Mortgage Origination Commission Act of 2008
Latest action · Sep 25, 2008 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedSep 25, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Mortgage Origination Commission Act of 2008 - Establishes the Mortgage Origination Commission to develop criteria and a numerical rating system to evaluate, and periodically report to the public on, the effectiveness of: (1) state licensing, supervision, and enforcement systems regarding mortgage loan originators and mortgage companies; and (2) mechanisms to collect, evaluate, and respond to complaints against state-licensed mortgage loan originators and mortgage companies.
Amends the Truth in Lending Act to declare that its consumer credit protections shall be enforced by: (1) the Board of Governors of the Federal Reserve System (Board) under the Federal Deposit Insurance Act with respect to bank holding companies; and (2) the Director of the Office of Thrift Supervision with respect to savings and loan holding companies.
Authorizes state agencies to enforce compliance with respect to requirements for extensions of credit secured by a consumer's dwelling (including residential mortgage transactions) against state-regulated or -licensed mortgage companies and mortgage loan originators.
Amends the Bank Holding Company Act to grant the Board examination authority over bank holding companies and their mortgage company subsidiaries.
Amends the Home Owners Loan Act to grant the Director examination authority over savings and loan holding companies and their mortgage company subsidiaries.
Cosponsors
Members who signed on, in the order they did.
Actions 4
Everything that happened, newest first.
- Sep 25, 2008Introduced in Senate
- Sep 25, 2008Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sep 25, 2008Sponsor introductory remarks on measure. (CR S9497-9498)
- Sep 18, 2008Sponsor introductory remarks on measure. (CR S8969-8971)
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Sep 25, 2008Introduced in Senate
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.
