Fair Disclosure for Homeowners Act of 2007

To amend the Truth in Lending Act to require notice to consumers of an upcoming adjustment or reset date with respect to hybrid adjustable rate mortgages, and for other purposes.

9/27/2007--Introduced.
Fair Disclosure for Homeowners Act of 2007 - Amends the Truth in Lending Act to require the creditor or servicer of a loan to disclose specified financial information in writing to a consumer concerning the interest rate in effect during the introductory period of a hybrid adjustable rate mortgage which adjusts or resets to a variable interest rate. Requires such disclosure to include:
(1) any index or formula used in making adjustments to or resetting the interest rate and a source of information about the index or formula;
(2) an explanation of how the new interest rate and payment would be determined;
(3) the best estimate of the creditor or servicer of the amount of the monthly payment that will apply after the date of the adjustment or reset, and the assumptions on which this estimate is based; and
(4) a list of alternatives consumers may pursue before the date of adjustment or reset, and descriptions of the actions consumers must take to pursue these alternatives. Requires periodic statements provided to a consumer by a creditor or servicer, regarding a hybrid adjustable rate mortgage, to include clearly and conspicuously the date on which such mortgage adjusts or resets from a fixed interest rate during the introductory period to a variable rate.


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Sponsor

• Rep. Betty Sutton [D, OH-13]
• and 7 Co-Sponsors
  • Rep. Earl Blumenauer [D, OR-3]
  • Rep. Madeleine Bordallo [D, GU-0]
  • Rep. George Butterfield [D, NC-1]
  • Rep. Yvette Clarke [D, NY-11]
  • Rep. Steve Cohen [D, TN-9]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Dennis Kucinich [D, OH-10]
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Committees

• House Financial Services
• 1 more
  • House Financial Services
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Amendments

This bill has no amendments.

Amendments to H.R.3705

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 27, 2007

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All Bill Actions

• Dec 10, 2007: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
• Sep 27, 2007: Referred to the House Committee on Financial Services.
• Introduced on Sep 27, 2007.

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Related Issue Areas:

• Mortgages
• Mortgage interest rates
• Mortgage banks
• Housing finance
• 7 more
• Government paperwork
• Government information
• Finance
• Debtor and creditor
• Consumers
• Consumer education
• Housing

Data from the Congressional Research Service

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September 26, 2007 HR 3705, To amend the Truth in Lending Act to require notice to ...

HR 3705 would amend the Truth in Lending Act to require notice to consumers of an upcoming adjustment or reset date with respect to hybrid adjustable rate mortgages....

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