H.Con.Res. 127 · 110th Congress
Supporting home ownership and responsible lending.
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CummingsSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Expresses the sense of Congress that legislation should be enacted that protects buyers who have been victims of unscrupulous mortgage brokers and lenders.
What it does: CRS summary · Introduced in House · Apr 24, 2007
Expresses the sense of Congress that legislation should be enacted that protects buyers who have been victims of unscrupulous mortgage brokers and lenders.
Urges that such legislation: (1) include an anti-predatory lending provision that bans unfair and deceptive practices; (2) require lenders to evaluate a borrower's ability to pay over the life of the loan (at the fully indexed rate for the fully amortized amount); (3) establish federal regulations regarding licensing, education, and experience requirements for mortgage brokers and loan officers in non-bank companies; (4) require that disclosures be written in plain language and prominently displayed in a manner that is visually clear and effectively communicates the intended information to the potential borrower; (5) reduce or eliminate prepayment penalties; (6) notify potential home buyers of lenders or brokers with high foreclosure rates; and (7) mandate pre-loan counseling.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Supporting home ownership and responsible lending.
Latest action (Apr 24, 2007): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Apr 24, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.