Homebuyer's Protection Act of 2007

To amend the Truth in Lending Act to require escrow accounts for the payment of property taxes and insurance for all subprime loans, and to expand the coverage of the appraisal requirements under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and for other purposes.

9/14/2007--Introduced.
Homebuyer's Protection Act of 2007 - Amends the Truth in Lending Act to require a creditor to establish, in an insured depository institution, an escrow or impound account for payment of taxes and hazard insurance at the time of the consummation of a subprime mortgage transaction. Requires such account to remain in existence for as long as the subprime mortgage is outstanding. Requires creditors, before consummating a consumer credit transaction involving an impound, trust, or escrow account, to provide the following written disclosures:
(1) that an escrow or impound account will be established;
(2) the amount required to fund such account;
(3) the amount in the initial year of estimated taxes and hazard insurance premiums; and
(4) the estimated monthly amount payable for taxes and hazard insurance. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to extend its appraisal requirements to all real estate related financial transactions, not only those that are federally related.


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Sponsor

• Rep. Paul Hodes [D, NH-2]
• and 1 Co-Sponsors
  • Rep. Gwen Moore [D, WI-4]
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Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.3535

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
September 14, 2007

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All Bill Actions

• Sep 14, 2007: Referred to the House Committee on Financial Services.
• Introduced on Sep 14, 2007.

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Related Issue Areas:

• Housing
• Bank accounts
• Consumer credit
• Consumer education
• 12 more
• Consumer protection
• Consumers
• Debtor and creditor
• Finance
• Housing finance
• Insurance premiums
• Mortgage banks
• Mortgages
• Property insurance
• Property tax
• Real estate appraisal
• Taxation

Data from the Congressional Research Service

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Blog Coverage

July 29, 2008 HR 2535 "Homebuyer’s Protection Act of 2007" Proposes Changes To ...

Rep Paul W. Hodes introduced House Bill HR3535 to create the Homebuyer’s Protection Act of 2007 on 9/14/2007:. To amend the Truth in Lending Act to require escrow accounts for the payment of property taxes and insurance for all subprime ...

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Source: appraiserx » appraiserx - Official Site...

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May 14, 2008 OpenCongress - U.S. Congress - H.R.6021 To prohibit the purchase ...

[1]; H.R.3221 Small Public Housing Authorities Paperwor... [1]; H.R.3915 Expand and Preserve Home Ownership Throug... [1]; H.R.5958 Homeowner Opportunity Act of 2008 [1]; H.R.3535 Homebuyer's Protection Act of 2007 [1] ...

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Source: Open Congress : House Financial Services...

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May 06, 2008 OpenCongress - U.S. Congress - H.R.5958 Homeowner Opportunity Act ...

H.R.3705 Fair Disclosure for Homeowners Act of 200... [1]; H.R.3221 Small Public Housing Authorities Paperwor... [1]; H.R.3915 Expand and Preserve Home Ownership Throug... [1]; H.R.6021 H.R.6021 [1]; H.R.3535 Homebuyer's Protection Act ...

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Source: Open Congress : House Financial Services...

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