Amends the Truth in Lending Act to: (1) set forth annual percentage rates that define a high-cost mortgage and the attendant rule relating to mortgage discount points in order to apply high-cost loan protections to home purchase loans, and to lower the threshold for high-cost loans; (2) include certain mortgage broker intermediaries within the statutory definition of "creditor"; (3) subject a creditor to liability for mortgage broker violations of this Act; and (4) proscribe designated practices for a high-cost mortgage. Declares unenforceable under both Federal and State law a high-cost mortgage document in which blanks are left to be filled in after the contract is signed.
Excludes from participation in mortgage-backed security pools high-cost or conforming home loans in violation of this Act.
Prescribes a formula for determining an alternative maximum amount of civil liability for credit or mortgage broker violations involving high-cost mortgages and conforming loans.