Official Summary

4/24/2007--Introduced.Expresses the sense of Congress that legislation should be enacted that protects buyers who have been victims of unscrupulous mortgage brokers and lenders. Urges that such legislation: (1) include an anti-predatory lending provision that bans unfair and deceptive prac

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Official Summary

4/24/2007--Introduced.
Expresses the sense of Congress that legislation should be enacted that protects buyers who have been victims of unscrupulous mortgage brokers and lenders. Urges that such legislation:
(1) include an anti-predatory lending provision that bans unfair and deceptive practices;
(2) require lenders to evaluate a borrower's ability to pay over the life of the loan (at the fully indexed rate for the fully amortized amount);
(3) establish federal regulations regarding licensing, education, and experience requirements for mortgage brokers and loan officers in non-bank companies;
(4) require that disclosures be written in plain language and prominently displayed in a manner that is visually clear and effectively communicates the intended information to the potential borrower;
(5) reduce or eliminate prepayment penalties;
(6) notify potential home buyers of lenders or brokers with high foreclosure rates; and
(7) mandate pre-loan counseling.


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