [15NO]

———prohibit Nationwide Mortgage Licensing System and Registry from offering educational courses for pre-licensure or continuing education for mortgage originators, H14023, H14024 [15NO]

———regulation of high-cost mortgages, H14029, H14030 [15NO]

———remove civil liability of a lender and cancel the right of rescission for a borrower in instances where the borrower knowingly lied on their mortgage loan application, H14022 [15NO]

———require creditors verify identity of persons obtaining mortgage loans and ensure only certain forms of identification are acceptable for such loans, H13988, H14035, H14036 [15NO]

———require lenders notify homeowners with hybrid adjustable rate mortgages before interest rates are due to reset, H14031, H14033 [15NO]

———require lenders offer borrowers the option of a mortgage without a pre-payment penalty, H14012 [15NO]

———require lenders to verify eligibility of borrowers to qualify for mortgages that allow the borrower to defer payment of principal or interest, H14021, H14022 [15NO]

———require mortgage assignee to have policies and procedures against buying certain subprime loans and to cure the loan to avoid being liable for rescission, H14019 [15NO]

———require mortgage closing costs to not exceed ten percent of any estimate disclosed to the consumer in advance of closing, H14031 [15NO]

———require mortgage originators to receive training on fraud, consumer protection, and fair lending issues, H14028 [15NO]

———treatment of prime loans under proposed regulations, H14014 [15NO]

Credit cards: prohibit issuers from taking unfair advantage of college students and their parents (H.R. 3347), E1727 [3AU]

GAO: determine impact of proposed mortgage reform legislation on availability and affordability of credit for homebuyers and mortgage lending, H14020 [15NO]

Mortgage Reform and Anti-Predatory Lending Act: exempt FHA loans from requirements, H14024, H14025 [15NO]

Real estate: establish requirements for providing negatively amortizing mortgage loans to first-time borrowers, H13982 [15NO]

———remove inclusion of rebuttable presumption relative to definition of qualified safe harbor mortgages, H14025, H14026 [15NO]

Remarks in Senate

Consumers: provide protection relative to certain subprime and high-cost loans, S15963 [19DE]

———provide protection relative to certain subprime and high-cost loans (S. 2452), S15235 [12DE]

Credit: provide for enhanced disclosures to consumers and enhanced regulation of mortgage brokers (S. 2114), S14834 [6DE]

Credit cards: prohibit issuers from taking unfair advantage of college students and their parents (S. 1925), S10614 [1AU], S14753 [5DE], S15819 [18DE]

Real estate: enhance disclosure of the terms of home mortgage loans (S. 2153), S12780 [4OC]

Reports filed

Consideration of H.R. 3773, Mortgage Reform and Anti-Predatory Lending Act: Committee on Rules (House) (H. Res. 825) (H. Rept. 110-449), H13958 [14NO]

Mortgage Reform and Anti-Predatory Lending Act: Committee on Financial Services (House) (H.R. 3915) (H. Rept. 110-441), H13521 [9NO]

Summaries

Home Ownership Preservation and Protection Act (S. 2452), S15244-S15246 [12DE]

Texts of

H. Res. 825, consideration of H.R. 3915, Mortgage Reform and Anti-Predatory Lending Act, H13964 [15NO]

H.R. 3915, Mortgage Reform and Anti-Predatory Lending Act, H13989-H14002 [15NO]

S. 2153, Mortgage Disclosure Improvement Act, S12781 [4OC]

S. 2452, Home Ownership Preservation and Protection Act, S15236-S15244 [12DE]