Homeowners' Escrow Payments Assurance Act - Amends the Real Estate Settlement Procedures Act of 1974 to make mortgage escrow servicers liable for treble damages in individual borrower or class actions for failure to make timely payments from an escrow account for taxes, insurance premiums, and other charges as they become due. Establishes, in addition, a civil penalty of $1,000 for each day of insurance coverage lapse that results from such a failure.
Earmarks the fines thus collected for assistance to: (1) low-income families for the acquisition of a principal residence; and (2) nonprofit organizations that engage in legal advocacy relating to consumer rights' protection.
Actions
Sep 19, 2005
Referred to the Subcommittee on Housing and Community Opportunity.
Jul 27, 2005
Referred to the House Committee on Financial Services.