Fair Mortgage Practices Act of 2007
Latest action · Jul 12, 2007 Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 12, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Fair Mortgage Practices Act of 2007 - Prohibits any person, with certain exceptions, from engaging in the business of loan origination without first obtaining and maintaining a registration or a state license as a loan originator.
Imposes on the federal banking agencies the sole responsibility for developing a system of registration for loan originators.
Directs the Secretary of Housing and Urban Development (HUD) to establish a system for: (1) licensed loan originators; and (2) state-licensed mortgage originators.
Amends the Truth in Lending Act to set forth: (1) disclosure requirements for consumer credit plans secured by the consumer's principal dwelling; and (2) consumer counseling requirements governing nontraditional mortgages.
Expanding Housing Opportunities Through Education and Counseling Act - Amends the Department of Housing and Urban Development Act to: (1) establish the Office of Housing Counseling; and (2) direct the HUD Secretary to establish and monitor counseling procedures for home ownership counseling and rental housing counseling provided in connection with any HUD program.
Amends the Housing and Urban Development Act of 1968 to instruct HUD to makes grants to states, local governmental entities, and nonprofit organizations providing home ownership or rental counseling that is HUD-certified.
Directs the HUD Secretary to study and report to Congress on the root causes of default and foreclosure on home loans.
Amends the Real Estate Settlement Procedures Act of 1974 to revise requirements for HUD consumer education booklets on the nature and costs of real estate settlement services.
Amends the Truth in Lending Act to: (1) require a creditor to establish, in connection with a subprime mortgage transaction, an escrow or impound account for payment of taxes and hazard insurance; (2) require a disclosure notice for consumers who opt out of escrow services; and (3) limit prepayment penalties for certain introductory adjustable rate mortgages (ARMs).
Authorizes appropriations to the Attorney General for mortgage fraud prevention, investigation, and prosecution efforts.
Sets forth property appraisal requirements governing the sale of subprime mortgages.
Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to revise requirements for the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, and prescribe requirements regarding appraiser independence and approved appraiser education.
Directs the Comptroller General to study and report to specified congressional committees on possible improvements in the appraisal process.
Amends the Community Reinvestment Act of 1977 to permit a federal financial supervisory agency, in its examination of a regulated financial institution, to take into account certain counseling and transition programs of the institution for subprime borrowers.
Cosponsors 15
Members who signed on, in the order they did. Signatures ran from Jul 12, 2007 to Oct 23, 2007, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OH | Deborah Pryce | Original | Jul 12, 2007 |
| R-CA | Gary G. Miller | Original | Jul 12, 2007 |
| R-OH | Paul E. Gillmor | Original | Jul 12, 2007 |
| R-OH | Steven C. LaTourette | Original | Jul 12, 2007 |
| R-MI | Fred Upton | Jul 17, 2007 | |
| R-OH | Ralph Regula | Jul 17, 2007 | |
| R-WV | Shelley Moore Capito | Jul 17, 2007 | |
| R-MI | Vernon J. Ehlers | Jul 17, 2007 | |
| R-IL | Judy Biggert | Aug 1, 2007 | |
| R-FL | Ginny Brown-Waite | Sep 6, 2007 | |
| R-FL | Vern Buchanan | Sep 10, 2007 | |
| R-PA | Jim Gerlach | Oct 18, 2007 | |
| R-NC | Walter B. Jones | Oct 18, 2007 | |
| R-IL | Donald A. Manzullo | Oct 23, 2007 | |
| R-OK | Frank D. Lucas | Oct 23, 2007 |
Actions 2
Everything that happened, newest first.
- Jul 12, 2007Introduced in House
- Jul 12, 2007Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Administrative procedure
- Bank accounts
- Bank examination
- Commerce
- Congressional investigations
- Congressional reporting requirements
- Consumer credit
- Consumer education
- Consumer protection
- Counseling
- Crime and Law Enforcement
- Criminal investigation
- Debtor and creditor
- Department of Housing and Urban Development
- Department of the Treasury
- Economics and Public Finance
- Executive reorganization
- Federal aid to housing
- Federal Deposit Insurance Corporation
- Federal Reserve System
- Finance and Financial Sector
- Foreclosure
- Fraud
- Government corporations
- Government Operations and Politics
- Governmental investigations
- Home ownership
- Housing and Community Development
- Housing finance
- Insurance premiums
- Law
- Licenses
- Loan defaults
- Mortgage banks
- Mortgages
- National Credit Union Administration
- Nonprofit organizations
- Property insurance
- Property tax
- Prosecution
- Real estate appraisal
- Rental housing
- Settlement costs
- Social Welfare
- Taxation
Text 1
Each version as it was printed, newest first.
- Jul 12, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.