Fairness for Homeowners Act of 2007
Latest action · Jul 18, 2007 Referred to the House Committee on Financial Services.
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 18, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums.
Prescribes criteria for determining the reasonable ability to make such payments.
Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages (ARMs) that are not jumbo mortgages.
Limits financed points, finance charges, and fees to 5% of a transaction's principal, unless the transaction is ensured or guaranteed by the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, or the Farmers Home Administration.
Specifies duties of agency for mortgage brokers acting to obtain or arrange for any consumer credit transaction secured by the consumer's principal dwelling.
Requires creditors and mortgage brokers to obtain independent verification that a borrower seeking to refinance a special mortgage has received counseling on the transaction's advisability. Defines "special mortgage" as one that: (1) was originated, subsidized, funded, or guaranteed by or through a state, tribal, or local government, or nonprofit organization; and (2) bears one or more specified nonstandard payment terms which substantially benefit the consumer.
Prescribes minimum financial requirements for mortgage brokers.
Excludes reverse mortgages from coverage by this Act.
Cosponsors 26
Members who signed on, in the order they did. Signatures ran from Jul 18, 2007 to Sep 24, 2007; 8 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Lee | Original | Jul 18, 2007 |
| D-MN | Betty McCollum | Original | Jul 18, 2007 |
| D-MO | Emanuel Cleaver | Original | Jul 18, 2007 |
| D-GA | Henry C. "Hank" Johnson, Jr. | Original | Jul 18, 2007 |
| D-MN | James L. Oberstar | Original | Jul 18, 2007 |
| D-CA | Lynn C. Woolsey | Original | Jul 18, 2007 |
| D-MN | Timothy J. Walz | Original | Jul 18, 2007 |
| D-MO | Wm. Lacy Clay | Original | Jul 18, 2007 |
| D-AZ | Raúl M. Grijalva | Sep 7, 2007 | |
| D-NY | Yvette D. Clarke | Sep 7, 2007 | |
| D-OH | Betty Sutton | Sep 19, 2007 | |
| D-IA | Bruce L. Braley | Sep 19, 2007 | |
| D-MI | Carolyn C. Kilpatrick | Sep 19, 2007 | |
| D-IL | Danny K. Davis | Sep 19, 2007 | |
| D-CA | Diane E. Watson | Sep 19, 2007 | |
| D-NJ | Donald M. Payne | Sep 19, 2007 | |
| D-IL | Janice D. Schakowsky | Sep 19, 2007 | |
| D-IL | Jesse L. Jackson, Jr. | Sep 19, 2007 | |
| D-GA | John Lewis | Sep 19, 2007 | |
| D-MA | John W. Olver | Sep 19, 2007 | |
| D-OH | Marcy Kaptur | Sep 19, 2007 | |
| D-OR | Peter A. DeFazio | Sep 19, 2007 | |
| D-IL | Phil Hare | Sep 19, 2007 | |
| D-TN | Steve Cohen | Sep 19, 2007 | |
| D-IL | Luis V. Gutierrez | Sep 20, 2007 | |
| D-NJ | Steven R. Rothman | Sep 24, 2007 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 18, 2007 |
Actions 2
Everything that happened, newest first.
- Jul 18, 2007Introduced in House
- Jul 18, 2007Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 110-57 | THE EFFECT OF PREDATORY LENDING AND THE FORECLOSURE CRISIS ON TWIN CITIES' COMMUNITIES AND NEIGHBORHOODS111 pages | Financial Services Committee | Aug 9, 2007 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Truth in Lending Act to protect consumers from certain practices in connection with the origination of consumer credit transactions secured by the consumer's principal dwelling, and for other purposes.
- Short Titles as Introduced
- Fairness for Homeowners Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Commerce
- Consumer credit
- Consumer protection
- Counseling
- Debtor and creditor
- Finance and Financial Sector
- Finance charges
- Housing and Community Development
- Housing finance
- Insurance premiums
- Mortgage banks
- Mortgage guaranty insurance
- Mortgage interest rates
- Mortgages
- Property insurance
- Property tax
- Taxation
Text 1
Each version as it was printed, newest first.
- Jul 18, 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
