Consumer Fairness Act

To protect home buyers from predatory lending practices.

4/26/2007--Introduced.
Predatory Mortgage Lending Practices Reduction Act - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit any person, in connection with a subprime federally related mortgage loan, from providing mortgage lending services or mortgage brokerage services unless such person is certified by the Secretary of Housing and Urban Development as having been adequately trained with regard to subprime lending. Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance with such Act for high cost mortgages. Proscribes unfair or deceptive acts or practices in providing:
(1) mortgage lending services for either a subprime federally related mortgage loan;
(2) mortgage brokerage services for such a loan; and
(3) appraisal of a property offered as security for repayment of the loan.
Sets forth civil penalties for violations. Consumer Fairness Act - Amends the Consumer Credit Protection Act to declare unenforceable a written provision in any consumer contract or transaction which requires binding arbitration to resolve any controversy arising out of such transaction or contract, or the refusal to perform all or any part of the transaction. (Permits post-controversy arbitration agreements.) Amends the Community Development Banking and Financial Institutions Act of 1994 to authorize the Community Development Financial Institutions Fund to make grants to nonprofit community development corporations to educate and train borrowers and community groups regarding illegal and inappropriate predatory lending practices.


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Sponsor

• Rep. Stephanie Jones [D, OH-11]
• and 18 Co-Sponsors
  • Rep. Shelley Berkley [D, NV-1]
  • Rep. Julia Carson [D, IN-7]
  • Rep. Donna Christensen [D, VI-0]
  • Rep. Rosa DeLauro [D, CT-3]
  • Rep. Chaka Fattah [D, PA-2]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Alcee Hastings [D, FL-23]
  • Rep. Rubén Hinojosa [D, TX-15]
  • Rep. Eddie Johnson [D, TX-30]
  • Rep. Marcy Kaptur [D, OH-9]
  • Rep. Doris Matsui [D, CA-5]
  • Rep. Eleanor Norton [D, DC-0]
  • Rep. Donald Payne [D, NJ-10]
  • Rep. Janice Schakowsky [D, IL-9]
  • Rep. Joe Sestak [D, PA-7]
  • Rep. Betty Sutton [D, OH-13]
  • Rep. Bennie Thompson [D, MS-2]
  • Rep. Albert Wynn [D, MD-4]
  close

Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.2061

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
April 26, 2007

Show All Actions (4 actions)Hide Actions

All Bill Actions

• Sep 18, 2007: Sponsor introductory remarks on measure. (CR H10456)
• Apr 26, 2007: Referred to the House Committee on Financial Services.
• Introduced on Apr 26, 2007.
• Apr 25, 2007: Sponsor introductory remarks on measure. (CR E856)

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Related Issue Areas:

• Finance
• Administrative procedure
• Budgets
• Business
• 45 more
• Civil rights
• Collection of accounts
• Commercial arbitration
• Community development
• Consumer complaints
• Consumer credit
• Consumer education
• Consumer protection
• Consumers
• Contractors
• Debtor and creditor
• Department of Housing and Urban Development
• Discrimination in consumer credit
• Employee training
• Employment tests
• Executive departments
• Federal Trade Commission
• Federal reserve system
• Federally-assisted loans
• Federally-guaranteed loans
• Fees
• Financial services
• Fines (Penalties)
• Fraud
• Government information
• Government lending
• Government publicity
• Grants-in-aid
• Housing
• Independent regulatory commissions
• Infrastructure
• Job training
• Labeling
• Labor
• Law
• Licenses
• Mortgage banks
• Mortgage guaranty insurance
• Mortgage interest rates
• Mortgages
• Real estate appraisal
• Restrictive trade practices
• Subcontractors
• Urban affairs
• Welfare

Data from the Congressional Research Service

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Blog Coverage

May 22, 2007 Lending industry warns against regulatory crackdown

Another bill, the Predatory Mortgage Lending Practices Reduction Act, HR 2061, would amend the Real Estate Settlement Procedures Act of 1974 (RESPA) to require that mortgage brokers who offer subprime “federally related” mortgages be ...

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Source: Real Estate Business

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April 25, 2007 Bill Action: Introduced: HR 2061: To protect home buyers from ...

Rep. Stephanie Jones [D-OH] introduced this bill. [This event matched these monitors: Active Legislation ]

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Source: Active Legislation -- Monitored by govtrack.us

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April 25, 2007 HR 2061, To protect home buyers from predatory lending practices

HR 2061 would protect home buyers from predatory lending practices....

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Source: WashingtonWatch.com - Welcome to WashingtonWatc...

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